Eurasian Development Bank (EDB) offered $47 billion worth of three-year bonds on the Kazakhstan Stock Exchange (KASE).
This is the bank's first offering on the stock market in several years, according to a press release on the bank's website. The offer generated a lot of interest and garnered orders worth $140.6 billion. The return is expected to yield 10.1 percent per year, according to the press release.
Six traders placed 16 orders at the special auction, which is the largest offer on the stock exchange so far this year, according to the press release.
“One of the objectives of this offer is to understand Kazakhstan’s current demand for the Bank’s tenge-denominated bonds," Dmitry Ladikov-Roev, managing director for assets and liabilities at EDB, said in the release. "The results of this auction let us consider making other offers at KASE as well."