Kazakhstan bonds are stable due to low-liquidity market

/REUTERS, Almaty, May 22, 03/ - Prices of Kazakhstan government and corporate bonds remained almost the same this week, traders say, and point to low liquidity of the market. "Everyone keeps his securities", - said a trader of State accumulative pension fund (SAPF). "The is no special liquidity at the domestic market", - a trader of AMB OJSC repeats after him. "Investors make choice between repo market and (short-term) notes of the National Bank - where the yield is higher", - a trader of a domestic pension assets management company (PAMC) comments on the situation. Ministry of finance of Kazakhstan did not float securities this week, and instability of dollar's rate makes unattractive most corporate securities, which are nominated or tied to American currency. Pension funds - main investors at Kazakhstan stock market - diversify their portfolios due to purchase of foreign securities in other currencies. "Our "pensioners" began to buy even securities in yens ", - said the trader of domestic PAMCА. Market's participants are waiting for revival in the beginning of summer, for several banks - CenterCredit, AMB, Nurbank and Kazkommertsbank - announced about plans to issue bonds. Traders also watch floatation of eurobonds of the second largest Kazakhstan bank TuranAlem, which, according to their words, may offer seven-year securities for about $200 m. [2003-05-22]