BISHKEK: Kyrgyzstan’s state-run Eldik Bank OJSC may raise as much as US$500mil in the yuan bond market this year and plans a London stock listing, as it seeks to capitalise on investor interest in Central Asian assets.
The lender is in talks with anchor investors for the yuan-denominated debt, Eldik Bank’s chairman, Ulanbek Nogaev, said in an interview with Bloomberg News in Bishkek.
The Hong Kong sale of dim sum bonds –as debt issues in China’s offshore yuan are often known – would come just months after the bank raised US$500mil in a heavily subscribed debut Eurobond.
“We are looking to tap the dim sum bond market before year-end, possibly in December,” Nogaev said, adding the bank is also planning another dollar bond for 2027.
Eldik Bank favours yuan borrowing for now because it would be cheaper than Eurobond financing and better suited to Kyrgyzstan’s infrastructure pipeline, much of which relies on Chinese financing, according to Nogaev.
The lender, the biggest in the nation of 7.4 million people, is also aiming to become the first Kyrgyz company to list shares in London.
It’s begun a corporate restructuring in preparation for an initial public offering (IPO) that could take place in 2028, Nogaev said, with the government selling up to 20% of its stake in the institution.
Eldik Bank is the latest Central Asian entity looking overseas for capital.
Kyrgyzstan, one of the world’s fastest-growing economies, plans a sovereign yuan bond next year, after issuing dollar debt in 2025.
In neighbouring Uzbekistan, the National Investment Fund held a London IPO this year, while several companies from the region are expected to pursue London IPOs over the next two years. — Bloomberg
