In accordance with redemption of eurobonds of Kazakhstan of the second issue local investors will be offered securities of the Ministry of finance, State bank and mortgage bonds

/Kazakhstan today, September 11, 02/ - In accordance with forth coming (on October 2 of 2002) redemption of eurobonds of Kazakhstan of the second issue for $350m local investors will be offered securities of the Ministry of finance, eurobonds of development bank and mortgage bonds. The Head of the National Bank Grigory Marchenko informed about this at the press-conference on September 11 in Almaty. As Marchenko marked, in case these new financial instruments are not enough, the National Bank intends to increase the volume of its notes issue. According to the words of the Head of the National Bank, the Ministry of finance intends to issue securities of different terms: 2-, 4-, 7- and may be 10-year. At this he noted that this question has not been solved yet. It is supposed that it will be exactly known near September 20, said Marchenko. Besides, he reminded that at present the Government and the Ministry of finance work over bringing of state blocks of shares of our large enterprises of the country to Kazakhstan stock market: UKTMC, Kazkhrom, Aluminium of Kazakhstan and SSGPO. However, as Marchenko noted, " it difficult to say whether they will manage to do it before October 2". According to Marchenko's information, about $200-210m, fall to the share of eurobonds of Kazakhstan of the second issue in the investment portfolio of domestic Kazakhstan investors. About $140-150m of that number belong to accumulative pension funds. [2002-09-11]