Kaspi pulls investors' eyes back to Kazakhstan
Kaspi Bank overcame prejudice and investors’ tough price demands to print the first deal from a private sector Kazakhstan bank in two years this week. The borrower sold a modest $200m three year bond on Thursday, which despite the small size has the potential to reopen the country’s FIG market.
Bookrunners JP Morgan and VTB Capital opened books on the bank’s first dollar deal since 2005 on Thursday morning. They approached investors with initial price thoughts in a yield range of 9.75%-10%, and priced the bond at 10% that afternoon.
Leads tried to steer investors into a single
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