Morning Commentary: Kazakhstan guides five-, 10-year euro notes; Naftogaz plans notes

By Rebecca Melvin

New York, Nov. 5 – The Republic of Kazakhstan surprised the market with dual tranches of inaugural euro-denominated senior notes when only a single 10-year benchmark was expected.

“It looks like it went pretty well,” a London-based market source said regarding the five-year and 10-year tranches for Kazakhstan.

The combined order book was around €4 billion with a slight skew to the five-year notes.

No gray market was heard in the notes that were seen pricing to yield 1.575%, plus or minus 2.5 basis points, for the five-year tranche and to yield 2.4%, plus or minus 2.5 bps, for the 10-year issue.

Also in the Central & Emerging Europe region, PJSC Naftogaz of Ukraine has mandated banks and scheduled fixed-income investor meetings for planned U.S. dollar-denominated five-year notes, according to a market source.

Citigroup and Deutsche Bank are managing the meetings, which began on Monday in the United States and London.

The oil and gas company is based in Kiev.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.