Kazakhstan plans to issue up to $1.5 billion of eurobonds and up to $350 million of panda bonds next year, the finance ministry said on Tuesday.
“To cover the budget deficit, Kazakhstan plans to issue panda bonds worth $300-350 million in the course of 2026 and eurobonds worth $1.0-$1.5 billion in the summer of 2026,” the ministry said in a statement.
Panda bonds are yuan-denominated bonds issued by a non-Chinese entity.
Kazakhstan has been borrowing for several years to refinance debt and cover its budget deficit, amid low prices for its exports of energy and metals.
The budget deficit is expected to be 4.6 trillion tenge ($9.0 billion) next year, compared to 4.8 trillion tenge for 2025.
(Reporting by Maria Gordeyeva, writing by Mark Trevelyan; editing by Guy Faulconbridge)