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Deutsche Bank AG London and RZB have completed senior phase syndication of the 12-month extension of the US$150mn syndicated trade-related term loan facility for Kazakhstan’s Halyk Bank, which was signed on July 16, 2003. Funds will again be used to finance specific trade transactions. It is understood that the borrower will consider an increase in the facility amount.

Joining the mandated lead arrangers are ABN Amro and Abu Dhabi Commercial Bank at senior arranger level and Alpha Bank London branch and HVB Group (Bank Austria Creditanstalt) and Bayerische Hypo- und Vereinsbank AG at arranger level.

The loan, which carries a margin of 1.6%, has now been launched into general syndication.

The following tickets are on offer:

Arrangers at US$10mn or more at 60bp.

Co-Arrangers at US$7.5mn or more at 50bp.

Lead managers at US$5mn or more at 45bp.

Managers at US$3mn or more at 35bp.

Participants at US$1.5mn or more at 30bp.