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GC Asia
Kazmunaigas defies rough market on its own
Kazakhstan’s Kazmunaigaz defied the bumpy market to sell a $1.5bn 10 year bond this week, the only emerging European borrower to land a deal.
The bond market refused to sit still over the week, reacting to downgrades of Greece to junk status, and Spain and Portugal by a notch. The choppy markets made it difficult for lead managers Citi, Credit Suisse and Royal Bank of Scotland to find appropriate pricing levels.
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