Bank TuranAlem wants to borrow $150 m. through mortgage securitization

/REUTERS, Almaty, May 25, 05/ - Bank TuranAlem plans to borrow on foreign markets about $150 m. in summer of in autumn of this year due to securitization of mortgage loans, bank's head said. "We presume the first deal for $150 m. The term will depend on the market, but we think, it will be 5-10 years", - Saduakas Mameshtegi chairman of bank's executive committee said on Wednesday. He says, mortgage loans given by bank as well as by its subsidiary BTA Ipoteka can be the pawn on the deal. Bank has not yet chosen the scheme of money borrowing - a loan or a bond issue. Before TuranAlem said it planned to issue three-year eurobonds in autumn for $350 m. with floating rate. TuranAlem has subsidiary banks in most countries of CIS. [2005-05-25]