Kazkommertsbank Appoints BNY Trustee For $300 Million Diversified Payment Rights Transaction

The Bank of New York has been appointed by Kazakhstan based JSC Kazkommertsbank, to provide indenture trustee, registrar and paying agent services for the wholesale and retail bank's $300 million debut diversified payment rights (DPR) transaction. The $200 million Floating

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The Bank of New York has been appointed by Kazakhstan-based JSC Kazkommertsbank, to provide indenture trustee, registrar and paying agent services for the wholesale and retail bank’s $300 million debut diversified payment rights (DPR) transaction.

The $200 million Floating Rate Notes Series 2005-A due 2012 is the first wrapped DPR issue from Kazakhstan and was co-arranged by WestLB AG, London branch and J.P. Morgan Securities Ltd. WestLB AG, London branch was also the sole arranger of a further $100 million non-wrapped 2005-B and 2005-C Notes, under a private placement.

“This innovative and complex transaction is the first wrapped securitization from the Commonwealth of Independent States region, and was only made possible by the expertise and effort of all the parties involved,” said Tatyana Lazareva, director of asset backed securitization at WestLB.

Arguably the largest bank in Kazakhstan, Kazkommertsbank provides products and services to predominantly medium- and large-sized Kazakhstan and international corporations operating in Kazakhstan, including trade and structured finance products, project finance, e-banking and asset management services, as well as short-term credit facilities and other general banking services.

“Our global structured finance team has acquired many years of expertise in administering to DPR and other future-flow issues, which enabled us to successfully guide Kazkommertsbank through some of the nuances of this transaction,” said Karen Peetz, executive vice president and head of BNY’s corporate trust division.

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