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LONDON - JSC Development Bank of Kazakhstan has announced the start of a stabilization period for its upcoming benchmark bond offerings in both U.S. dollars and Kazakhstani tenge, according to a press release statement issued Wednesday.
The dollar-denominated offering consists of long 5-year fixed-rate senior unsecured notes, while the tenge offering includes 3-year fixed-rate senior unsecured notes. Both securities will be listed on the Vienna MTF, Astana International Exchange (AIX), and Kazakhstan Stock Exchange (KASE).
J.P. Morgan Securities plc will serve as the stabilization coordinator, with Citi and Societe Generale acting as stabilization managers. The stabilization period is expected to begin October 8, 2025, and end no later than November 8, 2025.
During this period, stabilization managers may over-allot securities in an amount not exceeding 5% of the aggregate nominal amount, or conduct transactions to support the market price of the securities at a level higher than might otherwise prevail.
The dollar-denominated notes will have a minimum denomination of $200,000 with increments of $1,000, while the tenge notes will have a minimum denomination of 100 million tenge with increments of 500,000 tenge.
The announcement specifies that the securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States without registration or an exemption.
The offer price for both bond offerings has yet to be determined.
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