BEIJING, June 5 (Xinhua) -- Hong Kong-based TF International Securities Group Limited (TF International), together with China CITIC Bank International Limited, Citigroup Global Markets Limited and Oppenheimer & Co. Inc., assisted Kyrgyzstan in completing the issuance of a 5-year USD benchmark international bond on Wednesday.
Originally targeting an issuance size of approximately 500 million U.S. dollars, the transaction saw overwhelming market demand during bookbuilding, with peak orders exceeding 2.1 billion U.S. dollars from over 130 investors. The final issuance size was upsized to 700 million U.S. dollars with a coupon rate of 7.75 percent, fully reflecting the global capital market's strong confidence in Kyrgyzstan's economic development prospects and TF International's cross-border financing capabilities.
This transaction marks the first USD bond issuance by a Central Asian sovereign issuer in international capital markets, and represents a milestone for TF International in the field of Central Asian sovereign bond underwriting.
The proceeds will be used to support Kyrgyzstan's national budget, with a focus on financing hydroelectric power projects and infrastructure projects.
As one of the earliest countries to support and engage in the Belt and Road Initiative (BRI), Kyrgyzstan has seen increasingly close economic and trade relations with China. TF International signed a memorandum of understanding with Kyrgyzstan's Ministry of Finance earlier, becoming the first Hong Kong-based Chinese securities firm to establish a partnership with the organ.
This is Kyrgyzstan's first step on the international debt capital markets, said Amanbaev Umutzhan Mominovich, Kyrgyzstan's Deputy Minister of Finance, adding that this issuance has laid a solid foundation for the country to attract international capital, deepen financial openness, and integrate into the global economy.
TF International will continue to serve as a strategic bridge, deepening capital connectivity with BRI participating countries and regions and advancing the sustainable development of Hong Kong as an international capital market through diversified financial services, said Alexander Shupletsov, head of Emerging Markets Coverage, Belt and Road Business Department at TF International.
Zou Chuan, CEO of TF International, stated the successful issuance of this sovereign USD bond by Kyrgyzstan marks a significant achievement in Belt and Road financial cooperation and a concrete step toward delivering on the SCO Year of Sustainable Development for the SCO Summit 2025.
The deal is a beneficial move for Hong Kong to build a global debt financing hub and a successful exploration for Belt and Road partner countries to rely on Hong Kong to form diversified financing channels, Zou noted.
(Edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)
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