TF International Facilitates Hong Kong’s Successful Issuance of First Central Asian Sovereign Bond

Hong Kong, June 4, 2025 – TF International Securities Group Limited, in collaboration with China CITIC Bank International Limited, Citigroup Global Markets Limited, and Oppenheimer & Co. Inc, has announced the successful facilitation of the Kyrgyz Republic’s 5-year USD benchmark international bond issuance. Initially aiming for around USD 500 million, the transaction garnered substantial market interest during bookbuilding, with orders surpassing USD 2.1 billion from more than 130 investors. The final issuance size was increased to USD 700 million at a coupon rate of 7.75%, underscoring the global market’s confidence in the Kyrgyz Republic’s economic prospects and TF International’s financing capabilities.

The issuance of the first USD bond by a Central Asian sovereign issuer in the global capital markets, facilitated by TF International, signals a significant achievement in Central Asian sovereign bond underwriting. By efficiently managing cross-time-zone bookbuilding and seizing the optimal market opportunity, TF International and the other Global Coordinators enabled the Kyrgyz Republic’s successful debut in the international USD bond market with oversubscription. The funds raised will support the country’s national budget, focusing on hydroelectric power and infrastructure projects.

The Kyrgyz Republic, rated B+ by S&P, B by Fitch, and B3 by Moody’s, will utilize the proceeds to fund key projects. The collaboration between TF International and the Kyrgyz Republic Ministry of Finance sets the stage for further development and financial integration, showcasing the nation’s economic potential and creditworthiness on the global stage.

The successful bond issuance by the Kyrgyz Republic highlights the country’s commitment to diversifying funding sources, building its debt profile, and attracting international capital. This milestone transaction paves the way for increased financial openness, global integration, and financial autonomy, positioning the Kyrgyz Republic for sustainable growth and enhanced economic cooperation with China and other Belt and Road countries.

As the Kyrgyz Republic’s bond issuance aligns with the SCO’s focus on sustainable development and regional economic cooperation, it represents a tangible step towards fostering financial connectivity and shared prosperity. TF International’s role in advancing Belt and Road financial cooperation underscores Hong Kong’s growing prominence as a global debt financing hub, supporting infrastructure development and green initiatives through market-driven solutions.

TF International Securities Group Limited, a subsidiary of TF Securities Co., Ltd, serves as a key interface between overseas capital markets and Mainland China, offering premier financial services and facilitating global expansion. Regulated by the Securities and Futures Commission of Hong Kong, TF International engages in various regulated activities, positioning itself as a leading Chinese-funded securities firm in the Hong Kong market.