Home Credit Bank Raises 1.7 Billion Tenge via Three-Year Bonds on KASE

The Kazakhstan Stock Exchange (KASE) hosted the placement of three-year bonds issued by Home Credit Bank, a subsidiary of Forte Bank, raising 1.7 billion tenge out of a total issue size of 20 billion tenge. The coupon rate was set at 17.50% per annum, reflecting the current state of Kazakhstan's money market with relatively high borrowing costs for the banking sector. Only two participants took part in the specialized auction, indicating a targeted placement among institutional investors. The bonds are denominated in tenge with a face value of 1,000 tenge and mature in 2029. Such placements allow second-tier banks to diversify funding sources beyond deposits and interbank lending.