DBK prints $1bn as Kazakh scarcity drives yields below Russian comps

Development Bank of Kazakhstan printed $1bn 4.125% October 2022s on Wednesday night in the final stage of its intermediated bond exchange. The scarcity of Kazakh paper allowed DBK to price at a 4.326% yield, inside comparable issuers Sberbank, VTB and the Eurasian Development Bank, despite some of those being marginally higher rated.