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November   2012

Eurasia EurozoneResilience

Investment bank of the Week: Visor Capital

Financial News magazine

One local investment bank in Almaty, the capital of Kazakhstan whose name means 'city of apples', managed to pluck a low hanging fruit this week in the shape of a potential £500m flotation on the London Stock Exchange – by securing the role of the listing’s domestic expert. Visor Capital was on Tuesday named as the local investment bank working on the domestic offering of the initial public offering of Kcell, a Kazakhstani provider of mobile telecommunications services, Kcell said it plans to list on the LSE by mid-December. The IPO is a result of Sonera Holding, a subsidiary of Swedish telecoms operator TeliaSonera, selling its 25% stake in the company.

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November   2012

Eurasia EurozoneResilience

Kazakhstan: BTA restructuring terms surprise on upside

Euromoney magazine

Nurlan Ashinov, banking analyst at local investment bank Visor Capital, agrees that restoring investor confidence has been a priority for the Kazakh authorities. "The government clearly wants to maintain its good reputation in front of the investor community and has made an effort to offer favourable terms to bondholders," he says.

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November   2012

Eurasia EurozoneResilience

Energy hungry India closing in on Caspian fields

Euromoney magazine

Although the news was to some extent expected, the specific timing and partner were not known. We believe any deal unlikely to affect the development of [Kashagan's] Phase I development and the targeted production start in 2013," Visor Capital analysts write. "The most interesting effect is likely to be watching whether the government or other consortium partners also choose to exercise pre-emption rights.

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October   2012

Eurasia EurozoneResilience

Energy giants look to longer term at Kazakh field

Reuters

"Ultimately, further development needs to be profitable for the majors," said Dominic Lewenz, oil and gas research director at Almaty-based investment bank Visor Capital. "If they feel the overall development not sufficiently attractive, the government may need to put some sort of sweetener on the table."

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9 July   2012

Eurasia EurozoneResilience

BUSINESS NEW EUROPE

Eurasia's Eurozone resilience

By Clare Nuttall

Thousands of kilometres from the EU's eastern borders, the oil- and mineral-rich countries of the Caucasus and Central Asia have so far seen little impact from the growing fears of a Greek exit or a wider collapse of the Eurozone. The region's largest economy, Kazakhstan, has continued to grow and, thanks to increasing oil exports, its foreign currency reserves stand at a record level.

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June   2012

Eurasia EurozoneResilience

Mongolian Mining Drops to Record Low on Investment Rule Concerns

Bloomberg Business week

“Whatever the result will be, there will be a deterioration in the investment climate in Mongolia,” said Stanislav Chuyev, an analyst with Visor Capital Joint Stock Co. in Almaty, Kazakhstan. “There’s just a risk that in the future, companies will be required to transfer more funds to ordinary people in the form of corporate social responsibility.”

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May   2012

Eurasia EurozoneResilience

Petroleum overview: Big Ambitions

Energy Institute Magazine

“That is 20% off the expected world increase for that period”, comments Head oil analyst Dominic Lewenz at Visor Capital, the investment bank in Almaty, financial capital.

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March   2012

InvestorsVoice

Kazakhstan: using the oil fund to diversify into… oil

Financial Times

Kashagan, one of the few fields in the world capable of producing more than 1m barrels a day of oil, is going to cost more than $135bn to develop, and the foreign group needs to know that KMG can pull its weight. KMG is due to fork out at least $7.5bn in the coming five years alone to finance its 16.8 per cent stake in the project. Tapping the national oil fund to finance Kashagan “makes sense from an oil industry point of view,” says Dominic Lewenz, oil analyst at Visor Capital, the Kazakh investment bank. “But at the same time it’s rather like loading more of your eggs into the one basket in terms economic diversification.”

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March   2012

InvestorsVoice

Investor’s Voice

Eurozone crisis and its impact on Kazakhstan

On March 2, Jean-Christophe Lermusiaux Head of Research at Visor Capital spoke to AmCham members and guests about Eurozone bebt crisis and what impact it could have on Kazakhstan.

