EUROPE/AFRICA

摘要

KAZMUNAYGAS squeezed allocations into a long 12-year note on Tuesday, with the deal helping to drive a rally in its curve. The state-owned company began marketing the US$750m April 2033 bond, which will fund a tender of its 2022s and 2023s, at the 3.875% area. The chosen maturity was towards the shorter end of the long 10-year to 30-year range explored with investors. "KMG is the cheapest quasi-sovereign oil name in the [wider] CIS space on the spread to sovereign basis," said Alexey Bulgakov, head of fixed income research at Renaissance Capital.