KazMunaiGas leads EM assault with $3bn blockbuster

The west European corporate bond market might be a barren wasteland but east European companies are joining their bank compatriots in a blaze of issuance. KazMunaiGas yesterday printed a $3bn five and 10 year issue through ABN Amro, Citigroup and Credit Suisse. Today Russian pipe maker TMK finishes roadshows for a benchmark dollar Eurobond via ABN Amro, Barclays Capital, ING and UBS. Steel and mining group Severstal is also marketing a dollar benchmark this week. Bank issuance also continues with Bank St Petersburg, Promsvyazbank and Ukraine’s Ukrsibbank all expected to price deals this week or next. Meanwhile, the Ukrainian sovereign is roadshowing its controversial zero-fees dollar benchmark. How will the market absorb this onslaught of dollar supply? Read EuroWeek on Friday to find out.