Kazakhstan

The Republic of Kazakhstan and the State of Montenegro have mandated for the first euro bonds from the CEEMEA region since the market re-opened in September.

Kaspi.kz, the Kazakh payments group, is preparing to list global depositary receipts (GDRs) on the London Stock Exchange this autumn, as EM deals provide a brief glimmer of hope for the UK capital as Brexit volatility has killed the hopes of many UK issuers.

A number of highly anticipated emerging market IPO issuers are understood to have shifted listing plans to next year instead of the last quarter of 2019.

Kazakhstan is one of the most interesting and exciting investment stories in the equity capital markets given its privatisation plans. But the events surrounding its election over the weekend reminded investors of the risks they face.

Yellow Cake, a London-listed company operating in the uranium sector, completed a £25.9m share sale on Friday to continue funding uranium purchases from Kazakh uranium producer Kazatomprom.

Kazakhstan’s privatisation programme is set to continue, despite the decision of its president Nursultan Nazarbayev to step down from that position on Tuesday, according to ECM bankers and investors.

DWF, the UK law firm, has filed paperwork on an initial public offering in London, but many in equity capital markets are predicting that the the city’s largest deals will come from the emerging markets.

A host of emerging market opportunities are set to be presented to equity investors in 2019 with Kazakhstan likely to lead the way with a number of highly anticipated listings. Sam Kerr reports.

Kazakhstan Temir Zholy (KTZ), the Kazakh state-owned rail company, sold Sfr150m five year Swiss franc bonds on Tuesday, in choppy market conditions.

Kazatomprom, the world’s largest producer of natural uranium, priced a $451m IPO this week with a strong, but concentrated, book backing the deal.

The $450m IPO of Kazatomprom, the Kazakh state-owned producer of natural uranium, is due to be priced at $11.60, the bottom of the initial range, valuing the business at $3bn.

Two emerging market (EM) sovereigns hit the euro market this week: one debuting and the other returning after a year-long absence. Both deals met with warm receptions, giving some credibility to the notion that euro investors will be happy to stay in EM deals even as quantitative easing (QE) winds up and rates climb.