Kazakhstan's KazkommertsBank starts roadshow for $100 million perpetual notes

By Paul A. Harris and Reshmi Basu

St. Louis, Oct. 18 - OJSC KazkommertsBank has begun a roadshow for its $100 million offering of perpetual notes (Baa2/BB/BB), according to market sources.

The roadshow starts Thursday in New York, then Friday in Boston, followed by a stop in Hong Kong on Monday, in Singapore on Oct. 25, and wraps up in London on Oct. 26.

ING, JP Morgan and UBS are joint bookrunners for the offering of hybrid tier 1 bonds.

The senior notes will become callable after 10 years and will also feature a coupon step-up in the event that they are not called after 10 years.

The issuer is a full-service bank with headquarters in Almaty, Republic of Kazakhstan.

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