– The Kyrgyz Republic’s 5-Year USD Benchmark Bond Receives Peak 4x Oversubscription
TF International Securities Group Limited (TF International) together with China CITIC Bank International Limited, Citigroup Global Markets Limited and Oppenheimer & Co. Inc announced the successful assistance in the Kyrgyz Republic’s issuance of a 5-year USD benchmark international bond (represented by the Cabinet of Ministers of the Kyrgyz Republic acting through the Ministry of Finance of the Kyrgyz Republic). Originally targeting an issuance size of approximately USD 500 million, the transaction saw overwhelming market demand during bookbuilding, with peak orders exceeding USD 2.1 billion (including USD 50 million underwriter’s order) from over 130 investors. The final issuance size was upsized to USD 700 million with a coupon rate of 7.75%. This fully reflects the global capital market’s strong confidence in the Kyrgyz Republic’s economic development prospects and TF International’s cross-border financing capabilities.
Central Asia’s Ice-Breaking Sovereign Bond Debut Pioneers New Cross-Border Financing Paradigm
This landmark transaction marks the first USD bond issuance by a Central Asian sovereign issuer in international capital markets, and represents a milestone for TF International in the field of Central Asian sovereign bond underwriting. By leveraging its global investor network and localized service strengths, TF International together with the other Global Coordinators efficiently managed cross-time-zone bookbuilding and precisely captured the optimal market window. This enabled Kyrgyz Republic’s successful debut in the international USD bond market with oversubscription, laying a solid foundation for the nation to diversify its future financing channels.
The bond issuer, the Kyrgyz Republic (rated B+ by S&P, B by Fitch, and B3 by Moody’s), will utilize the proceeds to support its national budget, with a focus on financing hydroelectric power projects and infrastructure projects. The Kyrgyz Republic, as one of the earliest countries to support and engage in the Belt and Road Initiative, has seen increasingly close economic and trade relations with China. TF International signed a memorandum of understanding with the Kyrgyz Republic Ministry of Finance earlier, becoming the first Hong Kong-based Chinese securities firm to establish an official partnership with The Kyrgyz Republic Ministry of Finance.
Building a Diversified Financial Services Ecosystem for the Belt and Road Initiative from Hong Kong
Mr. Amanbaev Umutzhan Mominovich, Deputy Minister of Finance–Director of the Central Treasury, Ministry of Finance of The Kyrgyz Republic, expressed his gratitude to the Global Coordinators for the efforts and successful closing of this debut transaction. He said: “This is our first step on the international debt capital markets. We are going to maintain our presence and become a frequent issuer for further development of our country’s debt profile and meet the needs of The Kyrgyz Republic economy. This inaugural bond issuance has not only optimized the national debt structure but also raised capital at competitive rates, providing strong support for the nation’s critical development projects. The oversubscription of this issuance fully demonstrates the international market’s recognition of Kyrgyzstan’s economic prospects and sovereign credit. It has laid a solid foundation for the country to continuously attract international capital, deepen financial openness, and integrate into the global economy, representing a crucial step towards financial autonomy and global integration.”
Mr. Alexander Shupletsov, Head of Emerging Markets Coverage, Belt and Road Business Department at TF International, said: “Moving forward, TF International will continue to serve as a strategic bridge, deepening capital connectivity with countries and regions along the Belt and Road. Through diversified financial services, we will promote funding facilitation and advance the sustainable development of Hong Kong as an international capital market. I would like to emphasize the importance of Hong Kong as the funding hub for Belt and Road countries. In addition to The London Stock Exchange listing, the bonds are also listed on The Stock Exchange of Hong Kong(the first sovereign bond from Central Asia listed at HKEX). It would allow The Kyrgyz Republic to strengthen its recognition among Chinese and Asian investors. This milestone transaction was a very big step for The Kyrgyz Republic to diversify their sources of funding, build up its debt profile and create the country’s yield curve as a funding benchmark.”
Embodying the SCO Spirit: A New Chapter in Regional Economic Cooperation and Sustainable Development
As the second China-Central Asia Summit approaches and the SCO’s “China Year” events gain momentum, The Kyrgyz Republic’s bond issuance marks a concrete step by Chinese financial institutions in supporting regional economic cooperation. It reflects China’s strong commitment to advancing development through financial connectivity and showcases the collaborative spirit between China and SCO member states. By deepening multilateral financial cooperation and promoting resource sharing, The Kyrgyz Republic is accelerating its integration into the global financial system and turning the vision of sustainable growth and shared prosperity into reality.
Mr. ZOU Chuan, CEO of TF International, stated: “The successful issuance of this sovereign USD bond by Kyrgyz Republic marks a significant achievement in Belt and Road financial cooperation and a concrete step toward delivering on China’s national strategy and the SCO Year of Sustainable Development for the SCO Summit 2025. The deal strengthens Hong Kong’s role as a global debt financing hub and reflects a growing trend of Belt and Road countries – starting with Central Asia – shifting offshore fundraising to Hong Kong and exploring diversified financing channels. It also signals meaningful progress in the internationalization of the renminbi, as it begins to play a significant role in sovereign balance sheets. Building on this momentum, TF International will continue to leverage Hong Kong’s platform to connect the Belt and Road countries with global capital, supporting infrastructure and green development through market-based solutions, and contribute to high-level opening-up by advancing sovereign and strategic project financing.”
TF International Securities Group Limited
TF International Securities Group Limited (TF International) is a Hong Kong-based subsidiary fully owned by TF Securities Co., Ltd (TFS). Hubei Hongtai Group Co., Ltd, the Controlling Shareholder of TFS, is the only financial services enterprise affiliated with Hubei Province. TF International serves as one of the key state-owned interface that connects the capital market overseas with Hubei Province and the rest of Mainland China, bridging the gap between domestic and foreign markets. Acting as a pilot platform for TFS’ global expansion aspirations, TF International provides top-notch financial services to clients and actively encourages inbound and outbound strategies for institutions and enterprises.
TF International’s subsidiaries are regulated by the Securities and Futures Commission of Hong Kong to conduct Type 1 (Dealing in Securities), Type 2 (Dealing in Futures Contracts), Type 4 (Advising on Securities), Type 5 (Advising on Futures Contracts), Type 6 (Advising on Corporate Finance) and Type 9 (Asset Management) regulated activities, establishing itself among the most active Chinese-funded securities firms in the Hong Kong market.
