Nurbank (Kazakhstan) issues 8-year bonds, plans GDR

/REUTERS, Almaty, Oljas Auezov, June 26, 03/ - The next week Kazakhstan Nurbank will start floatation of eight-year subordinate bonds for KZT4.0 bn. (about $27 m.), said the bank's managing director Nurlan Talkenov. Bonds, which are indexed to changing of the rate of tenge to US dollar, have semi-annual coupon at the rate of 9.0% APR. Floatation will take place at Kazakhstan stock exchange's auction. Average by the size Nurbank plans to spend the borrowed funds for crediting the real sector of economy. The bank's representative also said that till the end of summer Nurbank wanted to issue GDR in Europe on shares of future issue in the amount of KZT1.6 bn. at the face value. ($1 = KZT148.31) [2003-06-26]