Landmark International Debt Transactions Cemented AIX’s Position in Attracting Investments into Kazakhstan
Astana International Exchange (“AIX” or “the Exchange”) continued to strengthen Kazakhstan's capital market during the first half of 2026, delivering significant milestones across debt and equity markets, sustainable finance, market infrastructure and issuer development initiatives.
The first half of 2026 marked another period of strong growth for AIX with trading turnover reaching USD 1.084 bn, representing a two-fold increase compared to the first half of 2025. The results underscore the Exchange's expanding role in supporting capital raising and investment activity across the region.
This period featured a diverse range of international debt listings, spanning sovereign, quasi-sovereign and corporate Eurobonds, as well as landmark Panda bond issuances. Strategic partnerships remained another focus area for AIX during the first half of 2026. By expanding cooperation with domestic and international institutions, the Exchange continued to promote market connectivity, support the development of Islamic finance, and strengthen Kazakhstan's integration into global capital markets.
Assel Mukazhanova, AIX CEO, said:
"The first half of 2026 demonstrates the continued evolution of AIX as an international marketplace connecting Kazakhstan with global capital. Landmark transactions, innovative financing solutions and new market development initiatives reflect our commitment to expanding opportunities for issuers and investors alike. Alongside growing market activity, we remain focused on strengthening market infrastructure, promoting best international practices and supporting the long-term development of Kazakhstan's capital market."
AIX results as of 30 June 2026:
- Securities listings: 398 securities in AIX Official List by 196 issuers overall. For 1H2026 there were 74 instruments listed by 53 issuers.
- Capital raised: (Debt + Equity): USD15bn since inception; USD3.6 bn in 6 months of 2026.
- Trading turnover: USD1.1bn vs USD0.7 bn for the same period of 2025.
- Market participants: 69 trading members, including brokers from Kazakhstan, China, Europe and Middle East – 4 new brokers were onboarded 2026 YTD. Ten (10) global custodians maintain sub-accounts at the AIX Central Securities Depository (AIX CSD).
- Investor accounts: Over 2.3mln retail investors’ accounts are held with AIX CSD via AIX member brokers.
AIX listings in 1H2026
The number of instruments listed during the course of 1H2026 is 74. Debt instruments continue to fuel the market, with structured products and ETFs contributing to its diversification.
- Landmark Panda Bond Issuances: AIX played a key role in two milestone Panda Bond transactions that marked a significant step in Kazakhstan's integration into China's domestic capital market. In April 2026, Samruk-Kazyna completed the first-ever Panda Bond issuance by a Central Asian issuer, raising CNY3 bn with a record-low yield of 2.18% per annum. This was followed in May by the Republic of Kazakhstan's debut sovereign Panda Bond issuance of CNY3.4 bn, which achieved the lowest pricing with a coupon rate of 1.90% per annum and resulted in a two-fold oversubscription. Together, these landmark transactions strengthened Kazakhstan's presence in international capital markets and highlighted AIX's role in supporting cross-border fundraising initiatives.
- Flagship Eurobond Listings: The Exchange maintained strong momentum across international debt capital markets, hosting Eurobond listings from leading Kazakhstani issuers. These included USD600 mn Eurobonds by Kaspi.kz, two tranches by Kazakhstan Temir Zholy with a total value of USD1 bn, QazaqGaz issuance of USD700 mn Eurobonds, Eurobonds by the Development Bank of Kazakhstan for KZT230bn, and USD300 mn Eurobonds by Bank RBK. The transactions further reinforced AIX's position as a preferred venue for international debt securities.
- Sustainable Finance: AIX continued to strengthen its position as a regional hub for sustainable finance through a series of ESG-related transactions and product developments. During the first half of 2026, the Exchange welcomed the KZT 500 mn debut green bond issuance by Altyn Orman and K LLP under its KZT5 bn Green Bond Programme, supporting afforestation and reforestation projects, and listed CNY625 mn Green Bonds issued by Caspian Solar Ltd. to finance the development of a 115 MW solar photovoltaic project in South Africa and Green Bonds issued by JET Group for USD10mn. In addition, AIX expanded its environmental products offering by admitting 100.000 MW I-REC Renewable Energy Certificates issued in respect of electricity generated by the Charvak Hydropower Plant in Uzbekistan. The certificates, each representing 1 MWh of renewable electricity, provide market participants with an internationally recognised mechanism to verify renewable energy consumption and further support the development of sustainable finance in the region.
- Programme Bond Issuances: During the reporting period, AIX welcomed several bond issuances under existing programmes from issuers across different sectors. These included a USD20 mn public bond issuance by Kazakhstan Utility Systems LLP under its USD70 mn Public Bond Programme, a USD25 mn bond issuance by Home Credit Bank (a subsidiary of ForteBank) under its Public Bond Programme, and a USD400 mn Guaranteed Coupon Bond issuance by Freedom Finance SPC Ltd. under its USD1 bn Programme, and the first tranche of KZT250 mn SME Bonds issued by Zhyly Home LLP under its KZT 2.5 bn Bond Programme, further expanding financing opportunities for small and medium-sized enterprises.
