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November 25, 2013

JSC “NC Kazakhstan Engineering” successfully raises its debut $200 MM Eurobond

JSC Halyk Finance, as a Joint Lead Manager & Bookrunner, has successfully completed a $200 MM debut 3-year Eurobond issue of JSC “National Company “Kazakhstan Engineering” (“KE”) in November 2013. The global book was opened on November 21st with an initial price guidance of “4.5%-4.875%.” Despite a relatively small issue size, the deal was positively welcomed by more than 60 global investor accounts who actively contributed to a hefty order book of almost $403 MM (including a robust $141 MM of Kazakhstan investors’ orders), thus allowing KE to significantly revise its initial price guidance down to “4.55%-4.60%.” With the order book more than twice oversubscribed, KE has priced its debut Eurobond transaction on November 22nd at the lowest level of its revised price guidance – i.e. at just 4.55%, representing the lowest historic YTM and coupon rates among all Kazakhstan corporate issuers in the 3-year tenor basket.

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