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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
Data
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Fair value might in the low 200bp area over swaps
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New issue premium estimates at initial pricing ranged from 35bp to 55bp
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The market is calm, said bankers and investors
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Political instability means reducing deficits in CEE will be tough
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Bank intends to issue more hybrid capital but ‘more MDBs need to print’ for new asset class to grow further
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Sponsored by European Investment Bank
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