Dechert Advises JSC Development Bank of Kazakhstan on Dual Tranche and Dual Currency Eurobond Issuances

Dechert acted as English and U.S. counsel to JSC Development Bank of Kazakhstan (DBK) on its dual tranche, dual currency issuance of its US$500 million 5.50% Notes due 2027 and its KZT100 billion 13.00% Sustainable Notes due 2027, each issued under its US$3 billion Medium Term Note Programme.

The first primary international bond offering to price from Central Asia in 2024, the Notes are listed on both the Vienna MTF and Kazakhstan Stock Exchange.

The Tenge-denominated Eurobond, which is payable in U.S. Dollars, also represents DBK's debut sustainable bond issuance, as well as reportedly the first non-sovereign sustainable bond issuance in domestic currency from Central Asia and the first international issuance of sustainable bonds in domestic currency from Kazakhstan.

The issuances were conducted simultaneously with an "any and all" tender offer for two series of outstanding Eurobonds, on which the Dechert team also advised.

The London-based Dechert team that advised JSC Development Bank of Kazakhstan was led by corporate partners Patrick Lyons and Jennifer Rees.

Jennifer Rees commented: "We were delighted to work with the DBK team again, as well as to have applied our experience to yet another "first of its kind" transaction involving sustainable bonds."

Dechert's international capital markets team has a strong track record advising on innovative capital markets transactions in the emerging markets and is a market-leading practice in the representation of sovereigns and state-owned enterprises.

About Dechert

Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital - from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients' rights in extreme situations. Our 1,000+ lawyers across 21 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.