National Company «KazMunayGas» - Fixed Income Analysis

NC KMG, as the largest player in the oil and gas industry, acting in the interests of the country, in our opinion, is one of the most strategically important assets of the state. We recommend to BUY the bonds of NC KMG, considering the immediate support of the shareholder Samruk-Kazyna, if necessary. An impressive amount of support, provided in 2015 from Samruk-Kazyna and the National Bank, strengthen our assumptions. At the same time, the bonds of NC KMG are an attractive alternative to foreign currency deposits, which can provide a higher guaranteed income.

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