The guidance: 2.95% for 5-year paper and 3.45% for 10-year, semiannual coupons, a 10,000-yuan face value and a 1-million-yuan minimum ticket. Tranche sizes: undisclosed at launch. The announcing came through the exchange; no parallel company statement had surfaced in the wires by evening.
The dim sum route reads differently in a year when the company's main export artery prices war risk by the week. KMG's half-year report has CPC transportation down 7.4%, the consortium's public channel has been silent for 27 days, and on Tuesday the energy ministry trimmed the 2026 national production plan to 96 million tonnes, booking 3.5 million tonnes of strike damage.
The listing venue keeps the paper at home. AIX sits inside the Astana financial centre, the common-law jurisdiction Kazakhstan built for exactly this kind of cross-border money. The whole pitch lands in one instrument: an English-law venue, a Chinese currency and Kazakh barrels.
The dim sum route reads differently in a year when the company's main export artery prices war risk by the week.
It reads as one more eastward turn in the week's Kazakh energy traffic: the Aksay refinery arrangement keeps up to 30% of its fuel at home and sends the rest to Russia, and KMG now prices its credit in offshore yuan. The barrels' problems sit to the west; the paperwork heads east.
Settlement on 2 September will publish the sizes, and the sizes will price the market's appetite for Kazakh oil credit in yuan.