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Media Coverage
November 2012
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Investment bank of the Week: Visor CapitalFinancial 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. |
November 2012
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Kazakhstan: BTA restructuring terms surprise on upsideEuromoney 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. |
November 2012
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Energy hungry India closing in on Caspian fieldsEuromoney 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. |
October 2012
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Energy giants look to longer term at Kazakh fieldReuters "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." |
9 July 2012
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BUSINESS NEW EUROPEEurasia's Eurozone resilienceBy 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. |
June 2012
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Mongolian Mining Drops to Record Low on Investment Rule ConcernsBloomberg 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.” |
May 2012
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Petroleum overview: Big AmbitionsEnergy 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. |
March 2012
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Kazakhstan: using the oil fund to diversify into… oilFinancial 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.” |
March 2012
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Investor’s VoiceEurozone 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. |
January 2012
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CEO of Kazakhstan trouble bank resignesMarket 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." |
9 June 2011
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Financial TimesKashagan: a Caspian dream turned headache for oil majorsBy Isabel Gorst Western majors are battling to protect their patch as increasingly assertive national oil companies gain greater control over world energy supplies. |
21 April 2011
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Financial TimesKazakh banking - repackaged and refocusedBy 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. |
February 2011
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LSKazakhstan is attractiveBy Daniyar Temirbayev Broader specter of new investment instruments offered leads to new investment ideas. |
January 2011
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The TelegraphCaspian 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. |
December 2010 |
Private Account MagazineWho needs it?By Askar Chokin Local stock market has already indicated the weak dynamics in this current 2010 year |
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. |
August 2010
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KWR Special Report: Realizing the Potential of Central AsiaInterview by Keith W. Rabin Interview with Michael Carter, CEO, Visor Capital, Almaty, Kazakhstan at Korea Financial Investment Seminar in Seoul, Korea. |
June 2010
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Telegraph.co.uk: China expands influence in Central AsiaBy 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. |
May 2010  |
The Banker: Replacing leverage with capitalBy 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. |
April 2010  |
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. |
December 2009  |
Cursive: Forecasts and perspectives 2010By 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 
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Investor's voice: Causes and Consequences of tenge devaluationBy 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  |
Investor's voice: Key Factors behind the February devaluation of the tengeBy 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  |
EURASIA 2009: Falling commodity prices to hit region hardClare 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  |
BNE BusinessNewEurope: Chance for Kazakh capital markets to grow and diversifyby 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. |
July 2008  |
Kazakhstan's stock market - the missing linkby 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. |
May 2008  |
Kazakh banks still queasy after a borrowing bingeKazakhstan’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. |
May 2008  |
Kazakhstan - arguably better than beforeby 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... |
April 2008
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Sub-prime threatens feel-good factor in KazakhstanKAZAKHSTAN’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. |
September 2007
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Market enjoys steady stream of IPOsWith 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. |
August 2007
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The Banker: New strength attracts interest
"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." |
July 2007
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Euromoney: Best Equity House in Kazakhstan Awarded by EuroMoney, 2007Visor Capital claims the title of the largest brokerage house in Kazakhstan, with 30.6% of total trading volume, according to figures published in 2006. |
May 2007
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Euromoney: Kazakhstan ready to float its currencyKazakhstan 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. |
January 2007
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Euromoney: How Citic oiled the wheels of Kazakh M&AWHEN 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. |
