We maintain our recommendation to BUY KazAgroFinance’s bonds with a coupon rate of 15%, repayable in November 2021. Although the activity of the company is connected with a vulnerable agricultural sector of Kazakhstan, these bonds are an attractive alternative to banks’ deposits in national currency, and government guarantees are able to provide investors a comparable low risk with higher returns. The Government is the sole shareholder of KazAgro, which is a guarantee of the return of investors' funds.

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