Kazakhstan meets high expectations with $10bn bond book, breaks new ground with ICMA CAC

The Kazakhstan sovereign printed its $2.5bn dual tranche bond on Monday, finally sating demand that had built for the country’s bonds over the last decade and re-pricing the curves of its quasi-sovereign borrowers. Leads built an $11bn book for the bond despite pricing inside emerging markets behemoth Brazil and being the first ever sovereign to adopt ICMA’s full range of recommendations for a collective action clause.