KAZAKHSTAN OFFERED $350 MLN WORTH EURONOTES WITH MAY 2007 MATURITY IN LONDON

/IRBIS, Apr.28, 00/ - The agency REUTERS, informs, with the reference to the lead managers of the fourth issue of Kazakhstani euronotes (Deutsche Bank, J.P.Morgan), that Kazakhstan offered the investors $350 mln worth euronotes with May 11, 2007 maturity. Offered discount is +500 basis points over U.S. T-bills to be repaid in November 2005, at 5.875% APR yield. Thus, starting discount of new euronotes of Kazakhstan is estimated at 10.875% APR. Payment date for the bonds - May 11, 2000. The lead managers expected a coupon at 11.125% APR. However, final discount and coupon rate will be determined when offering deal will be made. Euronotes have credit ratings of B1 (Moody's), B+ (S&P), BB- (IBCA) and were entered, according to REUTERS, into the listing of Luxembourg stock exchange. Previously, it was said that in London on April 10 vice-minister of finance of Kazakhstan Anvar Saidenov said at the presentation of new Kazakhstani loan that the government of the country had intended to exchange the major portion of five-year internal debt issued as AVMEKAM to new seven-year euronotes of Kazakhstan. In the opinion of Anvar Saidenov, pension funds of Kazakhstan will present $200 mln worth AVMEKAM voluntarily to exchange into new euronotes. Mr. Saidenov said the International monetary fund and the World bank have approved the exchange, and the terms of the exchange to be determined after the euronotes will be issued. The first issue of Kazakhstani euronotes (XS0072056863, $200 mln) was launched with the help of ABN AMRO Bank on Dec.20, 96 and matured on Dec.20, 99. J.P. Morgan was the lead manager of the second issue (XS0080679961, Oct.2, 97, $350 mln, 5 years) with the cooperation of ABN AMRO Bank NV and Deutsche Bank AG, and later two additional placements were held on Nov.4, 99 for $25 mln (payment date - Nov.22, 99) and on Nov.26, 99 for $50 mln (payment date - Dec.15, 99).