Eldik Bank Successfully Places Debut $500 Million Eurobond

OJSC “Eldik Bank” has successfully placed its debut Eurobond issuance in the international capital markets totaling USD 500 million. This marks a historic milestone: for the first time in Kyrgyzstan, a domestic financial institution has raised large-scale funding on the global capital markets, opening a new chapter in the development of the national economy.

The final terms of the transaction were determined following market bookbuilding. The bonds were issued under the Reg S/Rule 144A format and listed on the London Stock Exchange (International Securities Market).

The credit ratings of the issue are in line with the sovereign level of the Kyrgyz Republic: S&P Global Ratings — B+ (Stable), Fitch Ratings — B (Stable). The joint lead managers and bookrunners were Citigroup and Oppenheimer Europe Ltd.

At peak, the order book exceeded USD 1 billion, with more than 80 international institutional investors participating in the placement, primarily from the United Kingdom, the United States, and continental Europe, including asset managers, hedge funds, banks, and private banks.

The transaction was executed amid heightened volatility in global capital markets and became one of the few deals by emerging market issuers during this period, underscoring strong investor confidence and Eldik Bank’s successful market positioning.

Chairman of the Management Board of OJSC “Eldik Bank,” Ulanbek Nogaev, commented: “This transaction is not merely Eldik Bank’s debut, but effectively the opening of the international debt market for corporate issuers of the Kyrgyz Republic. We successfully executed the deal in a limited issuance window and under elevated market volatility, building a high-quality international order book and pricing the transaction at market levels. Eldik Bank has acted as a pioneer for corporate issuers from the Kyrgyz Republic in the international capital markets and intends to solidify its role as a leader in developing the country’s capital market, creating conditions for the systematic attraction of long-term financing into Kyrgyzstan’s economy.”

It should be noted that the proceeds will be directed toward expanding lending to key sectors of the economy, developing infrastructure, implementing strategically important projects, supporting sustainable development and ESG initiatives, and financing projects in the green economy.