Home Global Kazakh development bank launches first CIS dollar bond since Ukraine war

Kazakh development bank launches first CIS dollar bond since Ukraine war

0
Kazakh development bank launches first CIS dollar bond since Ukraine war

LONDON – The State-owned Development Bank of JSC, (DBK), is planning to sell a $500 million dollar-denominated bond on Thursday. This will test markets and mark the beginning of debt issuances in the Commonwealth of Independent States region (CIS).

The bank, which is investment-grade-rated and rated highly by the market, plans to issue $500 millions of three-year dollar-denominated bonds. The final price guidance for these bonds will be 5. According to one bank that was involved, 95 percent will be issued.

DBK will sell the bonds along with a tender offering on existing notes due in December. These notes were listed with a yield just below 5%, according to data from Refintiv.

Russia was cut off from the global financial markets after launching war on February 1 24, with bonds issuance in this region coming to a halt. Many Russian corporations, many in state and financial industries, were prolific issuers during the period leading up to war. They set the stage for much of region’s bond issuance. According to a bank statement,

Kroll Issuer Services Limited acts as the tender agent. JPMorgan Kazakhstan Securities PLC and Citigroup Global Markets Limited are joint dealers managers. JSC Halyk Finance, MUFG Securities EMA Plc, JSC Halyk Finance, JSC Halyk Finance, JSC Halyk Finance, and JSC Halyk Finance are also joint manager.

Fitch Ratings confirmed DBK’s rating of ‘BBB’ early March with a stable outlook.

LEAVE A REPLY

Please enter your comment!
Please enter your name here