Kazakhstan
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Underwater trading was due to softer market conditions on Thursday, said a syndicate banker -
In 2022, the Kazakh railway company aborted plans to issue in dollars
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The bank is offering over 100bp of premium to the Kazakh sovereign
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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 state-owned issuer printed flat to its curve, said a lead
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Second deal of the year for the Kazakhstan government-owned issuer
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Dollar 2030s have rallied since the Kazakh bank's March print
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New issue premium estimates at IPTs ranged from 37.5bp to 50bp
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The Kazakh bank is the fifth largest bank in the country as measured by assets
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