Fixed Income. Kazakhstan Sovereigns - Tenge-Denominated Sovereigns Set for Debut
The Finance Ministry is proceeding with the issuance of an equivalent $1 bln in tenge-denominated sovereign Eurobonds and has reportedly scheduled a road show for the second half of June. As we outlined in our May 25 report, "Three Debuts in a Busy Year of Borrowing," we expect the ministry to sell 5y paper in June or July at a 20-50 bps discount to government local debt of a corresponding tenor (currently trading at 8.5% YTM). Expected easing by the National Bank could bring about an additional 25 bps squeeze by the time of the deal.
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