Foreign funding flood imminent as Kazakhstan opens up

By Virginia Furness
25 Jan 2018

Kazakhstan is preparing to open up its local markets to foreign investors, having this week inked a memorandum of interest with Euroclear. After a big year for EM local currency issuance in 2017, investors and bankers are excited about the possibility of easier access to Kazakh local markets, writes Virginia Furness.

But while analysts applauded the sovereign’s intention to develop its capital markets, Kazakhstan’s borrowing needs are low, and the country is not expected to experience the same game changing inflows as Russia did in 2013.

In the space of a few years, Russia’s domestic fixed income market went ...

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