Kyrgyzstan is issuing its debut bonds in Kyrgyz som (KGS) and Russian rubles (RUB), with dual listings on the Moscow Exchange and the Kyrgyz Stock Exchange. The ruble bonds offer a 14.5% yield, while the som bonds yield 15.5%, with quarterly coupon payments. Kyrgyzstan’s Finance Ministry began placing government securities on the Kyrgyz Stock Exchange for the first time in May 2023. The country’s government bond market has been local in nature until now.