The biggest face onerous debt repayments in unpropitious domestic circumstances after a splurge of Eurobond issuance. With little activity about, only Halyk seems to be flourishing. Elliot Wilson reports from Almaty.
ON THE SURFACE at least, rumours about the demise of Kazakhstan’s debt capital markets appear to have been greatly exaggerated. In early April, Halyk Bank, the country’s third-largest lender by market capitalization, surprised many by launching the first Eurobond issuance by a Kazakh lender since July 10 2007.
The $500 million five-and-a-half-year bond, underwritten by JPMorgan and UBS, came at a hefty premium, with a 9.5%
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