Central Asia
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Tengizchevroil (TCO), the Kazakhstan crude oil company jointly owned by four international commodity companies including Chevron and ExxonMobil, launched a bond on Tuesday in search of five and 10 year funding from investors. -
Kazakhstani crude oil company Tengizchevroil held an investor call on Monday ahead of its first entry into debt capital markets since 2016. The bond will add to the company's existing balance sheet, which has billions of dollars of outstanding loans and bonds up for redemption in coming years.
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Samruk-Kazyna, the Kazakh sovereign wealth fund, raised $206.7m on Tuesday night through a share placing in Kazatomprom, the country’s state uranium company. Emerging markets investors, who have been lacking new paper during the coronavirus crisis, lapped up the shares.
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The Development Bank of Kazakhstan (DBK) released initial price guidance for a tenge-denominated five year bond on Wednesday morning in London.
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Development Bank of Kazakhstan (DBK) is embarking on a roadshow to market a tenge-denominated Eurobond.
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Investors showered a debut dollar deal from Uzpromstroybank with orders on Monday, with the order book for the $300m bond peaking at $1.2bn. But despite the success for the privatisation candidate, government officials are hoping that future Uzbek bond issuance will favour local currencies.
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Uzpromstroybank, the BB-/BB- rated bank that is majority owned by the Uzbek government, had racked up more than $800m of orders by lunchtime on Monday for its five year dollar bond.
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Air Astana, the flag carrier of Kazakhstan, remains committed to an IPO as part of the Kazakh government’s privatisation programme that is intended to deepen the country’s fledgling capital markets, although the timing of the deal is yet to be determined.
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Uzbekistan Special Report interview with Ulugbek Ashurov, deputy chairman, Uzbekneftegaz
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Unveiled in July, a new roadmap for Uzbekistan’s energy sector lays out plans for the restructuring and modernisation of state-owned firms and a major expansion of the industry with foreign investment
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Uzbekistan’s turbulent past has left its mark on every aspect of the country’s economic and social life, but we are now looking to the future. The new government, headed by President Shavkat Mirziyoyev, is searching for ways to reform outdated managerial and technological practices and bring the country into the 21st century.
