DBK prints $1bn as Kazakh scarcity drives yields below Russian comps

Development Bank of Kazakhstan printed $1bn 4.125% October 2022s on Wednesday night in the final stage of its intermediated bond exchange. The scarcity of Kazakh paper allowed DBK to price at a 4.326% yield, inside comparable issuers Sberbank, VTB and the Eurasian Development Bank, despite some of those being marginally higher rated.

  • 27 Nov 2012

JP Morgan and VTB are arranging the exchange process, with Halyk Finance as lead manager for Kazakh investors.

“The tight pricing was driven by the scarcity of supply from Kazakhstan,” said Stefan Weiler, executive director at JP Morgan in London.

DBK is only the third issuer from the ...

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