REDD Market Insight: CIS debt market trends

Over the past few months, the CIS debt market has seen a notable surge in issuance activity. Issuers from Kazakhstan, Kyrgyzstan and Uzbekistan have all tapped international markets, with investor engagement accelerating to the point where four Kazakh issuers launched roadshows in the same week. Meanwhile, a unit of Azerbaijan’s largest bank is also reportedly preparing an international bond offering.

Much of this activity has taken place since the start of the US-Iran war, despite initial concerns among bankers that heightened geopolitical tensions would dampen investor appetite for Central Asia. While higher oil prices have supported the outlook for commodity exporters such as Kazakhstan and Azerbaijan, net energy importers Uzbekistan and Kyrgyzstan have also attracted strong demand amid broader market uncertainty. Tashkent, in particular, successfully executed a landmark USD 1bn local currency deal.

At the same time, all CIS economies continue to navigate the long shadow of the war in Ukraine. While none of these countries is willing—or realistically able—to fully sever economic and political ties with Russia, the region’s traditional alignments are gradually evolving, with new partnerships and influence networks emerging, including those increasingly shaped by Turkey.

In our recent REDD Market Insight, CEEMEA Managing Editor Asli Orbay-Graves joined Brian Canup and Olzhas Auyezov to discuss the forces driving CIS debt markets, evolving investor sentiment, and the region’s shifting geopolitical landscape.

Interested in hearing the full discussion? Request a demo to review the recording and see how REDD delivers timely market insights, exclusive reporting, and expert analysis across emerging markets.

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