The Development Bank of Kazakhstan JSC has issued a three-year offshore renminbi bond worth 2 billion yuan ($280 million) in Hong Kong this week, marking the first renminbi bond globally issued by a Kazakhstan-based entity and the first from Central Asia to list on the Hong Kong exchange.

The deal, facilitated by China International Capital Corp Ltd, carries a coupon rate of 3.35 percent, helping set a reference point for potential future renminbi bonds from the region.

Analysts said the issuance reflects the growing interest of Central Asian institutions in tapping China's offshore bond market and diversifying funding sources amid deepening China-Kazakhstan cooperation under the Belt and Road Initiative.