KMG steps in but KKB takes a step back
Two Kazakh deals presented a stark contrast this week, as books surged for a $1.25bn bond from state oil and gas company Kazmunaigas while Kazkommertsbank had to postpone its own issue. KKB is holding off in the hope of slightly better market conditions. But KMG, which accounts for 40% of KKB’s deposits, quickly put together a $4.7bn book for its April 2021s.
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