Trading Ideas in Kazakhstan Eurobond Market

Eurobond market still offers opportunities for investors with any kind of investment strategy.
Thus, conservative investors should as usual turn their attention to the short-term segment of the yield curve in persistent instability.
In the banking sector CenterCredit-14, Kazkommerzbank-13 and Kazkommerzbank-14 outperform in terms of risk/yield ratio.
CenterCredit-14 (В2/В+/-) is traded with the yield of 6.1% per annum. Our recommendation for conservative investors is buy & hold to maturity.
KKB-13 and KKB-14 (B2/B/B+) are traded with the yield 7.1 and 8.4% per annum.
For risk-taking investors wishing to gain good yields we recommend the long-term bonds of Kazkommertsbank, especially the most undervalued KKB-18 (B2/B/B+).
Currently the issue is traded with the yield 11.8% per annum. The spread between KKB-18 and the yield curve of Halyk Bank has reached 500 b. p. (!) by now, which is unjustified bearing in mind the difference between the banks in terms of financial positions and credit ratings.
On the short-term segment of non-financial Eurobond market KazMunaiGas-15 (Ваа3/ВВВ-/ВВВ-) is interesting traded with the yield of 3.7% per annum. The issue is attractive within the buy & hold strategy since it is traded with about 60 b. p. premium to the Eurobond Gazprom-15.
The recently placed Temir Zholy-42 is interesting in terms of the possible upside.