Time spent with global investors allowed the central Asian republic to slash funding costs and refocus the economy away from coal while paving way for a future issuance.
Understanding what lies behind the mask is becoming ever more important as a wider variety of credits from across the region access the international bond markets.
Investors may need to display more cunning to navigate the Asian high yield bond markets during 2020 as the approaching Year of the Rat ushers in a heavy pipeline of redemptions.
Make hay while the sun shines appears to be the motto for Asia’s international bond markets in 2020 as investment grade issuers and insurance funds see greater value in longer-dated tenors.
One of the region's most liquid but conservative markets is showing signs of moving down the credit curve again, although borrowers are still advised to adopt a step-by-step approach to issuance.