SOURCE: Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP

October 14, 2014 10:24 ET

Morgan Lewis Advises Republic of Kazakhstan on $2.5 Billion Sovereign Bond Offering

First Sovereign Bond Offering by Kazakhstan Since 2000; First Ever Offering of Sovereign Bonds Containing the New ICMA Bondholder Voting Framework

LONDON, UNITED KINGDOM and ALMATY, KAZAKHSTAN--(Marketwired - Oct 14, 2014) - The Republic of Kazakhstan has today closed a $2.5 billion Eurobond offering.

The offering was made under Rule 144A and Regulation S, and the bonds are listed on the London Stock Exchange. The bonds were issued in two tranches, a $1.5 billion tranche of 3.875% Notes due 2024 and a $1 billion tranche of 4.875% Notes due 2044.

The transaction is the first sovereign bond offering by Kazakhstan since 2000. It is also the first ever offering of sovereign bonds containing the International Capital Markets Association's new collective action clauses and pari passu clause, introduced in response to the Argentina sovereign bond crisis, making it a milestone in the reform of the sovereign bond markets.

Morgan Lewis served as U.S., English and Kazakhstan legal adviser to Kazakhstan on the offering. The Morgan Lewis team was led by London-based Business and Finance partner Carter Brod, who was joined by a London-Almaty team that included Business and Finance partner Aset Shyngyssov and Business and Finance associates Konstantin Lukhnov and Edwin de la Rosa.

Carter Brod commented, "We are delighted to have had the opportunity to assist Kazakhstan with this important and successful capital-raising transaction, which establishes a benchmark for Kazakhstan corporate bond issues going forward."

About Morgan Lewis's Business and Finance Practice

Morgan Lewis's nearly 400-lawyer Business and Finance Practice assists a diverse global clientele in the United States, Europe, Asia, and the Middle East with the full scope of strategic transactional matters, from mergers and acquisitions to fund formation and restructuring. Recent European work highlighting the group's international reach includes SK Capital Partners' acquisition of the textile chemicals, paper specialties, and emulsions businesses of Switzerland-based Clariant; Chiesi Farmaceutici S.p.A.'s merger with Cornerstone Therapeutics; and Russian state development bank Vnesheconombank's EUR 1.5 billion offering of Eurobonds. Morgan Lewis consistently ranks among the premier transactional law firms, including the Top 10 in M&A transactions by Thomson Reuters, Mergermarket, Bloomberg, and Buyouts (2013), and was ranked Number One most active law firm globally based on the number of private equity funds worked on for general and limited partners (Dow Jones Private Equity Analyst, 2013). Learn more about the firm's Business and Finance Practice at http://www.morganlewis.com/business.

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Contact Information

  • CONTACT:

    Paula Crymble
    Myddleton Communications, London
    +44 (0) 20 7689 5545
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    Carter Brod
    Partner
    Morgan, Lewis & Bockius
    +44.20.3201.5623
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