, Columnist
No Oil, No Credit History, No Problem
Tajikistan's bond sale is a story of froth.
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Tajikistan, the poorest state in central Asia, is trying for its first international bond deal. After a few false starts over the years, this time it might pull it off -- showing emerging market investor caution is being thrown to the wind. Or in this case, water.
The deal will finance construction of the world's tallest dam and the largest hydroelectric power station in central Asia. That could lead to energy independence and overseas income from electricity exports to neighboring Pakistan and Afghanistan. Excellent news for the issuer.