Central Asia
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The book was no blowout, but UzAuto sealed tighter spreads than its debut -
The US shutdown has not stopped deals, but its end may make primary even better
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Demand was over twice the issue size
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Kazakhstan's coupon was one of the lowest for an EM sovereign dollar five year in 2025
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This year has been the sovereign's busiest on international markets for a decade
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The issuer kept away from the primary market for a few days due to volatility
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There are a few candidates to follow SQB, but not many
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The state-owned issuer printed flat to its curve, said a lead
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The bank might not issue again for a while, but more Uzbek issuers are preparing trades
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Second deal of the year for the Kazakhstan government-owned issuer
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Fair value for deal is a little bit above the 7% yield area, said leads
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More than $200m outstanding on bonds that mature later this year
