Kazakhstan placed USD 2.5 bln of international bonds, including USD 1.35 bln of 7-year, 5% coupon notes, and USD 1.15 bln of 12-year notes with 5.5% coupon. The offering was twice over-subscribed, and the finance ministry commented that it had achieved competitive pricing comparable to higher rated A or AA sovereigns such as Poland and Saudia Arabia, and below the cost of its own BBB- rated peers.