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Published on 3/6/2020 in the Prospect News Emerging Markets Daily.

New Issue: Kazakhstan Sustainability Fund sells KZT 8.29 billion more 8˝% bonds

By Marisa Wong

Los Angeles, March 6 – Kazakhstan Sustainability Fund placed KZT 8,293,207,000 of additional 8˝% bonds due Dec. 26, 2022 at a special trading session held on Thursday, according to a Kazakhstan Stock Exchange notice.

The bonds were sold at a “clean” price of 94.8278 to yield 10.6999%.

The amount placed represents 100% of the company’s planned issuance.

The 8˝% three-year bonds were originally issued by JSC Baspana Mortgage Organisation. The Almaty, Kazakhstan-based lender had registered to issue up to KZT 30 billion of the bonds and sold an initial KZT 1,411,000,000 in December, an additional KZT 3,861,000,000 in January and another KZT 16,434,793,000 in February.

Baspana recently merged with and changed its name to Kazakhstan Sustainability Fund. As a result, the issuer for the 8˝% bonds due 2022 and five other bond issues were also changed to Kazakhstan Sustainability Fund, effective Feb. 14.

Issuer:Kazakhstan Sustainability Fund (formerly JSC Baspana Mortgage Organisation)
Issue:Bonds, add-on
Amount:KZT 8,293,207,000
Maturity:Dec. 26, 2022
Coupon:8˝%
Price:94.8278
Yield:10.6999%
Trade date:March 5
Settlement date:March 5
Total issuance:KZT 30 billion, including KZT 1,411,000,000 issued Dec. 26, KZT 3,861,000,000 issued Jan. 30 and KZT 16,434,793,000 issued on Feb. 20

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