Kazakhstan mortgage company will issue bonds amounting to KZT300m

/Almaty bureau REUTERS, Oljas Auezov, June 18, 02/ - Kazakhstan mortgage company - daughter structure of the National Bank of Kazakhstan, created for refinancing mortgage operations of commercial banks, - intends to issue three- year mortgage bonds amounting to KZT300m (about $2m) in October- November of this year, said the company's representative to Reuters. Bonds, provided with mortgage loans and which are meant for being purchased by pension funds, will be denominated in tenge and will not be indexed to devaluation rates of the national currency. "Yield of bonds will depend on whether we will be able to receive preferences from the government and the National Bank ", - Mars Aldashov, the chief of the department of transactions with securities of the Kazakhstan mortgage company to Reuters. According to his words, the issue is to coincide with redemption of eurobonds of Kazakhstan amounting to $300m, the biggest part of which is in the portfolio of native pension funds. "In case we receive preferences, the yield will be a bit higher than on government securities ", - said Aldashov on Tuesday. The company hopes that its bondholders will be given tax remissions that will allow to reduce the cost of borrowing. In the future, in accordance with credit pool forming, the company intends to make from two to four issues every year. The Kazakhstan mortgage company was created for refinancing mortgage credits of commercial banks and the further mortgage bonds issuing. By today, the company has purchased from banks credits amounting to about KZT300m and now it extends its activity, which was concentrated before in two capitals Almaty and Astana, and also in the oil center Atyrau on 12 regions of Kazakhstan. The president of the Kazakhstan mortgage company Mayko Sagindykova, who worked before in Bank CenterCredit, said on Tuesday at pree-conference that regional operations of the company will be made for the time present jointly with the branches of Bank CenterCredit which devoured in 1998 Zhylstroybank. [2002-06-18]