KMG takes advantage of duration bid

摘要

KAZMUNAIGAS returned to the primary market last week for the first time since October 2014 with a triple-tranche offering that highlighted the bid for duration. The state-owned Kazakh oil and gas company raised US$2.75bn through the issue of five, 10 and 30-year notes on Tuesday. The longest-dated notes got the greatest traction, with investors emboldened by the recent rally in rates. The 30-year tranche raised US$1.25bn at a yield of 5.875%, well inside initial levels of low-mid 6s.