Corporate Bonds: ST Pain, LT Gain

January 2005 | Market Strategy

Short term, the outlook for Kazakh bonds still looks negative on a technical basis. The yield on the Bank Turanalem US$ 10 and Kazkommetsbank (KKB) US$ 13 are 60bps and 132bps higher than at their November lows of 7.22% and 6.72% respectively, and it looks as if there could still be further to go. This has come on the back of supply pressures, with ATF Bank, Turanalem and Halyk Savings Bank all having suggested that they will tap the market this year. The possibility also exists that the government will need to enter the capital markets in order to finance

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