(Adds context throughout)
By Michael Turner
LONDON, July 14 (IFR) - Kazakhstan has started marketing 10- and 30-year US dollar-denominated benchmark-sized bonds in what will be the first standalone sovereign deal from Central and Eastern Europe, the Middle East and North Africa in more than a month.
Kazakhstan has set initial price thoughts of Treasuries plus 300bp area for the 10-year tranche and 350bp area over Treasuries for the longer portion, according to a source.
Gabon was the last standalone sovereign from the CEEMEA region to bring a deal, a US$500m 6.95% 10-year trade printed on June 9.
Jordan sold a US$1.5bn transaction on June 25, though this was explicitly guaranteed by the US Agency for International Development, and the investor base and pricing on the deal were closely aligned to US debt.
The primary bond market is showing signs of improvement and Tuesday is turning into a good window for issuers to print new issues, after Greece struck a deal with its creditors on Monday that calmed the markets.
South African media company Naspers is also marketing a US dollar-denominated 10-year bond on Tuesday at 325bp area over Treasuries
Citigroup and JP Morgan are joint bookrunners and joint lead managers on Kazakhstan's 144A/Reg S deal. Those banks are joined by joint lead managers Kazkommerts Securities and Halyk Finance.
The transaction is expected to be Tuesday's business.
Kazakhstan is rated Baa2 by Moody's, BBB by Standard & Poor's and BBB+ by Fitch. (Reporting By Michael Turner; Editing by Sudip Roy, Helene Durand)