Deepening Financial Cooperation under the 'Belt and Road' Initiative: CICC Leads Completion of the First Sovereign Wealth Fund Panda Bond in Central Asia

On April 13, as joint lead underwriter, CICC assisted Samruk-Kazyna JSC (hereinafter referred to as the 'Issuer'), Kazakhstan’s sovereign wealth fund, in successfully completing the issuance of the first tranche of RMB bonds (Bond Connect) for 2026 on the China Interbank Bond Market. The issuance size was 3 billion yuan, with a 3-year tenor and a coupon rate of 2.18%.

This bond issuance is a milestone, marking both the first Panda Bond issued by an issuer from Central Asia and the first Panda Bond issued by a sovereign wealth fund. It will help further promote high-level opening-up of China's bond market, deepen pragmatic financial cooperation between China and Kazakhstan, and serve as a model for enhancing capital market connectivity among countries jointly building the 'Belt and Road.' This project represents an important practice for CICC in serving national strategies and participating in high-quality co-construction of the 'Belt and Road.'

This bond issue attracted widespread attention from investors and, during the book-building phase, drew enthusiastic participation from multiple domestic and overseas market-oriented institutional investors. In this issuance, CICC effectively coordinated both domestic and international investors, conducted price inquiries through various channels and from multiple angles, and made significant contributions in guiding investor participation, providing solid support for the successful issuance. It also helped enhance the diversity of investors and the market influence of this bond.

CICC continues to advance its international business layout and is one of the earliest Chinese brokerages to establish a presence in the Central Asian market. Going forward, CICC will continue to uphold its original mission of 'rooted in China, connecting the world,' relying on its extensive experience in domestic and international capital markets to continuously inject professional financial momentum into high-quality co-construction of the 'Belt and Road' and contribute to shaping a new pattern of global financial cooperation.

According to the 2025 SWFI ranking, Samruk-Kazyna is the 21st largest sovereign wealth fund globally. With assets under management reaching 88 billion US dollars by the end of 2025, it is the largest state-owned asset management institution in Kazakhstan.

Disclaimer: This article is for reference only and does not constitute investment advice.

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