It may have more illustrious neighbours, but giant,
oil-rich Kazakhstan is largely self-sufficient in food, has a
functioning domestic capital market and modern pension system and
is run on democratic lines. It also has access to the international
capital markets and has just repaid a maturing Eurobond. Ted Kim
reports
January 1, 2000
Nursultan Nazarbayev
Despite the continuing struggle over Russian debt negotiations and the flood of litigation about to hit the New York courts following Ecuador’s Brady bond default, in September last year Kazakhstan managed to become the first CIS issuer and one of relatively few emerging market sovereigns to tap the international debt markets since the August 1998 crisis. The $200 million dollar-denominated sovereign Eurobond was received – so well that it was later increased.
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