Kazakhstan
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The oil-rich nation took a blow from the global pandemic, but Kazakhstan is getting back on track -
The Development Bank of Kazakhstan on Thursday launched a dual tranche bond in dollars and Kazakh tenge. Investor interest in emerging market local currency debt has increased over the last year, as the hunt for yield grows.
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European equity capital markets continued to reel from volatility across the Atlantic on Friday. A sell-off in tech stocks is making the block trade market difficult and a popular IPO suffered on its first day of trading.
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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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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.
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Kaspi, the Kazakh fintech and e-commerce firm, has returned to the IPO market for a second attempt at a London listing after cancelling last year's effort over valuation differences between investors and the sellers. Sources say that gap has been bridged and are confident of listing Kaspi this year.
