Commentary & Deal Flow

JSC National Company Kazakhstan Temir Zholy (KTZ), the 100% state-owned national transportation and logistics operator of the Republic of Kazakhstan, has mandated Citi, J.P. Morgan and Société Générale as Joint Global Coordinators and Joint Bookrunners, Abu Dhabi Commercial Bank, Deutsche Bank, Oman Investment Bank and Standard Chartered Bank as Joint Lead Managers and Joint Bookrunners, and Teniz Capital and Freedom Broker as Kazakhstan Lead Managers to arrange a Global Investor Call at 2pm UKT/9am EST/6pm Astana time on Monday, April 20.

• Also a series of hybrid individual investor calls/meetings out of London also commencing on April 20

• J.P. Morgan is coordinating logistics

• A dual-tranche 5-year and 10-year USD-denominated RegS/ Rule 144A senior unsecured guaranteed benchmark Eurobond offering on the back of KTZ’s new $3b GMTN Programme will follow, subject to market conditions

• The offering is expected to be rated Baa2 by Moody’s and BBB- by Fitch, in line with the Company’s ratings

• FCA/ICMA stabilisation applies

• Target Market: Eligible counterparties and professional clients only (all distribution channels)