Kazakhstan

Kazakhstan printed a €1.15bn dual tranche bond on Wednesday from a book of more than €3bn at its peak, at levels that lead managers said were 6bp inside the curve for the seven year and 4bp inside for the 15 year. Bankers away from the deal saw fair value differently but conceded that there could be different views on the calculation.

The Republic of Kazakhstan has impressively tightened initial price thoughts for a euro dual tranche seven and 15 year bond, but rivals are saying that the issuer started very wide. Bankers on the deal disagree.

Nordgold, a gold mining company with assets in Russia, Kazakhstan, Burkina Faso, Guinea and Canada, has mandated banks for its first bond in more than six years.

Kaspi.kz, the largest payments company in Kazakhstan, announced on Monday that it would proceed with an IPO on the London stock exchange after filing a registration document last week.

The Republic of Kazakhstan and the State of Montenegro have mandated for the first euro bonds from the CEEMEA region since the market re-opened in September.

Kaspi.kz, the Kazakh payments group, is preparing to list global depositary receipts (GDRs) on the London Stock Exchange this autumn, as EM deals provide a brief glimmer of hope for the UK capital as Brexit volatility has killed the hopes of many UK issuers.

A number of highly anticipated emerging market IPO issuers are understood to have shifted listing plans to next year instead of the last quarter of 2019.

Kazakhstan is one of the most interesting and exciting investment stories in the equity capital markets given its privatisation plans. But the events surrounding its election over the weekend reminded investors of the risks they face.

Yellow Cake, a London-listed company operating in the uranium sector, completed a £25.9m share sale on Friday to continue funding uranium purchases from Kazakh uranium producer Kazatomprom.

Kazakhstan’s privatisation programme is set to continue, despite the decision of its president Nursultan Nazarbayev to step down from that position on Tuesday, according to ECM bankers and investors.

DWF, the UK law firm, has filed paperwork on an initial public offering in London, but many in equity capital markets are predicting that the the city’s largest deals will come from the emerging markets.

A host of emerging market opportunities are set to be presented to equity investors in 2019 with Kazakhstan likely to lead the way with a number of highly anticipated listings. Sam Kerr reports.