LONDON, Dec. 20 - Kazakhstan and Ukraine will step up borrowing abroad in 2011, said Andrei Solovyev, the global head of capital debt markets at VTB Capital, the investment banking arm of the VTB group.

"The market will grow. We expect growth in borrowing from Russia, but we expect most of the increase to come from Ukraine and Kazakhstan," Solovyev told journalists in London, adding that he had in mind both public and corporate borrowing.

Issuers might place securities denominated in dollars and in rubles.