We recommend to BUY Samruk-Energy’s USD denominated bonds. Given the renewed weakening of tenge due to global fall in oil prices, currency denominated bonds are an attractive alternative to the foreign-currency deposits, offering similarly low risk but higher income. Despite the deterioration of financial indicators due to negative macroeconomic situation, we believe that the company shall not face problems with service of its liabilities until the maturity. The main aspect, which guarantees a return of investors’ funds, will remain to be the support of the government through the Company’s sole shareholder (Samruk-Kazyna).
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