Debut KZT120 bn. bonds issue of Samruk-Kazyna is planned for autumn 2009

/INTERFAX-KAZAKHSTAN, Almaty, January 9, 09/ - Debut KZT120 bn. bonds issue (KZT120.99/USD1) of National Welfare Fund Samruk-Kazyna is planned for October 2009. Such information, provided in the Government's data on mechanism of bailout plan for 2009 - 2010, was released on Friday in official press. This issue is expected on Kazakhstan Stock Exchange. Maturity term is till 15 years, coupon indicative rate - is 8.5 % APR. Borrowing of assets of accumulated pension funds is planned by means of the bonds issue for to finance the special mortgage credit lending program and develop housing sector. The message also says that in case of ask on the side of pension funds to bonds of NWF Samruk-Kazyna JSC, borrowing of KZT360 bn. assets is supposed in 2009. Besides, the Fund Samruk-Kazyna plans borrowing from the National Fund by means of KZT480 bn. bonds issue. "These assets in compliance with crisis-proof plan are provided for housing problems solution and real estate market activation in Astana and Almaty. For this the special mortgage credit lending and housing sector programs will be launch. At the expense of funds of this program, the possibility to grant loans for completing constructions in Almaty and Astana will be provided through second tier banks", - the message says. Meanwhile, the state Fund Samruk-Kazyna will use its own capital before borrowing assets of the National Fund and accumulated pension funds for purposes of timely financing of uncompleted housing constructions, the message says. [2009-01-09]