Commentary & Deal Flow

JSC Development Bank of Kazakhstan (DBK), exp Baa1/BBB by Moody's/Fitch, US$ benchmark 144A/Reg S (Cat 2) 5y sr notes due 4/7/30. Citi/HALYK/JPM (B&D)/SG joint books. UOP: gcp and to finance the purchase of 2025s USD Notes pursuant to tender offer. Pricing 3/27. Settle 4/7.

IPTs: 5.875%-6%.

GUIDANCE: 5.7% area (+/- 5), WPIR.

DBK has also announced an invitation to holders of its US$500mm 5.75% notes due2025 (XS2472852610/US48129VAA44), of which $325m is currently outstanding, to tender any and all of the notes for cash. The early participation deadline is set for 7 April 2025, pursuant to the offer to purchase dated 25 March 2025. Citi, Halyk Finance, J.P. Morgan and Societe Generale are acting as Joint Dealer Managers.