KMG borrows both on the national and global capital markets in line with its flexible, balanced debt management policy. KMG’s gross debt is represented by Bonds and Loans. The debt portfolio is mainly formed in US dollars - the currency of major incomes. KMG bonds are among the most liquid instruments among those offered by Kazakhstan’s issuers. KMG’s foreign currency bonds have been historically attractive to a wide range of investors. KMG bonds’ investor base includes thousands of institutional and retail investors, mostly based in the USA, Europe, and Asia. The bonds are traded on the London Stock Exchange (LSE), Kazakhstan Stock Exchange (KASE), and Astana International Exchange (AIX).