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As of January 16, 2020, it will be possible to carry out a private placement of non-sovereign bonds in Kazakhstan, i.e., it shall be possible to offer bonds to a limited number of investors.
In principle, an issuer of non-sovereign bonds has had the right to offer bonds to particular investors in Kazakhstan prior to these amendments (e.g., by means of subscription carried out on a stock exchange). However, it is reasonable to expect that the new concept of private placement will entail less burdensome requirements for issuance.