By Paul A. Harris
St. Louis, May 2 - Kazakhstan Temir Zholy Finance BV has placed $800 million of senior notes in two tranches (Baa1/BB+/BBB), a market source told Prospect News on Tuesday.
The Kazakhstan government-owned railway company priced a $450 million issue of 6½% five-year notes at 99.30 to yield 6.667%.
The issue came at a 125 basis point spread to mid-swaps, which was on top of the price talk. However the 6.667% yield came toward the tight end of the 6.69% area yield talk.
Temir Zholy also priced a $350 million issue of 7% 10-year notes at 98.292 to yield 7.243%.
The 10-year notes came on top of the 165 basis point spread to mid-swaps price talk. On a yield basis, however, the notes came toward the wide end of the 7.23% area price talk.
| Issuer: | Kazakhstan Temir Zholy Finance BV
|
| Amount: | $800 million
|
| Security description: | Fixed-rate senior notes
|
| Bookrunners: | ABN Amro, Citigroup
|
| Settlement date: | May 11
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BB+
|
| Fitch: BBB
|
| Distribution: | Regulation S
|
|
|
| Five-year notes
|
| Amount: | $450 million
|
| Maturity: | May 11, 2011
|
| Coupon: | 6½%
|
| Price: | 99.30
|
| Yield: | 6.667%
|
| Spread to Treasuries: | 173 bps
|
| Spread to mid-swaps: | 125 bps
|
| Price talk: | Mid-swaps plus 125 basis points area or 6.69% area
|
|
|
| 10-year notes
|
| Amount: | $350 million
|
| Maturity: | May 11, 2016
|
| Coupon: | 7%
|
| Price: | 98.292
|
| Yield: | 7.243%
|
| Spread to Treasuries: | 216 bps
|
| Spread to mid-swaps: | 165 bps
|
| Price talk: | Mid-swaps plus 165 basis points area or 7.23% area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
