Kazakhstan places second panda bond issue worth 6.6 billion yuanKazakhstan's Finance Ministry has placed a second issue of sovereign panda bonds on the Chinese market, raising a total of 6.6 billion yuan, the ministry said.The issue consisted of two tranches: 5 billion yuan in three-year notes at a coupon of 1.82% and 1.6 billion yuan in five-year notes at 1.95%.The ministry said Kazakhstan secured financing on terms comparable to those available to higher-rated "A" category countries. Strong investor demand reflected positive assessments of Kazakhstan's economic and structural reforms aimed at diversification and economic resilience, it said."The issuance followed S&P's upgrade of Kazakhstan's sovereign credit rating to BBB with a stable outlook, reflecting sustainable growth prospects and a low government debt-to-GDP ratio of 20.9%. External government debt stands at 4.5% of GDP, one of the lowest in the world," the ministry said.The two-tranche placement will help build Kazakhstan's sovereign yield curve in yuan and set a benchmark for future issuances by Kazakh quasi-sovereign and corporate borrowers, the ministry added.The Finance Ministry said it will maintain a balanced approach to state borrowing, taking into account market conditions and effective debt management.China International Capital Corporation (CICC) acted as the lead underwriter, with China Construction Bank, Industrial and Commercial Bank of China, The Export-Import Bank of China and Bank of China as joint lead managers. Teniz Capital Investment Banking served as the local transaction manager. (ICE ALMATY)

Fonte notizia: INTERFAX