Commentary & Deal Flow

JSC National Company Kazakhstan Temir Zholy (KTZ), the 100% state-owned national transportation and logistics operator of the Republic of Kazakhstan, rated Baa3 (stable) by Moody’s, BBB- (stable) by Fitch and BB (stable) by S&P, has mandated Citi and Societe Generale as JLMs and JBRs, and SkyBridge Invest as Kazakhstan lead manager to arrange a global investor call at 1pm UKT / 2pm CET / 8am NYT on May 6, 2022 and a Kazakhstan investor call at 4pm Nur-Sultan time on May 6, 2022, as well as a series of individual investor calls/meetings also commencing on May 6, 2022. A USD-denominated Reg S/144A benchmark senior unsecured bond offering with a 3y tenor will follow, subject to market conditions.