Kazakhstan Utility Systems issued three-year US dollar bonds on AIX to modernize the country’s energy infrastructure.
Astana, Kazakhstan – October 6, 2025 — Kazakhstan Utility Systems LLP (KUS) has successfully issued three-year US dollar-denominated bonds on the Astana International Exchange (AIX) with a coupon rate of 9% per annum.
The company initially planned to raise USD 8 million, however, strong investor demand exceeded expectations, bringing total subscription to 120% of the planned issue volume.
This marks the fourth successful bond placement by KUS on AIX, following previous issues: KZT 17 billion (with a yield of 19% per annum) and two USD tranches of USD 20 million and USD 16 million (each with a yield of 9%).
Use of proceeds
The funds raised will be directed towards energy infrastructure development projects, refinancing of current credit lines, and investment initiatives of the Group. These investments aim to modernize existing and construct new facilities, with a focus on advanced technologies, digital solutions, and compliance with modern environmental standards.
“The successful issuance and oversubscription reflect strong investor confidence. We are particularly pleased to see growing interest from both institutional and retail investors — a positive signal for the development of Kazakhstan’s capital market. Retail investors today need an alternative to bank deposits, and we are providing that option. Since 2008, KUS has built a solid foundation for future growth and is determined to continue developing a strong, sustainable energy organization built on proven business models,” said Sabyrgali Idrisov, CEO of Kazakhstan Utility Systems.
The next step — Green Bonds
KUS’s portfolio includes several environmental initiatives aimed at reducing emissions and improving climate resilience. Wind, solar, and hydro power are among the key areas in which the company intends to gradually implement its ESG strategy.
KUS also plans to launch its debut green bond issuance, with proceeds to be directed toward renewable energy projects, specifically wind and solar power generation.
The bond issue is registered with the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARDFM) under the state registration number KZX000005319.
About the Company
Kazakhstan Utility Systems LLP (KUS) is one of the largest energy companies in Kazakhstan and part of the Ordabasy Group. The company provides reliable electricity and heat generation and supply, implements large-scale energy infrastructure projects, and carries out network modernization programs across its regions of operation.