According to Almaz Baketaev in an interview with Bloomberg, the Kyrgyz authorities are considering issuing state bonds in Chinese currency in 2027. The placement may take place on the Hong Kong or Shanghai stock exchange.

Rationale and Terms of the Bond Placement

The bond issue in Chinese currency is driven by the growing role of the yuan in Kyrgyzstan's economy and the country's active trade ties with China. The government is currently working on a possible deal together with its consultant, Oppenheimer & Co. Inc.

  • Kyrgyzstan has increased the share of the yuan in its international reserves
  • Last year, China became the largest source of foreign direct investment in Kyrgyzstan, accounting for almost half of total inflows

A meeting with investors is planned in Hong Kong in the near future. However, as Almaz Baketaev stressed, the final decision on the yuan bond issue and the exact timing of the placement will depend on the overall market situation.

700million dollars
2025year

Context

Kyrgyzstan previously entered the international Eurobond market in 2025, raising $700 million.