Kazakhstan guides dual tranches of five-, 10-year euro notes

By Rebecca Melvin

New York, Nov. 5 – The Republic of Kazakhstan guided pricing on dual tranches of inaugural euro-denominated senior notes (expected rating: Baa3) on Monday, according to a syndicate source.

Pricing on the five-year tranche was guided to yield 1.575%, plus or minus 2.5 basis points, following initial price talk of 1 7/8% to 2%.

Pricing on the 10-year notes was guided to yield 2.4%, plus or minus 2.5 bps, from initial talk at 2 5/8% to 2¾%.

The deal was originally announced as a single-tranche 10-year benchmark.

Citigroup and Societe Generale CIB are joint lead managers and joint bookrunners, and BCC Invest is Kazakhstan lead manager of the Rule 144A and Regulation S notes.

The notes, coming under the sovereign’s $10 billion medium-term note program, will be listed on the London Stock Exchange and Astana International Exchange.

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