NOC KAZAKHOIL CJSC ANNULLED INTERNATIONAL BONDS ISSUE - SOURCES
12.03.02 00:00
/REUTERS, London-Almaty, March 12, 02/ - The state company Kaakhoil
annulled international bonds issue only in a month after its floatation,
informed on Tuesday traders and the exchange managers.
The company issued and sold on February 13 through ABN Amro 6-year
bonds for the amount of 125 million euros. However, according to words of
the exchange managers, the ordered bonds hadn't been delivered yet and
the issue was annulled.
"Bonds have been sold quickly then the President agreed to merge and a
date of the securities transfer was postponed. Now, it's more likely that the
issue has been cancelled," said Vensen Megar, the exchange manager of
French AXA Investment Managers.
Kazakhoil by a decree of the President of Kazakhstan from February 22 has
been united with the holding Oil and gas transport consisting of two transport
monopolies - Kaztransgas and Kaztransoil. As a result of it there has been
created a company Kazmunaigas.
Traders of lead-managers of ABN Amro refused to comment.
Employee of the press service of Kazakhoil in Almaty said that he doesn't
know anything about the issue cancellation.
Some assets of Kazakhoil secured February issue, according to investors.
Below IRBIS publishes original report of REUTERS from London.
LONDON, March 12 (Reuters) - Kazakhoil has cancelled its international
bond nearly a month after its launch, traders and fund managers said on
Tuesday.
The company launched and sold 125 million euros of six year bonds on
February 13 via ABN Amro. But fund managers said the bonds they ordered
were not delivered and it has now been cancelled.
"The bond was performing well then the president agreed this merger and
the settlement date was postponed. Now it seems it is cancelled," said
Vincent Megard, emerging bond fund manager at AXA Investment Managers
in France.
KazakhOil was abruptly merged into Transneftegaz, itself a grouping of two
separate oil and gas transportation companies, creating a new company
called Kazmunaigas, by presidential decree on February 22.
Traders at lead managers ABN Amro declined to comment.
February's bond was secured against some assets of KazakhOil, said
investors.
Alexander Manda,
London Capital Markets,
+44-20-7542-9361,
fax 44-20-7542 5285,
alex.manda@reuters.com