Development Bank of Kazakhstan announces successful completion of offering of international bonds XS2472852610 (BRKZe13)

13.05.22 15:38
/KASE, May 13, 2022/ – Development Bank of Kazakhstan JSC (Nur-Sultan), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release dated May 13, 2022: quote Development Bank of Kazakhstan JSC (a subsidiary of National managing holding "Baiterek" JSC), on May 12, 2022, successfully completed the placement of a three-year Eurobond issue in the amount of USD500 million and a coupon rate of 5.75 % per annum. This was the first placement of Eurobonds throughout the CIS since the beginning of the conflict in Ukraine in February 2022. Despite market volatility ahead of the US Federal Reserve (Fed) meeting on May 4, at which the US regulator raised rates by 50 basis points for the first time since 2000, DBK took advantage of positive market conditions early the next day and opened the order book for a new Eurobond issue, which was closed on the same day. The offer of Eurobonds aroused considerable interest among investors, which indicates the continued attractiveness of Development Bank of Kazakhstan, in particular, and Kazakhstan in general. There were over 60 different investors in the final book. The wide geography of the Eurobonds placement was represented by Kazakhstan (47 %), USA (21 %), continental Europe (16 %), Great Britain (15 %) and Asia (1 %). The main share of investors were management companies (67 %), as well as banks (25 %), insurance and pension funds (8 %). The funds that DBK will raise as a result of the Eurobond issue will be used to buy back Eurobonds placed in 2012, which are due to be redeemed in December 2022. Joint bookrunners for the placement and dealer managers for the purchase were J.P. Morgan Securities Plc, Citigroup Global Markets Limited, Halyk Finance JSC and MUFG Securities EMA Plc. Kroll Issuer Services Limited was appointed the tender agent. unquote The full press release is available on – [2022-05-13]