Commentary & Deal Flow

Reoffer: 7yr: 5.45% / 98.582

• Issuer: Baiterek National Investment Holding JSC
• Issuer ratings: Baa1/BBB (Moody's/Fitch)
• Original notes ratings: Baa1/BBB (Moody's/Fitch)
• Issue type: Senior unsecured notes
• Tap format: Reg S only, Category 2
• Maturity: 6-May-33
• Original Notes: US$500m 5.200% Senior Unsecured Notes due 6-May-33, issued on 6-May-26
• Tap issue size: US$150m
• Fungibility: The new notes will, on the date that is 40 days after the Settlement Date, be consolidated and form a single series with the Original Notes
• Tap yield: 5.45%
• Tap Price: 98.582%
• Coupon: 5.200%, Fixed, Payable S/A, Day count 30/360
• Denominations: US$200k x 1k
• Use of proceeds: General corporate purposes, including the provision of funding to the Issuer’s subsidiary companies
• Settlement Date: 8-Jul-26
• Documentation: Baiterek’s US$3,000,000,000 Medium Term Note Programme
• Law: English
• Listing: Vienna MTF / KASE
• Clearing: Euroclear / Clearstream
• Joint Bookrunners: J.P. Morgan (B&D), Societe Generale, Halyk Finance
• Dev’t Finance Struct Agent: J.P. Morgan
• Reg S ISIN (temporary): XS3435234599
• Reg S Common Code (temporary): 343523459
• Timing: TOE: 15:20 / FTT: 8am UKT, 2-Jul-26