JSC Development Bank of Kazakhstan (DBK), exp Baa1/BBB by Moody's/Fitch, US$500m 144A/Reg S (Cat 2) 5y sr notes due 4/7/30. Citi/HALYK/JPM (B&D)/SG joint books. UOP: gcp and to finance the purchase of 2025s USD Notes pursuant to tender offer. Pricing 3/27. Settle 4/7.
IPTs: 5.875%-6%.GUIDANCE: 5.7% area (+/- 5), WPIR.LAUNCHED: $500m 5y at 5.7%.
PRICED: $500m 5.625% 4/7/30 99.678 5.70%.DBK has also announced an invitation to holders of its US$500mm 5.75% notes due2025 (XS2472852610/US48129VAA44), of which $325m is currently outstanding, to tender any and all of the notes for cash. The early participation deadline is set for 7 April 2025, pursuant to the offer to purchase dated 25 March 2025. Citi, Halyk Finance, J.P. Morgan and Societe Generale are acting as Joint Dealer Managers.
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JSC Development Bank of Kazakhstan (DBK), the 100% state-owned national development institution of the Republic of Kazakhstan, rated Baa1 (stable) by Moody's, BBB (stable) by Fitch and BBB- (stable) by S&P, has mandated Citi, Halyk Finance, J.P. Morgan and Societe Generale as Joint Bookrunners to arrange a Global Investor Call at 14:00 UKT on 25 March 2025, as well as a series of individual investor calls/meetings starting on 25 March 2025.
A 5-year USD-denominated and a 3-year KZT-denominated Reg S/144A senior unsecured benchmark Eurobond dual-tranche offering will follow, subject to market conditions.J.P. Morgan is acting as the Development Finance Structuring Agent.DBK has also announced an invitation to holders of its outstanding USD500mm 5.75% Notes due 2025 (XS2472852610/ US48129VAA44) of which USD 325,146,000mm remain outstanding, to tender any and all of the notes for cash. The early participation deadline is set for 7 April 2025, pursuant to the offer to purchase dated 25 March 2025. Citi, Halyk Finance, J.P. Morgan and Societe Generale are acting as Joint Dealer Managers. FCA/ICMA stabilisation applies.