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Tennes: PetroKazakhstan has had difficulties |
KAZAKHSTAN HAS IN recent years prided itself on outrunning Russia in financial sophistication. The sovereign is higher rated, the debt markets arguably more innovative and the private pension fund sector far more developed. The financial regulatory infrastructure of the market is considered the best in the former Soviet Union. However, in one area, Russian capital markets have stolen a lead on Kazakhstan – IPOs. Although about $3 billion in new issues has come from Russia in the past two years, Kazakhstan has barely had any IPOs at all.
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