Development Bank of Kazakhstan Raises 564.9 Million Tenge in Bond Sale at 15% Yield

The Development Bank of Kazakhstan raised 564.9 million tenge on the Kazakhstan Stock Exchange by placing BRKZb37 series bonds maturing in 2033, carrying an annual coupon and a yield to maturity of 15%. The placement was conducted via subscription, organized by Halyk Finance. The total issue size is 18 billion tenge, suggesting the bank plans to gradually scale up borrowing under this bond program. With a fixed yield and long maturity, the instrument may appeal to conservative investors seeking predictable tenge-denominated cash flow. Bonds from quasi-sovereign issuers like the Development Bank of Kazakhstan are traditionally viewed as reliable instruments on the local debt market due to implicit state backing. Investors should weigh the bond's maturity against alternative money-market instruments when building their portfolios.