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Morning Commentary: New Kazakhstan notes due 2023, 2028 perform well in early trading
By Rebecca Melvin
New York, Nov. 6 – The Republic of Kazakhstan’s two newly priced tranches of notes were trading well on Tuesday after the sovereign priced €1.05 billion of the five-year and 10-year notes well tight of initial price thoughts.
The new €525 million of Kazakhstan 1.55% notes due 2023 were quoted at 100.85 bid, 101 offered after the notes priced at par.
The new €525 million of Kazakhstan 2 3/8% notes due 2028 were seen at 100.75 bid, 100.95 offered after also pricing at par.
The five-year notes were initially talked at a 1 7/8% to 2% yield, and the new 10-year notes were initially talked at 2 5/8% to 2¾%.
The order books at the time guidance was released were for €4 billion of notes with a slight skew to the five-year notes. That order book size had portended positive trading, a market source said.
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