Kazakhstan would be returning to global bond markets with a debt issuance expected to reach US$1 billion. The oil-rich Eastern European country has invited banks for management applications of the deal, according to Finance Minister Bolat Zhamishev.
The country has one of the least public debt ratios of emerging markets, with its last Eurobond issue matured back in 2007. According to Zhamishev, the new bond issue would aim to create a new benchmark for corporate borrowings in the market.
He made these remarks during the annual meeting of the European Bank of Reconstruction and Development. He said, "In 2013, we would like to go back to the borrowing market and I think that we will probably borrow up to US$1 billion, it will be in U.S. dollars."
He added," We are going to the external markets not for money but for credit, for loans, for benchmarks and in order to make ourselves present in this market."
He declined though to comment on the appropriate yields acceptable to the sovereign.
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