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January   2012

InvestorsVoice

CEO of Kazakhstan trouble bank resignes

Market Watcher

"As it stands today, there are questions about the bank's viability," said Jean-Christophe Lermusiaux, head of research at Visor Capital. "There is a significant probability of further dilution, and we are staying away from both the stock and the bonds."

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9 June   2011

FT Kashgan-1

Financial Times

Kashagan: a Caspian dream turned headache for oil majors

By Isabel Gorst

Western majors are battling to protect their patch as increasingly assertive national oil companies gain greater control over world energy supplies.

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21 April   2011

>FT Tilt for JCL at VisorCap

Financial Times

Kazakh banking - repackaged and refocused

By Alastair Marsh

Kazakhstan will set up a new entity to manage the government’s stakes in three of the four Kazakh lenders that defaulted in 2009 amidst a wider reorganisation of its banking sector.

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February   2011

>Kazakhstan is attractive

LS

Kazakhstan is attractive

By Daniyar Temirbayev

Broader specter of new investment instruments offered leads to new investment ideas.

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January 2011

>Caspian Sea oil find could be 'biggest this year'

The Telegraph

Caspian Sea oil find could be 'biggest this year'

By Richard Orange

Oil has been found by a ConocoPhillips-led consortium drilling in the waters of Kazakhstan, in what could be the biggest discovery this year.

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December 2010

Private Account Magazine

Private Account Magazine

Who needs it?

By Askar Chokin

Local stock market has already indicated the weak dynamics in this current 2010 year

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September 2010

The World Finance Review: The Good, the Bad and Where the Kazakh Economy is Heading To?

 

2009 was a hard year for export-reliant Kazakhstan. With commodity prices much lower than in the pre-crises times, the Government of Kazakhstan had to adjust the economic policy accordingly. Strong government support and a thorough package of anti-crisis measures laid foundation for recovery, and now, with the global economic situation continues to improve, the economy of Kazakhstan economic development gains momentum. There are, however, some challenges yet to be addresses to facilitate sustainable long-term growth.

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August 2010

KWR Special Report: Realizing the Potential of Central Asia

Interview by Keith W. Rabin

Interview with Michael Carter, CEO, Visor Capital, Almaty, Kazakhstan at Korea Financial Investment Seminar in Seoul, Korea.

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June 2010

China expands influence in Central Asia

Telegraph.co.uk: China expands influence in Central Asia

By Richard Orange

Chinese President Hu Jintao is on Friday expected to sign a deal to double the capacity of China's oil pipeline from Kazakhstan, ending a week-long tour of Central Asia that has further cemented Beijing's grip over the region's energy resources.

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May 2010

Replacing leverage with capital

The Banker: Replacing leverage with capital

By Philip Alexander

Kazakhstan’s banks are divided between those that are cashstrapped and looking at restructuring, and cash-rich survivors trying to find new lending opportunities.

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April 2010

Will Kazakhstan catch the Caspian wave?

International Herald Tribune: Will Kazakhstan catch the Caspian wave?

By Michael Carter, CEO and Jean-Christophe, Head of Research at Visor Capital

$52 billion in foreign reserves hit a record high in February.

Foreign investment of about $50 billion is required to modernize the economy by 2015.

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December 2009

Forecasts and perspectives 2010

Cursive: Forecasts and perspectives 2010

By Michael Carter, CEO

The start to the year was penalized by lingering economic uncertainties, which affected investors' appetite for Kazakhstan. Locally, the collapse of two large banks, the devaluation of the tenge and falling real estate prices concerned investors the most.

 

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April 2009

Key Factors behind the February devaluation of the tenge

Investor's voice: Causes and Consequences of tenge devaluation

By Jean-Christophe Lermusiaux, Managing Director - Head of Research

On 4 February 2009, the National Bank of the Republic of Kazakhstan implemented a one-day devaluation by allowing the USDKZT rate to go up 22% to KZT150/USD. On the same day...

 

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April 2009

Causes and Consequences of tenge devaluation

Investor's voice: Key Factors behind the February devaluation of the tenge

By Jean-Christophe Lermusiaux and Yuriy Khramtsov

On March 12th, AmCham welcomed Jean-Christophe Lermusiaux, Managing Director and Head of Research at Visor Capital, to a gathering of members at the Hyatt Hotel's Djambul Restaurant...

