Bond issues
As at 31 December 2019, KMG’s consolidated debt (expressed in USD) was USD 10.0 bln, including USD 7.3 bln (around 73%) in bond issues.
KMG borrows both on the national and global capital markets in line with its flexible, balanced debt management policy. KMG bonds are among the most liquid instruments among those offered by Kazakhstan’s issuers. KMG’s FX-denominated bonds have been historically attractive to a wide range of investors. KMG bonds’ investor base includes thousands of institutional and retail investors, mostly based in the USA, Europe, and Asia. KMG’s Eurobonds are traded on the London Stock Exchange and the Kazakhstan Stock Exchange.
As at 31 December 2019, KMG had seven outstanding Eurobond issues for a total amount of USD 6.41 bln on par value. In 2019, KMG’s Eurobonds’ yields decreased due to lower global interest rates, low country risk (average of CDS on Kazakhstan in 2019: 70 bps), and KMG’s improved credit profile.
| Currency | Issue size, USD bln | Outstanding amount, USD bln | Coupon rate, % p.a. | Issue date | Maturity date | ISIN: REGS/ 144A |
|---|---|---|---|---|---|---|
| USD | 1.00 | 0.41 | 4.4 | 30 April 2013 | 30 April 2023 | XS0925015074/ US46639UAA34 |
| USD | 0.50 | 0.50 | 3.875 | 19 April 2017 | 19 April 2022 | XS1595713279/ US48667QAM78 |
| USD | 1.00 | 1.00 | 4.75 | 19 April 2017 | 19 April 2027 | XS1595713782/ US48667QAN51 |
| USD | 1.25 | 1.25 | 5.75 | 19 April 2017 | 19 April 2047 | XS1595714087/ US48667QAP00 |
| USD | 0.50 | 0.50 | 4.75 | 24 April 2018 | 24 April 2025 | XS1807299174/ US48667QAR65 |
| USD | 1.25 | 1.25 | 5.375 | 24 April 2018 | 24 April 2030 | XS1807300105/ US48667QAQ82 |
| USD | 1.50 | 1.50 | 6.375 | 24 April 2018 | 24 October 2048 | XS1807299331/ US48667QAS49 |
| Total | 7.00 | 6.41 |