By Marisa Wong
Morgantown, W.Va., May 31 – Kazakhstan Temir Zholy priced an CHF 80 million add-on to its CHF 170 million 3¼% bonds due 2023 launched in December, according to a notice.
The latest bonds are priced at 104.238 to yield 2¼%, or a spread of 278 basis points over mid-swaps, which is roughly 60 bps tighter than pricing for the December issue.
UBS, Gazprombank and SkyBridge Invest acted as joint lead managers for the issue.
The bookbuilding followed a series of investor meetings in Geneva and Zurich on May 21 and May 22.
The final book consisted of 34 orders, driven by strong institutional demand. Asset managers accounted for 68.6% of the orders, banks and private banks 23.1%, treasury accounts 3.9%, insurance companies 3.8% and pension funds 0.6%.
Proceeds will be used to refinance of the company’s CHF 100 million eurobonds due in 2019.
The issuer is the national railway company of Kazakhstan and is based in Nur-Sultan, formerly known as Astana.
| Issuer: | Kazakhstan Temir Zholy
|
| Issue: | Bonds, add-on
|
| Amount: | CHF 80 million
|
| Maturity: | 2023
|
| Managers: | UBS, Gazprombank and SkyBridge Invest
|
| Coupon: | 3¼%
|
| Price: | 104.238
|
| Yield: | 2¼%
|
| Spread: | 278 bps over mid-swaps
|
| Announcement date: | May 31
|
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