By Rebecca Melvin
New York, Nov. 6 – The Republic of Kazakhstan priced €1.05 billion of five-year and 10-year senior notes (ratings: Baa3/BBB-/BBB) on Monday, according to a syndicate source.
The €525 million of notes due Nov. 9, 2023 priced with a 1.55% coupon at par, after being guided to yield 1.575%, plus or minus 2.5 basis points, from earlier guidance of 1¾% to 1 7/8% and initial price talk of 1 7/8% to 2%.
The €525 million of notes due Nov. 9, 2028 priced at par with a 2 3/8% coupon. Pricing was guided to a 2.4% yield, plus or minus 2.5 bps, from earlier guidance of 2 1/5% to 2 5/8% and from initial talk at 2 5/8% to 2¾%.
The deal was originally announced as a single 10-year benchmark tranche.
Order books at the time guidance was released were for €4 billion of notes with a slight skew to the five-year notes.
Citigroup and Societe Generale CIB were joint lead managers and joint bookrunners, and BCC Invest was 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.
| Issuer: | Republic of Kazakhstan
|
| Description: | Senior notes
|
| Total amount: | €1.05 billion
|
| Joint bookrunners: | Citigroup and Societe Generale CIB
|
| Kazakh lead manager: | BCC Invest
|
| Pricing date: | Nov. 5
|
| Settlement date: | Nov. 9
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Five-year notes
|
| Amount: | €525 million
|
| Maturity: | Nov. 9, 2023
|
| Coupon: | 1.55%
|
| Price: | Par
|
| Yield: | 1.55%
|
| Price talk: | Guided to 1.575%, plus or minus 2.5 bps, from earlier guidance of 1¾%-1 7/8% and initial price talk of 1 7/8%-2%
|
|
|
| 10-year notes
|
| Amount: | €525 million
|
| Maturity: | Nov. 9, 2028
|
| Coupon: | 2 3/8%
|
| Price: | Par
|
| Yield: | 2 3/8%
|
| Price talk: | Guided to 2.4%, plus or minus 2.5 bps, from earlier guidance of 2 1/5%-2 5/8% and from initial talk at 2 5/8%-2¾%
|
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