- Islamic products: AIX continued to advance the development of Islamic finance through the expansion of its Shariah-compliant product offering. During the reporting period, the Exchange listed KZT 5bn second tranche of Sukuk of Asia Mineral Resource SPC Ltd. issued under USD50 mn Sukuk Programme and specifically tailored for the retail market, and KZT 5bn second tranche of Sukuk issued by Gamma-T SPC Limited under its KZT 10 bn Sukuk Programme.
- Structured Products: ETFs and structured products are strengthening their presence on the market, with 6 ETFs and 8 structured notes issued in the past 6 months.
- Non-listed securities: Over-the-counter (OTC) transactions of non-listed securities were launched in September 2025. The issuance/settlement/safekeeping services for non-listed securities, where AIX Registrar acts as a primary registrar, are available only for professional clients and there is no listing or admission to trading on AIX required. 19 clients registered for the new service between January and June 2026.
New products and services
AIX further expanded its range of capital market solutions with the successful execution of its first direct listing, introducing an additional pathway for companies to access public markets. In April 2026, ordinary and preferred shares of AK Altynalmas JSC were admitted to the Official List and trading on AIX through a direct listing, allowing existing shareholders to trade their shares without the company raising new capital. This milestone broadens the range of listing options available to issuers, offering greater flexibility while enhancing access to Kazakhstan's capital market.
Digital Transformation Initiatives
During the first half of 2026, AIX completed two important technology initiatives aimed at strengthening its market infrastructure and enhancing client experience. The Exchange successfully migrated to Genium I-NET platform, a new version of its trading system during the first half of 2026, marking an important milestone in the continued development of the Exchange's market infrastructure. The upgraded platform enhances system capabilities and scalability, providing greater flexibility to support future business growth. It also creates a foundation for the introduction of new products and services, enabling AIX to better meet the evolving needs of issuers, investors, and other market participants. In addition, AIX launched a redesigned corporate website, providing market participants with improved navigation, enhanced accessibility to market information, and a more user-friendly digital experience.
AIX Registrar Expands National Numbering Agency Activities
AIX Registrar continued to perform its role as the National Numbering Agency (NNA) for the AIFC territory, issuing International Securities Identification Numbers (ISINs) to AIFC-registered entities. By the end of the first half of 2026, the total number of ISINs issued reached 103, reflecting growing demand for the service and the continued development of this new business line.
AIXQI Index
As of 30 June 2026, the AIXQI Index stood at 2,232.22, up 12.85% year-to-date, and comprised 15 constituents, representing a broad cross-section of companies operating in Kazakhstan. It reached an all-time high mark at 2,483.68 on April 20.
Growing Market Ecosystem
AIX continued to expand its market ecosystem during the first half of 2026 by welcoming four new Trading Members and a new Central Securities Depository participant. BTA Finance Limited, Tien Shan Finservice, Finhub Global Ltd, and Xtellus Europe Ltd joined the Exchange as Trading Members, with Tien Shan Finservice becoming the first Trading Member from the Kyrgyz Republic to access AIX. In addition, ForteBank became a participant of AIX CSD, further strengthening the post-trade infrastructure and broadening access to AIX's market services.
New Market Resources
AIX continued to support the development of Kazakhstan's capital market by contributing to two important publications for market participants. During the reporting period, the Exchange released an updated Voluntary Sustainability Reporting Guidance with the support of UNDP and contributed to the Bond Market Guide of the Republic of Kazakhstan, published by the Asian Development Bank. These resources promote greater transparency, improved market practices, and easier access to Kazakhstan's capital market for issuers and investors.
Rules and Regulations
Enhancements to AIX Regulatory Framework – AIX has introduced a package of amendments to AIX Business rules aimed at strengthening market efficiency, improving alignment with international practice, and enhancing flexibility for issuers and market participants. The changes include a revised liquidity framework based on mandatory market making, expansion of the Direct Listing regime to all equity issuers, streamlined requirements for listed funds, enhanced governance and disclosure obligations, introduction of post-issuance Sharia compliance reporting for Islamic securities, and other technical amendments to align the AIX Business rules with the updated and modified AIFC Market Rules and global best practices.
Enhancements to AIX CSD Business Rules – AIX CSD has updated its Business Rules, introducing enhanced communication of corporate actions, expanded governance and notification requirements for Participants, strengthened KYC documentation standards, revised notification timelines, and other technical changes to align the AIX CSD framework with the updated AIX Business Rules.
Cooperation & Market Connectivity
AIX strengthened its strategic partnerships during the reporting period by expanding cooperation with key domestic and international market participants. Among the highlights is joining the Association of Islamic Finance and Business of Kazakhstan as a partner and signing the Memorandum of Understanding with HKEX aimed at enhancing cross-border market connectivity and knowledge exchange.