"Dentons Advises ForteBank on Kazakhstan's First Basel III-Compliant AT1 Bond Issuance"

"Dentons advised ForteBank JSC, Kazakhstan's fifth-largest bank, on its groundbreaking issuance of $400 million perpetual subordinated callable additional tier 1 notes under Basel III standards. This marks the first international perpetual AT1 issuance from Kazakhstan, listed on the Vienna Stock Exchange and Astana International Exchange. The transaction highlights ForteBank's commitment to growth and supporting Kazakhstan's economy, while showcasing the country's advancing financial sector. Dentons' cross-border team played a key role in this milestone, reinforcing its leadership in Central Asia's debt capital markets."

Dentons acted as legal counsel to ForteBank JSC in its debut issuance of Rule 144A/Regulation S US$400 million 9.75% perpetual subordinated callable additional tier 1 notes. The transaction marked the first issuance of international perpetual AT1 instruments under Basel III standards by a Kazakh issuer. The bonds are listed on the Vienna MTF of the Vienna Stock Exchange and the Astana International Exchange. The transaction was priced on October 27, 2025, and completed on November 3, 2025. This issuance is a significant milestone for Kazakhstan’s debt capital markets, introducing a new asset class and enhancing the country’s financial architecture. The Dentons team advising ForteBank included Milan-based capital markets partner Tamer Amara, London-based capital markets and US securities partner Cameron Half, Almaty-based partner and head of the Banking and Finance practice Vassiliy Zenov, Amsterdam-based senior associate Ali Imanalin, London-based associate Pichrotanak Bunthan, Almaty-based senior consultant Alexandra Fasakhova, senior associate Nargiz Suleimenova, associate Ivan Ivanov, and paralegal Arina Akhat. San Francisco-based partner Linda Pfatteicher provided US tax advice.

"Dentons Advises ForteBank on Kazakhstan's First Basel III-Compliant AT1 Bond Issuance"

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