Published
10/26/2026, 09:03“Dos-Kredobank” has completed the placement of 2 billion KGS of subordinated bonds. According to the bank, all 2 million securities, each with a face value of 1,000 KGS, were sold in a single day—September 29, 2026. The bank reported the results of the public offering to the Kyrgyz Stock Exchange on October 22.
The bonds have a maturity of five years and three months. The issue was registered by the Financial Market Regulation on September 21 of this year.
As previously reported by “Akchabar,” citing data from the Kyrgyz Stock Exchange, the entire volume of bonds was purchased as part of a single exchange transaction.
This is not the bank’s first issuance of subordinated bonds. In December 2025, Dos-Kredobank registered a similar issue worth 200 million KGS with a yield of 18% per annum. Thus, the volume of the new issue is ten times greater than the previous one.
According to data from the Kyrgyz Stock Exchange, 102 holders were entitled to receive interest income on Dos-Kredobank’s 200 million KGS subordinated bonds. The seven largest holders, according to July reports, controlled 67.2% of the issue.
Collectively, they held 134,430 bonds, or 67.2% of the 200 million KGS issue. The largest holder—a legal entity—owned 20% of the bonds, while two other individuals held 11.25% and 9.33%, respectively. The shares of the remaining four major holders were approximately 6.66% each.
However, there is currently no information on who purchased the new 2 billion KGS issue.
Subordinated bonds are a debt instrument that, subject to compliance with the National Bank’s requirements, may be included in a credit institution’s supplementary capital. This allows the bank to strengthen its capital base without issuing new shares or changing its ownership structure.
At the same time, subordinated debt carries increased risks for investors. Thus, in the event of the bank’s liquidation, their claims are satisfied after those of senior creditors.