 

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February 2009

Chance for Kazakh capital markets to grow and diversify

EURASIA 2009: Falling commodity prices to hit region hard

Clare Nuttall in Almaty

The Eurasian economies are expected to see a slowing of growth in 2009, as a consequence of falling prices for oil and other commodities

 

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September 2008

Chance for Kazakh capital markets to grow and diversify

BNE BusinessNewEurope: Chance for Kazakh capital markets to grow and diversify

by Clare Nuttall

In less than three years, Almaty-based Visor Capital has put together a 55-strong team providing a full range of investment banking services. Now, as former head of research Michael Carter takes over as CEO, the firm prepares to embark on a new phase of development both at home and abroad.

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July 2008

Kazakhstan's stock market - the missing link

Kazakhstan's stock market - the missing link

by Clare Nuttall in Almaty

Although the Kazakhstan Stock Exchange (KASE) is the most developed in Central Asia, its development has been slow compared to the country's banking sector. It now faces an uphill struggle due to intense competition from foreign exchanges for Kazakhstan's highly attractive pipeline of IPOs.

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May 2008

Kazakh banks still queasy after a borrowing binge

Kazakh banks still queasy after a borrowing binge

Kazakhstan’s banks have built up onerous debt repayments after a splurge of Eurobond issuance. Are they facing a liquidity crunch?

The biggest face onerous debt repayments in unpropitious domestic circumstances after a splurge of Eurobond issuance. With little activity about, only Halyk seems to be flourishing. Elliot Wilson reports from Almaty.

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May 2008

Kazakhstan's stock market - the missing link

Kazakhstan - arguably better than before

by Michael Carter of Visor Capital

With inflation spiking to 19%, a residential real estate bubble unwinding, banks facing a very difficult funding environment, the gov¬ernment increasing the tax burden on the oil and gas and mining sectors...

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April 2008

insurance day

Sub-prime threatens feel-good factor in Kazakhstan

KAZAKHSTAN’S phenomenal economic growth and appetite to play on the global financial stage have been soured by sub-prime, writes Jonathan Rest.

That was the message from Stefan Scholz, managing director of Visor Capital, an investment bank that conducts mergers and acquisitions business across Kazakhstan and other Commonwealth of Independent States countries.

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September 2007

Market enjoys steady stream of IPOs

Market enjoys steady stream of IPOs

With strong balance sheets and laudible efforts to improve corporate governance, Kazakh companies have had no trouble attracting equity investors home and abroad. And although banks have struggled to sustain share prices in secondary markets, in general the bank, mining and real estate sector IPOs have exemplified Kazakhstan's enviable economic performance. Julian Evans reports.

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August 2007

The Banker - August 2007

The Banker: New strength attracts interest


Kazakhstan is suddenly hot as investors want to diversify out of Russia and at the same time are tempted by the ballooning Kazakh economy. A slew of funds have launched this year to allow investors to get some exposure to central Asia and more sophisticated products are in the works.

"A gold rush has started," says Michael Sauer, CEO of Visor Capital, Kazkhstan's first domestic investment bank, which was set up in 2005. "Every week we are seeing two or four [international] clients coming down to take a look around. We take them out to meetings and I am sure the volume on the [Kazakh Stock Exchange] has doubled in just the past three months. At the same time there is more private equity action and more mergers and acquisitions."

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July 2007

Euromoney: Best Equity House in Kazakhstan Awarded by EuroMoney, 2007

Visor Capital claims the title of the largest brokerage house in Kazakhstan, with 30.6% of total trading volume, according to figures published in 2006.

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May 2007

Euromoney - May 2007

Euromoney: Kazakhstan ready to float its currency

Kazakhstan is about to take another step on the path to becoming a recognized mainstream economy by removing restrictions on its currency, the tenge. The country plans to make the tenge fully convertible in January.

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January 2007

Euromoney - January 2007

Euromoney: How Citic oiled the wheels of Kazakh M&A

WHEN CITIC GROUP snapped up Nations Energy of Kazakhstan for $1.9 billion in December 2006, the deal was both a coup for the Chinese conglomerate and an indication of the increasingly frenzied attempts of foreign companies to grab assets in leading energy-producing countries.

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