Eldik Bank prepares for its debut Eurobond issue

State-owned Eldik Bank is entering the international capital market. In February 2026, it plans to issue its first Eurobonds worth approximately $300 million. The funds raised will be used to develop infrastructure and build strategically important facilities for the Kyrgyz economy, as well as to develop the green economy and finance ESG projects.

Oppenheimer Europe, the European division of the American investment bank, has been engaged as an international advisor to support the transaction. This is evidenced by an announcement posted by the credit institution regarding the purchase of advisory services from the Advisor on entering international capital markets.

The company is responsible for Eldik Bank's strategy for entering the international market and preparing for the requirements of global investors. In line with international practice, the advisor's remuneration is approximately 0.5%–1% of the amount of funds raised.

Eldik Bank's debut Eurobond issue will be listed on the London Stock Exchange.

It is specified that the decision to enter the international debt market was made as part of the state strategy for the development of the capital market of the Kyrgyz Republic. In accordance with the presidential decree, one of the priority tasks of the cabinet of ministers is to obtain a sovereign credit rating for Kyrgyzstan and issue international sovereign bonds. In addition, the government has been tasked with ensuring access for national companies to global capital markets, diversifying sources of external financing, and coordinating the placement of corporate bonds and IPOs.

Preparations for international placement were a logical continuation of a large-scale capital increase. In June this year, Eldik Bank completed the largest recapitalisation in the history of the country's financial sector, amounting to 60 billion KGS. As a result, its authorised capital reached almost 75 billion KGS — more than half of the total capital of the Kyrgyz banking system (147.1 billion KGS). For comparison, the minimum requirements of the National Bank, which will come into force only in 2026, will be 1 billion soms.

Today, Kyrgyzstan has sovereign ratings — S&P — ‘B+’ (Stable), Fitch — ‘B’ (Stable), Moody's — ‘B3’ (Positive). These ratings form the basis for corporate borrowing. Eldik Bank itself has already received a Fitch rating of ‘B’ (Stable) and is awaiting an assessment from S&P in August.