Strengthening investor sentiment towards resource-rich Kazakhstan has created a number of funding opportunities for the Central Asian republic’s corporates. However, it has not all been plain sailing. The country’s leading mining company, Eurasian Natural Resources Corp, was forced to pull a planned Eurobond sale in May as investors demanded higher yield levels for riskier securities in the wake of the continued European debt crisis. ENRC, rated Ba2/BB+ by Moody’s and S&P, had mandated Deutsche Bank and Morgan Stanley to lead manage a debut issue off a $3 billion Euro-MTN programme and had held investor meetings.
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