Kazakhstan Sells First Overseas Dollar Bonds in 14 Years - Bloomberg

Kazakhstan Sells First Overseas Dollar Bonds in 14 Years - Bloomberg:



"Kazakhstan issued $2.5 billion of 10-and 30-year bonds yesterday in what was the nation’s first dollar-denominated overseas sale since 2000.



Kazakhstan sold $1.5 billion of 10-year dollar bonds to yield 1.5 percentage points above midswaps and $1 billion of 30-year debt at 2 percentage points over midswaps, according to Bloomberg data. The central Asian nation drew bids for $11 billion, according to a person familiar with the matter who asked not to be identified because he’s not authorized to speak publicly.



With a BBB+ rating from Standard & Poor’s and Fitch Ratings, the third-lowest investment grade, Kazakhstan is returning to debt markets after a more than 14-year break to benefit from lower borrowing costs. The nation comes to the market after the International Capital Market Association changed sovereign bond contracts to prevent a repeat of the wrangling that has marred restructuring of Argentina’s debt."



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