Tajikistan Sovereigns - Riding the Momentum
Tajikistan's debut Eurobond placement has generated wide interest among market participants, as investors have sensed the promising yield level as a potential bargain. We see a 525-550 bps spread over US Treasuries as a fair premium for Tajikistan's credit profile, which offers exposure to a small but highly indebted economy that has rising debt levels and is highly dependent on volatile Chinese investment. That said, support from China and Russia and the lack of a sense of urgency with regard to the credit's weaknesses, coupled with wide pricing, appears to fully compensate investors for the inconvenience.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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