Smooth MBS Performance Belies Wrinkles in Kazakh Assets

July 21, 2008

An economic slowdown and shaky real estate prices at home - caused in part by a pullback in banks' own lending - put the spotlight on loans to troubled construction companies and on the shady handling of problem loans. These issues, however, have not impaired Kazakh MBS's performance in the least. But how it has managed to stay aloof from problems can serve as only a partial lesson for others looking into existing asset deals from Kazakhstan, as some of the reasons for its success are not easily replicable.

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