The Eurasian Development Bank (EDB) placed $109.8 million as part of its tenge-denominated securities in Kazakhstan on Monday.

The placement was made at the Kazakhstan Stock Exchange through a special auction, with the bonds holding a coupon rate of 7.2 percent per annum, maturing in five years. Proceeds from the placement will finance the bank's project operations in Kazakhstan.

"We are satisfied with this placement, which took place after the break caused by the reform of pension funds in Kazakhstan," EDB Deputy Chairman of the Management Board Dmitry Krasilnikov said. "The pricing conditions meet the requirements of the National Bank of Kazakhstan, which is an anchor investor in EDB bonds on behalf of the GNPF, and the expectations of EDB itself, which plans to use the raised money to increase its project portfolio. We hope that in the future the range of investors in our securities will expand to a certain extent and the conditions of raising funds in the tenge will be predictable."

EDB made its first placement of tenge-denominated bonds in December 2012 for a total of $54.3 million, maturing in 2017. A second bond issue was registered in April 2013 within the first bond program totaling $219.7 million.