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Kazakhstan shaves 15bp off of spread on dual-tranche bond
July 14, 2015 / 3:05 PM / 2 years ago

Kazakhstan shaves 15bp off of spread on dual-tranche bond

LONDON, July 14 (IFR) - Kazakhstan has tightened guidance by 15bp on a dual-tranche offering after total demand for the 10- and 30-year bonds topped US$9bn, according to a lead manager.

The spread has been revised to 285bp and 335bp over Treasuries. This compares to initial price thoughts released earlier on Tuesday of 300bp over Treasuries for the 10-year portion and 350bp over Treasuries for the longer tranche.

Citigroup and JP Morgan are joint bookrunners and joint lead managers on the 144A/Reg S trade.

Those banks are joined by joint lead managers Kazkommerts Securities and Halyk Finance.

The transaction is expected to be Tuesday’s business.

Kazakhstan is rated Baa2 by Moody‘s, BBB by Standard & Poor’s and BBB+ by Fitch. (Reporting By Michael Turner, Editing by Helene Durand)

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