The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Kazakhstan - A rare success from the CIS

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


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.

"All the bankers I spoke to, both here and abroad, feel that the success of this issue was important for everyone involved in emerging markets," says Madina Dushimova, director of international sales at Kazkommerts Securities in Almaty. "It has indicated resumed investor interest in Kazakhstan and has opened the door for other Kazakh issues."

The $200 million five-year issue carried a steep 13.625% coupon and, at offer, was initially priced at a spread to US treasuries of 825 basis points. The was at the higher end of previous market estimates of 775bp to 825bp, but such a price was necessary to attract investors still wary about the region.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree