Fixed Income Analysis /
Kazakhstan

HALYK & KKB: Signed, sealed and (almost) delivered

    Tolu Alamutu
    Tolu Alamutu

    Credit Research Analyst, Banks

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    Tellimer Research
    20 June 2017
    Published byTellimer Research
    Our views have not changed: We reiterate our Sell recommendation on the Halyk (HSBKKZ) 7.25% 2021 and the Kazkommertsbank (KKB) 5.5% 2022 bonds. We still think it is difficult to construct a scenario in which a combination of Halyk with KKB looks better than a standalone Halyk.