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Kazakhstan's Kazkommertsbank sets revised price talk of 465 bps for $100 million 10-year notes
By Reshmi Basu
New York, March 30 - Kazkommertsbank reduced price talk to 465 basis points over the five-year Treasury for its tranche of $100 million subordinated 10-year notes (Baa3/B), according to a market source.
On Tuesday, the issue was talked at 475 to 500 basis points.
Pricing is expected Wednesday afternoon London time.
The book is more than four times oversubscribed, according to a market source.
After five years, the coupon will step up to a spread 1½ times the initial five-year spread.
The notes will be non-callable for five years.
Citigroup and ING are running the books on the Rule 144A/RegulationS deal.
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