Kazakhstan's Bank TuranAlem to start roadshow Wednesday for hybrid tier I offering

By Paul A. Harris

St. Louis, Jan. 6 - BTA Finance Luxembourg SA, a special purpose entity of Kazakhstan's Bank TuranAlem, will begin a roadshow Wednesday in Singapore for an offering of dollar-denominated hybrid tier I perpetual preferred securities (Baa3/B+), according to market sources.

The issue size remains to be determined; however, a source said that the market anticipates between $100 million and $150 million.

The roadshow moves to Hong Kong on Jan. 12, Manila on Jan. 13, Zurich and Geneva on Jan. 16, and winds up in London on Jan. 17, with pricing expected thereafter.

Credit Suisse First Boston and ING are the underwriters.

The notes will be callable by the issuer after 10 years and will be redeemable at the issuer's option from the fifth to the 10th anniversary of the closing date in case of changes in taxation or disqualification by the Kazakhstani regulator as a part of Bank TuranAlem's tier 1 capital.

Bank TuranAlem is a financial institution with headquarters in Almaty, Kazakhstan.

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