Commentary & Deal Flow

Books > US$2.25bn (excl. JLM)
Guidance: 10yr: 6-6.125% - Books > US$2.25bn (excl. JLM)

IPTs: 10yr: 6.375%a

• Issuer: Joint Stock Company “National Company “QazaqGaz”
• Issuer Ratings: Baa2/BB+/BB+ (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa2/BB+ (Moody's/S&P)
• Status: Senior Unsecured Guaranteed Offering
• Format: Reg S / Rule 144A
• Coupon: Fixed, payable semi-annually in arrears, 30/360
• Currency and Size: US$ Benchmark
• Tenor: 10 years
• Guidance: 6-6.125%
• IPTs: 6.375% area
• Settlement Date: 08-May-26
• Maturity: 08-May-36
• Listing: Vienna MTF, KASE, AIX
• Put/Call Options: Redemption for Tax, MWC, Change of Control Put, 3 Month Par Call, Clean-up Call
• Governing Law: English Law
• Use of Proceeds: Purchase of any or all of the 2027 Notes with any remainder for general corporate purposes, including to finance the working capital of the Group
• Clearing: Euroclear, Clearstream and DTC
• Denominations: US$ 200k x US$ 1k
• Joint Global Coordinators and Joint Bookrunners: Citi (B&D), J.P. Morgan
• Joint Lead Managers and Joint Bookrunners: MUFG, Oman Investment Bank
• Kazakhstan Lead Manager: Halyk Finance
• Kazakhstan Co-Manager: Freedom Broker
• ISIN: XS3366268384/ US63549WAB19
• Common Code: 336626838/336632170
• Timing: Books open, today’s business
• Books Subject Deadline: 14:45 UKT / 09:45 EST
• Stabilisation: FCA/ICMA Stabilisation applies