Happy ending for Zhaikmunai as yield story woos investors
A strong order book allowed Kazakh oil and gas firm Zhaikmunai to price a debut $450m five year non-call three bond on Tuesday, tighter than investor feedback had originally suggested.
Early indications from the market were that a coupon above 11% would be needed, but leads Citi, ING and JPMorgan were able to guide expectations down to a range of 10.75%-11.00%, before pricing at par with a coupon of 10.5%. The book reached $2.1bn.
"Originally the feedback for the
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