Kazakhstan has completed its first sovereign panda bond issuance, raising 3.4 billion yuan, approximately $500 million, through three-year bonds at a 1.9% yield. The issuance was oversubscribed, with demand nearly doubling the available supply. Kazakhstan’s total external debt to Chinese creditors has reached $12.87 billion as of early 2026, up from $9.29 billion at the end of 2024, an increase of approximately $3.5 billion over that period. This operation completes the strategy announced in September 2025 for up to $2 billion in renminbi debt to strengthen trade ties with China. Despite this sustained borrowing, public debt remains contained at approximately 20% of GDP, well below the legal ceiling of 32%.
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