Kyrgyzstan has successfully issued its first Eurobonds on the London Stock Exchange, raising $700 million at an annual interest rate of 7.75% with a five-year maturity.
According to the Ministry of Finance, investor demand for the debut issuance exceeded the offer by a factor of three, reflecting strong international confidence in Kyrgyzstan’s economic prospects. More than 100 investors from the United Kingdom, the United States, and various Asian countries participated in the placement.
“The high demand confirms growing confidence in Kyrgyzstan’s macroeconomic policy, the strengthening of its financial system, and the government’s commitment to transparency, fiscal discipline, and international financial integration,” the Ministry stated.
Former Prime Minister Akylbek Japarov, writing on his official Facebook page, highlighted the historical significance of the move. Kyrgyzstan had been the last country in Central Asia not to issue Eurobonds, he noted, and for many years such an operation appeared unattainable. The successful launch, he added, was the result of sustained work across all levels of government, improving macroeconomic indicators, building investor trust, and elevating the country’s sovereign credit rating.
Japarov proposed that the $700 million raised be directed toward strategically important sectors, including energy and mineral resources. Specifically, he recommended funding the construction of a new coal-fired thermal power plant in Naryn region and a power station in Chui region. He also emphasized the need to develop rare earth metal deposits in Chui and Issyk-Kul regions.
The Eurobond issuance was a central topic at the recent Bishkek International Financial Forum, which focused on innovation, digital transformation, and sustainable development in the financial sector.
In an interview with The Times of Central Asia, Medetbek Nazaraliev, former CEO of the Kyrgyz Stock Exchange (KSE), said Kyrgyzstan’s entry into global debt markets could pave the way for private sector growth. “We have been waiting for this step for a long time. Large-scale foreign investment is unlikely unless the state leads by example, demonstrating how to attract capital, fulfill international obligations, and act as a reliable partner in global financial markets,” he said.
