Kazakh state holding KazAgro placed USD 1bn debut Eurobonds. The issue was made in framework of the company’s USD 2bn borrowing programme. The bonds will mature in 2023. Coupon rate was set at 4.625% which is the lowest yield so far among Kazakh issuers of bonds with such maturity. The issue was oversubscribed with book order of USD 3.3bn. The placement was managed by HSBC Bank Plc and J.P. Morgan Chase. Around 35% investors were from Britain, 33% from the USA, 15% from continental Europe and 13% from Kazakhstan. KazAgro plans to invest proceeds in boosting the efficiency of Kazakh agriculture.
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