Development Bank of Kazakhstan picks dollars, tenge

Alamy_dollar_Kazakhtenge_575x375_29April2021
By Mariam Meskin
29 Apr 2021

The Development Bank of Kazakhstan on Thursday launched a dual tranche bond in dollars and Kazakh tenge. Investor interest in emerging market local currency debt has increased over the last year, as the hunt for yield grows.

DBK, rated Baa3/BBB by Moody’s and Fitch, was looking to print the bond in Reg S/144A format. The dollar tranche will mature in May 2031 with the local currency clip coming in shorter with a May 2026 maturity.

Initial price thoughts for the 10 year dollar-denominated tranche were set at 3.375% ...

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