Commentary & Deal Flow

The Republic of Kazakhstan (KAZAKS), rated Baa1 by Moody's, BBB- by S&P and BBB by Fitch (all stable), US$1.5bn 144A/Reg S long 10y sr notes due 4/9/35. Citi (B&D)/JPM/SG as Joint Lead Managers and Joint Bookrunners and BCC Invest as Kazakhstan Lead Manager. The Offering will be issued under the Republic’s GMTN Programme with a dual listing on the London Stock Exchange and Astana International Exchange (AIX). Pricing 10/3. Settle 10/9.

IPTs: T+120 area.

GUIDANCE: T+100 area.

UPDATE: spread set at T+88.

LAUNCHED: $1.5bn L10y at T+88.

PRICED: $1.5bn 4.714% 4/9/35 100.00 4.714% T+88.