Development Bank of Kazakhstan bond deal expected to be $500 million

Chicago, May 5 – JSC Development Bank of Kazakhstan plans to offer $500 million of three-year eurobonds (//BBB), according to a notice and a press release.

The bank started investor calls for the issue on April 26.

J.P. Morgan Securities plc, Citi, Halyk Finance and MUFG are the joint bookrunners.

J.P. Morgan is the financial development structural agent for the Rule 144A and Regulation S issue.

As previously reported, proceeds from the new notes are expected to partially fund a tender offer of the issuer’s 4 1/8% notes due 2022. Existing cash on hand will be used to fund the remaining portion of the tender offer.

The bank is based in Nur-Sultan, Kazakhstan.

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