Kazakhstan
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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.
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Kazakhstan Temir Zholy (KTZ), the Kazakh state-owned rail company, sold Sfr150m five year Swiss franc bonds on Tuesday, in choppy market conditions.
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Kazatomprom, the world’s largest producer of natural uranium, priced a $451m IPO this week with a strong, but concentrated, book backing the deal.
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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.
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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.
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Kazakhstan hit screens on Monday, selling its first euro denominated bonds. The sovereign issued a combined €1.05bn after slashing the yield from initial price thoughts.
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Kazakhstan entered the euro market for the first time on Monday, hitting screens with a dual tranche bond.
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The privatisation of Kazatomprom, the Kazakh producer of natural uranium, moved ahead on Wednesday after bookrunners kicked off a marketing roadshow and set a price range for the listing.
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Kazatomprom, the Kazakh producer of natural uranium, is to proceed with an IPO this year, likely surprising a few who did not expect to see an intention to float (ITF) a mere week after the company filed initial paperwork with the London Stock Exchange.
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The Europe, the Middle East and Africa (EMEA) IPO market suffered during the sell-off that hit equity markets hard last week. But amid the wreckage of pulled flotations and weak aftermarket performance, two exciting listings from Kazakhstan and Belarus are underway and equity capital markets bankers and investors are beginning to see the promise in the markets in, and beyond, Europe’s eastern fringe, writes Sam Kerr.
