Kazakhstan's CenterCredit marketing $100 million perpetual tier 1 notes at 9½% area

By Paul A. Harris

St. Louis, Feb. 21 - Kazakhstan's CenterCredit International BV is marketing a $100 million offering of tier 1 perpetual notes with guidance for a yield in the 9½% area, according to a market source.

ING has the books for the Regulation S offering.

The notes will come with 10 years of call protection and with a coupon step-up that will float at 150% of the launch spread.

Moody's Investors Service assigns its Ba1 senior unsecured debt rating to CenterCredit and is expected to assign its Ba3 rating to the tier 1 notes. Fitch assigns its BB- senior unsecured debt rating to CenterCredit.

The issuing entity is a subsidiary of JSC Bank CenterCredit, the fifth-largest commercial bank in Kazakhstan.

On Jan. 27, Bank CenterCredit International BV priced a $300 million issue of 8% senior unsecured notes due Feb. 2, 2011 (Ba1//BB-) at 99.495 to yield 8¼%.

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