Kazakhstan vs Azerbaijan
Two sovereigns, nine shared metrics, one spread gap.
Head to head
| Kazakhstan | Azerbaijan | |
|---|---|---|
| BT-SFS score | 68.5 | 65.0 |
| Composite rating | BBB | BBB− |
| Fiscal pillar | 78.2 | 96.2 |
| External pillar | 55.0 | 65.3 |
| Macro pillar | 75.9 | 57.4 |
| Institutions pillar | 64.6 | 33.3 |
| Benchmark bond | KAZAKS 5 32 | AZERBJ 3.5 32 |
| Spread over Treasuries | 76 bps | 79 bps |
| Yield to worst | 4.91% | 4.94% |
| Duration | 5.0y | 4.6y |
Metric by metric
| Metric | Kazakhstan | Azerbaijan |
|---|---|---|
| Current account / GDP | -1.0% (54.2) | 9.7% (95.8) |
| International reserves, months of imports | 5.3 mo (55.6) | 4.7 mo (42.2) |
| General government debt / GDP | 24.9% (97.9) | 20.0% (100.0) |
| Interest expense / revenue | 2.0% (91.7) | 1.8% (97.9) |
| Primary balance / GDP | -1.0% (39.6) | 2.5% (89.6) |
| WGI institutional composite | -0.10 (64.6) | -0.36 (33.3) |
| Real GDP growth | 4.6% (87.5) | 2.2% (25.0) |
| GDP per capita, USD | $17,503 (68.8) | $7,467 (39.6) |
| Inflation stress | 10.7% (72.7) | 6.0% (95.0) |
Frequently asked questions
Who has stronger fundamentals, Kazakhstan or Azerbaijan?
Kazakhstan scores higher on the BT Sovereign Fundamentals Score: 68.5 (Kazakhstan) vs 65.0 (Azerbaijan), a gap of 3.6 points.
Whose USD bonds trade wider, Kazakhstan or Azerbaijan?
Azerbaijan trades wider: 76 bps (Kazakhstan) vs 79 bps (Azerbaijan) over US Treasuries — a 3 bps gap on near-5-year USD benchmarks.
Related
- Kazakhstan — full Kazakhstan profile: pillars, metrics, history.
- Azerbaijan — full Azerbaijan profile: pillars, metrics, history.
- All sovereigns ranked on the Sovereign Signal hub.
- BT-SFS methodology paper — how the scores are built.