Dechert Advises JSC National Company Kazakhstan Temir Zholy on Pioneering Swiss Franc-Denominated Dual-Listed Bonds

December 06, 2018

Dechert acted as international and Kazakhstan counsel to JSC National Company Kazakhstan Temir Zholy (“KTZ”), Kazakhstan’s national railway company and largest single employer, in its recent issue of its CHF 170 million 3.25% Notes due 2023 (the “Notes”), marking the first corporate bond listing on the newly-established Astana International Exchange (“AIX”).  In addition to the AIX listing, the Notes will also be listed on the SIX Swiss Exchange.

This transaction follows Dechert’s representation of a number of Kazakhstan issuers on successful international capital markets transactions in 2018, including the KZT 100 billion Eurobond issuance by JSC Development Bank of Kazakhstan (payable in U.S. Dollars) and the multi-tranche US $3.25 billion Eurobond issuance and simultaneous liability management transaction for JSC NC KazMunayGas, Kazakhstan’s national oil and gas company.

The Dechert team was comprised of  Patrick Lyons, Jennifer Rees and Amy Rees in London and Victor Mokrousov and Yevgeniya Nossova in Almaty.  “We are pleased to have had the opportunity to work with the KTZ team again and to demonstrate Dechert’s continued commitment to Kazakhstan and the region.  This transaction, which featured a pioneering AIX listing, is yet another in a string of “first-of-their kind” transactions for which Dechert is well known”, said Patrick Lyons.

Dechert has a strong track record advising on innovative capital markets transactions in the emerging markets, including issuances by governments, state-owned companies, banks, and other multinational corporations.

About Dechert

Dechert is a leading global law firm with 27 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.