Tiny Tajikistan ‘forces investors to look’ at cheap bond debut

Tajikistan made its debut in the bond markets on Thursday with a bond that came well wide of some investors’ expectations, as one of the smallest economies in the sovereign debt arena paid up to compensate for its shaky balance sheet.

  • By Michael Turner
  • 07 Sep 2017

The B3/B- rated name hit screens with price thoughts of 8% on its 10 year amortising bond, giving it an eye-catching premium over comparably rated sovereigns such as Belarus (Caa1/B-/B-), which had 2027s trading at 6.2% on Tuesday.

At initial price thoughts, the yield was ...

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4 JPMorgan 3,634.02 11 9.78%
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Bookrunners of CEEMEA International Bonds

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5 Bank of America Merrill Lynch 2,765.80 5 7.20%

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5 Citi 95.36 35 5.16%

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2 UniCredit 3,440.98 25 8.45%
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4 Credit Suisse 2,801.35 8 6.88%
5 SG Corporate & Investment Banking 2,478.18 21 6.09%

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