Kina Securities Limited (KSL) has marked a major milestone for Papua New Guinea’s financial sector with the listing of its inaugural corporate bond on the PNGX Debt Market, the first listed corporate bond issued in the country.
The listing was formally recognised at an event in Port Moresby on Wednesday 06th May, bringing together key stakeholders from across the financial sector, regulators, and development partners. The strong attendance underscored the significance of the transaction for the continued development of PNG’s capital markets.
Attendees included the Bank of Papua New Guinea (BPNG), the Securities Commission of Papua New Guinea (SCPNG), and PNGX Markets Limited, demonstrating strong institutional support for the growth of the domestic debt market.
KSL acknowledged the critical roles played by PNGX and the International Finance Corporation (IFC) in establishing the Debt Market framework that enabled the listing. The company also recognised the regulatory and policy support provided by the BPNG and the SCPNG. The involvement of IFC highlights the importance of international development partners in advancing capital market depth and financial sector diversification in Papua New Guinea.
The bond follows KSL’s earlier announcement of its unsecured subordinated bond issuance, intended to qualify as Tier 2 Capital under the BPNG’s Prudential Standards. Proceeds from the bond will be used for general corporate purposes, strengthening Kina’s capital position and supporting its long-term growth.
As the first corporate bond listed on the PNGX Debt Market, the transaction represents a significant step towards expanding financing options for companies beyond traditional bank lending and equity markets. It also broadens the range of investment products available to eligible wholesale investors in Papua New Guinea.
KSL CEO and Managing Director, Ivan Vidovich, said the successful listing reflects growing confidence in PNG’s financial system.
“This achievement demonstrates the maturity of Papua New Guinea’s regulatory and market infrastructure and sets an important precedent for other corporates considering capital markets funding through debt issuance,” Mr Vidovich said.
The Government of Papua New Guinea has also welcomed the milestone, noting the strong collaboration between the public and private sectors in advancing capital market reforms. Minister for International Trade and Investment, Hon. Richard Maru, described the issuance as a defining moment for the country’s capital markets, highlighting growing investor confidence and the impact of ongoing regulatory developments.
The bond was listed following all necessary regulatory approvals and being available exclusively to eligible wholesale investors in accordance with the PNGX wholesale corporate bond framework. The Information Memorandum was distributed strictly to investors who met the applicable regulatory criteria.
The successful listing reinforces KSL’s role as a pioneer in PNG’s financial sector and highlights its contribution to the continued growth and sophistication of the country’s capital markets.
Kina Securities CEO and Managing Director, Ivan Vidovich, receives congratulations from PNGX Chairman David Lawrence, joined by Kina Securities team members and key stakeholders at the bond listing event.