The press release on a $750 million deal from Kazakhstan's Bank TuranAlem trumpeted the issuer's approach to "an entirely new investor base", but a few sources close to the deal said it was placed privately, and at least one acknowledged that that meant the arrangers swallowed the trade.

At any rate, even if joint bookrunners and lead arrangers ABN AMRO and Standard Chartered, and joint lead arranger JPMorgan, turned out to be "an entirely new investor base" for Bank TuranAlem, the transaction is the first to close in the cross-border EM in two jittery months.

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