Kazakhstan, Astana, Feb. 12 / Trend D. Mukhtarov /
Fitch Ratings has assigned the Development Bank of Kazakhstan's (DBK; 'BBB'/Stable/'F3') $425m tap issue of medium-term notes (MTNs) a 'BBB' Long-term rating.
The MTNs mature in December 2022 and carry a coupon rate of 4.125% payable semi-annually. They will rank pari passu with the bank's senior unsecured obligations. No call or put options are envisaged.
DBK's primary role is to foster development of the country's non-extracting sectors. The National Welfare Fund Samruk Kazyna, which is wholly owned by the government of Kazakhstan ('BBB+'/Stable), controls 100% of the bank's share capital.
The tap issue will form a single series of notes with the previous USD1bn issue under the bank's existing $2bn MTN programme. The notes have a dual listing on the London and Kazakh stock exchanges.