Kazakhstan

Kazakhstan Temir Zholy (KTZ) kicked off this week’s new issues with a 10 year note on Monday as investors begin to dial back risk appetite in order to protect returns as the year end approaches.

This article is the fourth and final part of a series on China’s Belt and Road Initiative that we are publishing during the 2017 IMF-World Bank annual meetings in Washington DC. We have devoted two articles to the Road element, and two to the Belt element, of which this piece is the second and focuses on the western part of the overland route

Intercontinental Exchange (ICE), an operator of exchanges and clearing houses, on Monday announced clearing services for CDS referencing Saudi Arabia, as well as for a host of emerging market and Asia-Pacific corporate single names.

Kazakhstan’s KazTransGas has made its debut in the bond markets, raising $750m of 10 year money at a price close to where its state-run owner, KazMunaiGas, trades.

Kazakhstan’s KazTransGas has made its debut in the bond markets, raising $750m of 10 year money close to where its state-run owner KazMunaiGas trades.

Kazakhstan’s KazTransGas has opened books on a debut 10 year dollar benchmark trade with initial price thoughts that leads reckon is around 30bp back of its similarly rated state-run owner, KazMunayGas.

KazMunayGas Kashagan (KMGK), one of the owners of the Kashagan oil field in Kazakhstan, has increased a five year secured oil prepayment loan facility to $2bn, to fund repayments to buyers under its production sharing agreement.

KazTransGas, the largest gas supply company in Kazakhstan, has picked banks for a debut 10 year dollar benchmark after Standard & Poor’s revised the country’s outlook to stable on Friday.

Kazakhstan’s independent oil and gas company Nostrum navigated a tricky price discovery process to print five year bonds at 8% on Monday after what has been a difficult few months for the company.

Nostrum Oil & Gas hit the screens on Monday with a five year non-call two dollar note having completed its roadshow last week. But though the 8% handle on price guidance hascaught the attention of rival bankers.

KazmunayGas has failed to persuade its investors to remove covenants from its debt, with buyside analysts blaming the small fee offered and the lack of a coherent strategy.

KazAgro has seen a two notch cut in its rating from Standard & Poor’s, as the rating agency says that there is a declining state wilingness in Kazakhstan to provide funds for government related entities.