Kazatomprom mines demand for peer pricing
Kazakh uranium producer Kazatomprom issued a $500m debut deal flat to a better know peer’s curve this week, underlining how rare borrowers can still get new debt issues away at attractive levels. Leads BNP Paribas and JPMorgan priced the five year bond — likely to be the company’s only offering for at least two years — to yield 6.5%, 424bp over US Treasuries.
This brought it flat to the extrapolated curve of Kazmunaigaz (KMG), another Kazakh state-owned borrower, despite being one of the first emerging markets deals after last weeks turmoil.
"The market was extremely volatile over the course of the roadshow, and at the time investors were talking about a
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