Kazakhstan's Kazkommertsbank talks benchmark 10-year note 8%-8¼%

By Paul A. Harris

St. Louis, Oct. 25 - Pricing and structure emerged Tuesday on a two-tranche bond offering presently being marketed by Kazakhstan's OJSC Kazkommertsbank, according to a syndicate source.

The notes are expected to price late this week.

A benchmark-sized tranche of 10-year notes (Baa1/BB/BB) is talked at 8% to 8¼%.

Meanwhile price talk is pending on a $100 million tranche of perpetual tier I notes, the source said. The tier I notes will be non-callable for 10 years and will contain a coupon step-up after 10 years. Ratings on the tier I notes remain to be determined.

UBS, ING and JP Morgan are joint bookrunners for the Rule 144A/Regulation S offering.

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

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