Savvy Halyk Bank was right to make a point

17 Apr 2008

By going against the tide and pricing the first Eurobond from Kazakhstan since August 2007, Halyk Bank defied doubters and silenced all those who said that Kazakh banks did not have access to the capital markets.

Halyk Bank has made a point. Since last summer, there has been a widespread whispering campaign in London’s loan and bond markets that the Kazakh banks — such heavy users of these markets in recent years — were being punished for their hubris.

The banks’ over-borrowing in recent years, ...

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