Commentary & Deal Flow

Final Books > US$725mn (excl. JLM int). Peak book > US$800m (excl. JLM int)

Launched: 7yr: US$500m @ 5.375% - Books > US$800m (excl. JLM int)
IPTs: 7yr: Mid-High 5%s

• Issuer: Baiterek National Investment Holding JSC
• Issuer Ratings: Baa1/BBB (Moody's/Fitch)
• Expected Issue Ratings: Baa1/BBB (Moody's/Fitch)
• Documentation: Baiterek’s US$3,000,000,000 Medium Term Note Programme
• Status: Senior Unsecured Notes
• Format: Reg S / Rule 144A
• Coupon: Fixed, payable semi-annually in arrears, 30/360
• Currency and Size: US$500m
• Tenor: 7 years
• Settlement Date: 06-May-26 (T+5)
• Maturity: 06-May-33
• Listing: Vienna MTF, KASE
• Put/Call Options: 3 month Par Call, MWC, Clean-Up Call, Change of Control Put Option, Redemption for tax
• Governing Law: English Law
• Use of Proceeds: The net proceeds will be used by the Issuer for general corporate purposes
• Clearing: Euroclear, Clearstream and DTC
• Denominations: US$200k x US$1k
• Joint Bookrunners: Citigroup Global Markets Limited (B&D), Societe Generale and Halyk Finance
• ISIN: XS3358410002/US05709XAA81
• Timing: Books open, today’s business
• Books Subject: 15.15 UKT/ 10.15AM EST
• Stabilisation: FCA/ICMA Stabilisation applies
• Hedges: None