Central Asia
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In 2022, the Kazakh railway company aborted plans to issue in dollars -
The bank is offering over 100bp of premium to the Kazakh sovereign
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The spread to the sovereign was well over 100bp at initial pricing
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The Kyrgyz sovereign's first bond has tightened nearly 150bp during the Iran war
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The book was no blowout, but UzAuto sealed tighter spreads than its debut
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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
