Time spent with global investors allowed the central Asian republic to slash funding costs and refocus the economy away from coal while paving way for a future issuance.
While multilateral agencies have long invested along ESG lines, the first green bond in Kazakhstan and private equity demand in Uzbekistan show that it is going mainstream.
The cancellation of a stake sale in the country’s flagship coal mining company comes as economic growth and ratings agencies cast a shadow on the economy.
We are setting out the rationale for the choices made in our Country Awards for India, Indonesia, Laos, Kazakhstan, Malaysia, Mongolia, Myanmar, Pakistan and the Philippines.
After a difficult few years, Mongolian Mining is on the up again. It plans to issue US dollar bonds as part of the company's rebound from default in 2016.
High-yield issuers are back in force with new US dollar bonds, indicating that secondary market valuations have finally returned to attractive levels for fixed income investors.