| C/P | Industry | Status | Ticker(s) | Issuer(s) | Size(m) | Tranches | Region | Date | |
|---|---|---|---|---|---|---|---|---|---|
IGC | FNCL | PRCD | JSCKSP | JSC Kaspi.kz | $600 | 1 | EMEA | Apr 21, 2026 |
JSC Kaspi.kz (JSCKSP), exp Baa3/BBB- (s/s) by Moody's/Fitch, US$600m 144A/Reg S 5y FXD sr unsec notes due 4/28/31. MWC then 3mos par call (1/28/31). Redemption for tax. Citi (B&D)/JPM joint bookrunners and joint lead managers. BCC Invest as Kazakhstan lead manager. Denominations: 200,000 x 1,000. Listing: LSE International Securities Market and Astana International Exchange. Governing Law: English Law. Clearing: Euroclear/Clearstream/DTC. FCA/ICMA Stabilisation applies. UOP: gcp. 144A ISIN / Common Code: US48581RAA41 / 330896116. Marketing: https://dealroadshow.com | Code: KASPI2026. Pricing 04/21. Settle 04/28 (T+5).
VIA Citi (B&D)/JPM joint bookrunners and joint lead managers. BCC Invest as Kazakhstan lead manager.
Announced with benchmark size, we heard initial thoughts as 6.375%-6.500%
Final guidance came in at 6.00% area (+/- 10bp, WPIR). Books >$1.9b (excl JLM int).
The deal was launched $600m at 5.90% - Books >$2.1bn (excl JLM int).
PRICED: $600m 5.90% 4/28/31 100.00 5.90%. T+198.9. MW+30.
As for r/v, JSCKSP’s debut deal in 2025 was the only outstanding.
The deal is very illiquid, but market players had the outstanding quoted as follows:
-JSCKSP 6.250% due 03/26/30 $101.77 (5.710% YTW; G187) - $650m pxd MAR 2025
UST 4/5 curve around 6bp; Low BBB 3s/5s around 20bp so add 10bp for 4s/5s. Adding this to the 5.710% yield on the outstanding gets you to 5.87%.
We’ll say again this outstanding bond is illiquid but, we’ll go with CONCESSION 3BP.
We didn’t catch a book on this one.