Central Asia
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UzAuto Motors, a car maker owned by the Uzbek government, has raised its debut syndicated loan from European lenders. The deal is one of many over the last year that have opened up Uzbekistan’s borrowers to international capital markets. -
The Republic of Uzbekistan, which debuted in international debt markets just last year, sold a dual currency bond this week, as foreign investors eyed up an Uzbek som tranche.
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Emerging market issuers have crept back into the small issuance window in international markets after a brief pause for the US elections, with Dubai Islamic Bank and Uzbekistan’s Ipoteka Bank issuing dollar-denominated bonds this week.
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The announcement this week of two acquisitions involving European and emerging market companies has cheered loans bankers who have been missing big M&A tickets because of the Covid-19 pandemic.
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Kazakh fintech and e-commerce firm Kaspi began trading on the London Stock Exchange on Thursday after completing a popular IPO. The deal was a remarkable achievement and there are hopes it means future growth-orientated IPOs from the emerging and frontier markets may see similar success, writes Sam Kerr.
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Kaspi, the Kazakh fintech and e-commerce company, will price its IPO at the top of its price range. It will also grow the deal to around $1bn to meet high levels of investor demand.
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Two CEEMEA issuers mandated banks to arrange investor calls on Monday, although bond issuance volumes are expected to wane in coming weeks.
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Kaspi, the Kazakh fintech and e-commerce firm, has attracted enough orders to cover the books on its London IPO on the first day, according to sources close to the deal.
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Kazakhstan’s state-owned oil company KazMunayGas raised a dollar bond on Wednesday, after what some investors described as a lengthy roadshow. KMG is the latest in a string of Kazakh borrowers that have come to capital markets over the last year to raise funding as investors develop an appetite for the central Asian country.
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Kaspi IPO has officially launched its second attempt at a London listing and already built up a substantial shadow book of demand for the deal.
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Equity capital markets bankers are heralding the success of emerging markets IPOs set to be priced in the coming days and weeks, including the flotations of Russia’s Sovcomflot, Lithuania’s Ignitis, Saudi Arabia’s BinDawood and Kazakhstan’s Kaspi.
