Kazakhstan's TCO oil consortium $1.1 billion 10-year bonds talked at Treasuries plus 225 to 250 bps

By Reshmi Basu

New York, Nov. 12 - Tengizchevroil Finance Co.'s $1.1 billion offering of 10-year asset-backed bonds (Baa3//BBB-) is talked at Treasuries plus 225 to 250 basis points, according to a market source.

The oil export-backed bonds are expected to have a 6.75-year average life.

ABN Amro and Lehman Brothers are running the books.

The bonds will be backed by revenue generated from the export of oil from Kazakhstan's Tengiz oil and gas field, situated near Kazakhstan's Caspian Sea coast.

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