Kazakhstan bonds continue to grow at dead market
26.11.04 11:08
/IRBIS, November 26, 04/ - Information below is translated abstract of
REUTER's news.
Prices of Kazakhstan bonds, nominated in tenge, continue to grow against
background of tenge strengthening against dollar, and dead market is
revived only by transactions on sale of dollar papers by pension funds,
traders said.
"Demand for tenge papers is high, and there is no new instruments", - said
trader of investment company Kazkommerts Invest.
"The second issuer, as in Russia, is not activating", - he added.
Main instruments for investors are the same notes of National bank and rare
emissions of bonds of Ministry of finance, while banks and large companies
prefer to lend funds at international markets.
"People buy them (securities) at auctions and keep to maturity", - said trader
of TuranAlem bank.
Slight reviving caused only sale of dollar bonds by pension funds, which are
bought by several banks.
"Expectations of future tenge strengthening reasoned that pension funds
started to sell all papers, connected with dollar", - said trader of
CenterCredit bank Gabiden Balgimbekov.
"Banks try to take advantage, buying papers with profitability 11-15% APR,
what is compared with rates for credits", - added he.
[2004-11-26]