Development Bank of Kazakhstan raises $500 mln in Eurobonds to fund strategic projectsThe Development Bank of Kazakhstan (DBK) has successfully placed $500 million in five-year Eurobonds with a coupon rate of 5.625%, the bank’s press service announced.The Eurobonds have been listed on the Kazakhstan Stock Exchange (KASE) and admitted to trading on the Vienna MTF market."The timely and effective placement of this issue, which was followed by deterioration of the market situation, allowed the bank to secure attractive terms and attract a broad range of international and local investors," CEO Marat Yelibayev said.The raised funds will be used to finance strategically important projects, including the development of the manufacturing sector and infrastructure, “which will undoubtedly contribute to the sustainable growth of Kazakhstan’s economy," according to Yelibayev.The bonds' yield to maturity stands at 5.7% per annum, with a spread of 159 basis points, which is the lowest in the bank’s history for medium-term borrowing.The issue was more than 80% oversubscribed. The Eurobonds were purchased by as many as 62 investors from Kazakhstan, the U.S., the U.K., Europe, the Middle East and Asia.Citi, J.P. Morgan, Société Générale and Halyk Finance acted as joint bookrunners of the issue.Development Bank of Kazakhstan (DBK) was organized in 2001. The bank finances medium- and long-term investment projects in infrastructure and non-resource sectors and attracts external and internal investment in the republic. DBK is part of National Managing Holding Company Baiterek, which was created in May 2013 to manage the stakes in the national institutes of development, the national companies and other legal entities. Baiterek either owns such stakes or manages them on behalf of the other stakeholders. (ICE ALMATY)

Fonte notizia: INTERFAX