Morgan Lewis Advises on Kyrgyzstan’s Debut $700M Sovereign Bond.
The Kyrgyz Republic has completed its inaugural sovereign bond issuance, raising $700 million and marking its entry into the global capital markets.
Morgan Lewis acted as English and U.S. legal counsel to the government in connection with the transaction.
This transaction represents a significant milestone for Kyrgyzstan, the last Central Asian nation to access the Eurobond market.
It follows the establishment of a $1.7 billion global medium-term note (GMTN) program and the issuance of $700 million in 7.75% notes due 2030, the inaugural series under the program.
The notes are listed on both the London Stock Exchange and the Hong Kong Stock Exchange and were offered pursuant to Rule 144A and Regulation S.
Former Prime Minister Akylbek Japarov emphasized the historical significance of the bond issuance, noting that Kyrgyzstan had long been the only Central Asian country without access to the Eurobond market.
Mr. Japarov attributed the successful launch to years of coordinated government efforts, improved macroeconomic indicators, and increased investor confidence, describing the issuance as a major step forward for the country’s financial development.
The funds raised will go toward budget support and strategic infrastructure, with a clear emphasis on the country’s energy future.
Mr. Japarov has urged the government to channel the money into major power projects, including a coal-fired thermal power plant in Naryn and a new power station in the Chui region.
He also called for investment in the development of rare earth metals, especially in Chui and Issyk-Kul, regions believed to hold untapped mineral reserves that could be key to Kyrgyzstan’s long-term economic diversification.
The GMTN program was officially set up on May 22, 2025, and the bond issuance closed shortly after, on June 3. The move is expected to open doors for further foreign investment and more frequent access to international markets.
Behind the scenes, Morgan Lewis played a crucial role in bringing the deal to life.
The firm’s advisory team was led by partner Carter Brod, alongside Yaroslav Smorodin and Hazem Nakib, who provided legal guidance on structuring the deal and navigating the complexities of cross-border regulation.
Morgan, Lewis & Bockius LLP is a global law firm founded in 1873, with offices across the U.S., Europe, Asia, and the Middle East. The firm offers a wide range of legal services, including corporate, litigation, labor and employment, intellectual property, and regulatory law. Known for its strategic counsel and practical solutions, Morgan Lewis serves diverse clients, including multinational corporations, financial institutions, and governments. The firm is committed to innovation, collaboration, and delivering exceptional service to meet clients’ evolving needs.
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