Kazakhstan launched its comeback deal in September 1999. A Wve-year $200 million issue demonstrated that Kazakhstan, despite being rated single-B and a neighbour to troublesome Russia, does have access to the international markets. The bond was, in fact, the Wrst issue from the Commonwealth of Independent States following the Russian crisis of August 1998.
The sovereign achieved this even though 1999 was not a particularly good year for Kazakhstan’s economy. Its number one export market, Russia, had hit trouble and oil prices were then at their lowest levels for 12 years.
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