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September 29, 2010

Samruk-Kazyna successfully raises $416 mln in 10-year bonds at 6.5%YTM

The Sovereign Wealth Fund Samruk-Kazyna has tapped the capital markets with a 10-year domestic bond issue under its approved T150bn ($1.02 bn) 2nd bond program and has successfully raised T61.37bn (c. $416 mn) at a 6.5% coupon rate (with the coupon rate set as the cut-off rate upon Monday’s auction results). 54% of this issue was purchased by the local pension funds, while 41% was acquired by the banks. The bond issue is rated ААА/Р1 (stable outlook) by the Rating Agency RFCA. Samruk Kazyna’s 1st bond program in the amount of T750 bn ($5.08 bn) was executed in 2009.

The Sovereign Wealth Fund Samruk-Kazyna was established in order to enhance competitiveness and sustainability of the national economy and prevent any potential negative impact of changes in the world markets on economic growth of the country. Samruk-Kazyna’s primary objective is to manage shares (participatory interests) of legal entities it owns with a goal of maximising long term value and increasing competitiveness of such legal entities in world markets. Samruk-Kazyna’s total consolidated assets exceed $70bn.

Halyk Finance has acted as a joint financial advisor, bookrunner and underwriter on this issue.

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