Kazakhstan's Kazkommertsbank prices $100 million 10-year bonds to yield T+465 bps

By Reshmi Basu

New York, April 1 - Kazkommertsbank priced $100 million of 10-year subordinated 7 3/8% notes (Baa3/B) at 99.535 to yield a spread of 464 basis points over Treasuries, according to a market source.

The spread came in tighter than the price talk of 475 to 500 basis points.

Citigroup and ING were joint lead managers on the Rule 144A/Regulation S deal.

Issuer:	Kazkommertsbank
Amount:	$100 million
Issue:	Subordinated notes
Coupon:	7.375% for first five years, then steps up to 1½ times the initial spread
Issue price:	99.535
Maturity:	April 7, 2014
Spread:	465 basis points
Call:	Non-callable for five years
Pricing date:	April 1
Settlement:	April 7
Lead managers:	Citigroup, ING
Ratings:	Moody's:Baa3
	S&P: B
Listing:	Luxembourg

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