White & Case Advises Banks on Kazakhstan's Debut Issuance of Euro-denominated Bonds
Global law firm White & Case LLP has advised Citigroup, Société Générale and BCC Invest on the update of the Republic of Kazakhstan's US$10 billion global medium term note programme and issuance thereunder of €525 million 1.55 percent Notes due 2023 and €525 million 2.375 percent Notes due 2028.
"The debut issue by the sovereign attracted strong investor demand and the sale as a whole was four times oversubscribed," said White & Case partner Debashis Dey, who co-led the Firm's deal team. "We think this is a strong endorsement of Kazakhstan's role in the Europe-Asian economy and we hope this is a boost to the national privatisation plan."
Astana-based White & Case partner Pavel Kornilov, who co-led the team, said: "Strong investor demand with a relatively low interest rate have clearly demonstrated the confidence of the investor community in the Kazakhstan economy and reforms undertaken by the First President of the Republic of Kazakhstan — Elbasy Mr. Nursultan Abishevich Nazarbayev."
The dual-tranche issuance is the first ever issue of Euro-denominated bonds by Kazakhstan. In addition to being listed on the London Stock Exchange, the bonds are also listed on the Astana International Exchange (AIX), the newly established stock exchange in the Astana International Financial Centre, whose rulebook White & Case helped to draft. Approximately 11 percent of the ten-year tranche was sold through the AIX.
The White & Case team which advised on the transaction was led by partners Debashis Dey (Dubai & London), Ian Clark (London) and Pavel Kornilov (Astana) with support from partner Charles Balmain (London) and associates James Clarke (London), Sankalp Labroo (Dubai), Karina Sultanaliyeva and Alikhan Baizakov (both Astana).
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