Best bank - Kazkommertsbank
Best debt house - DB Securities
Best local partner - Nurbank
This has been an excellent year for several Kazakh banks. Strong investor demand for Russian bonds has lowered their cost of funding, and central bank governor Grigori Marchenko's reforms have helped the best banks to strong profitability, improved corporate governance and improved ratings.
Three banks have had a particularly good year. Bank TuranAlem has launched a Eurobond that enjoyed strong demand, and has also carved out a leadership role as market-maker in the country's domestic bond market. Halyk Bank has undergone a remarkable turnround since its privatization in 2001 and, after a year of strong profitability, is likely to enter the Eurobond markets itself. But the clear leader remains Kazkommertsbank, which takes the best bank award.
Kazkommertsbank enjoys 24% of the loan market and 22% of all banking assets in the country. It was the first Kazakh bank to tap the Eurobond market this year, and its issue was a big success, with the deal being extended from a planned seven-year $150 million deal to a 10-year $500 million blow-out.
The roadshow for the deal was helped by upgrades from Fitch and Standard & Poor's earlier in the year.