Commentary & Deal Flow

JSC Kaspi.kz, exp issue ratings Baa3/BBB- by Moody's/Fitch (s/s), inaugural US$650m 144A/Reg S 5y sr notes due 3/26/30. MWC then 3mos par call. Redemption for tax. Citi (B&D)/JPM as JLMs/JBRs. Kazakhstan manager: BCC Invest. Listing: London Stock Exchange (ISM) and Astana International Exchange. Governing Law: English Law. UOP: gcp. Dealroadshow Link: https://dealroadshow.com/e/JSC... Pricing 3/18. Settle 3/26 (T+6).

IPTs: 6.50% area.

GUIDANCE: 6.25%. Exp $650m size.

LAUNCHED: $650m 5y at 6.25%. Books >$975m (incl $15m JLM interest).