Kazakhstan's Kazkommertsbank cancels planned dollar notes due 2017

By Christine Van Dusen

Atlanta, Nov. 2 - Kazakhstan's Kazkommertsbank has canceled its planned dollar-denominated offering of seven-year notes, according to a company announcement.

JPMorgan and UBS were the bookrunners for the Rule 144A and Regulation S offering, which was whispered to yield in the high 9% area.

"The bank will continue monitoring markets for the right financing opportunity," the company's announcement said. "As discussed with investors in the recent meetings, KKB intends to be opportunistic and yield-focused when considering the wholesale funding markets."

Kazkommertsbank is an Almaty, Kazakhstan-based lender.

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