SkyBridge Invest JSC announces successful additional placement of Eurobonds of National Company Kazakhstan Temir Zholy worth CHF80 mln
/KASE, May 25, 2018/ – KASE, 31.05.19/ – АО "SkyBridge Invest"has provided
Kazakhstan Stock Exchange (KASE) with the following press release:
JSC “National Company “Kazakhstan Temir Zholy” (KTZ) successfully returns to the
Swiss franc market with a CHF80m increase of its existing CHF170m 3.25% 2023 bonds
launched in December last year.
In terms of pricing, the Company achieved a very competitive funding level in
Swiss francs, and added liquidity in the original notes: the 2.25% reoffer yield
/ 104.238% price / 278 bps versus CHF MS, which represents c.60 bps tightening
versus the December issue in terms of spread to mid-swaps.
The final book consisted of 34 orders, driven by strong institutional demand:
Asset Managers accounted for 68.6% of the demand, Banks and Private Banks – 23.1%,
Treasury Accounts – 3.9%, Insurance Companies – 3.8% and Pension Funds – 0.6%.
The bookbuilding was preceded by a series of credit update meetings with investors
by the management team in Geneva and Zurich on 21-22 May 2019.
UBS, Gazprombank and SkyBridge Invest acted as joint lead managers for the issue.
This is the Company’s third entry to the Swiss market, and the first international
bond placement out of Kazakhstan in 2019.
Having over 20% of revenues denominated in CHF, KTZ has continued to build its
public investment story and has continued to demonstrate its commitment to
maintaining presence in the Swiss debt capital market.
The proceeds of the issue will be used for refinancing of the CHF100m Eurobonds
due in 2019.