Nostrum non-call three nets $400m with minimal premium

Kazakh oil and gas company Nostrum priced a twice subscribed $400m bond on Monday, which bodes well for other Kazakh corporations expected to tap the market later this year, said debt bankers. Nostrum’s bond was priced just hours before the tenge dropped by almost 20% after the central bank on Tuesday said it would stop supporting its previous exchange rate. But for credits like Nostrum with dollar earnings, the devaluation should be a help rather than a hindrance, said analysts.