By Reshmi Basu
New York, Oct. 27 - OJSC Kazkommertsbank sold $600 million in a dual-tranche offering of 10-year notes and perpetual notes (Baa1/BB/BB), according to a market source.
The offering included $500 million 10-year senior notes and $100 million perpetual tier 1 notes.
The 10-year notes priced at 98.32 with an 8% coupon to yield 8¼%. The deal priced at the wide end of price guidance of 8% to 8¼%.
The perpetual tier I notes priced at par to yield 9.20%. The tranche priced in line with price guidance that was in the area of 9%. The perpetual notes will non-callable for 10 years with a coupon step-up after 10 years.
UBS, ING Investment Bank and JP Morgan managed the Rule 144A/Regulation S transaction.
The issuer is a full-service bank with headquarters in Almaty, Republic of Kazakhstan.
| Guarantor: | OJSC Kazkommertsbank
|
| Issue: | Dual tranche offering of 10-year notes and perpetual notes
|
| Total amount: | $600 million
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| Pricing date: | Oct. 27
|
| Settlement date: | Nov. 3
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| Bookrunners: | UBS, ING Investment Bank, JP Morgan
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BB
|
| Fitch: BB
|
|
|
| 10-year notes
|
| Issuer: | Kazkommerts International BV
|
| Amount: | $500 million
|
| Issue: | Senior notes
|
| Maturity: | Nov. 3, 2015
|
| Coupon: | 8%
|
| Issue price: | 98.32
|
| Yield: | 8¼%
|
| Spread: | 367.7 basis points more than Treasuries
|
|
|
| Perpetual notes
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| Issuer: | Kazkommerts Finance BV
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| Amount: | $100 million
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| Issue: | Hybrid tier I notes
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| Maturity: | Perpetual
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| Coupon: | 9.20%
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| Issue price: | Par
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| Yield: | 9.20%
|
| Call features: | Non-callable for 10 years, then with coupon step-up
|
| Spread: | 462.7 basis points more than Treasuries
|
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