Development bank of Kazakhstan will present eurobonds on September 20 in Kazakhstan

/Almaty bureau REUTERS, Oljas Auezov, September 20, 02/ - The State development bank of Kazakhstan will conduct presentation of eurobonds on Friday in Alma-Ata at 3:00 p.m. (12.00 Moscow), informed an analyst of s western investment company to Reuters. The led-manager of UBS Warburg informed before that meeting with european eurobonds investors will begin on September 23. In the beginning of September the bank's shareholders approved mid-term program of borrowings for 2002-2005, which envisages eurobonds issue to the total amount of up to $400m. The nearest eurobonds issue of development bank is to take place in October, when there will be made redemption of sovereign eurobonds of Kazakhstan in the amount of $350m, out of which, by the National Bank's estimation, about $210m will come to Kazakhstan market. Development bank has not informed about the parameters of the nearest issue as yet. It is expected that it will be made today. Market's participants estimate the issue volume at $100-150m and suppose that the bank's eurobonds will be of five-year term, and their yield will equal to 7.0- 7.5%c APR. In their opinion, a half of the forthcoming issue will be floated at domestic market. Financial institute, whose shareholders, together with the Government, are local executive bodies of all Kazakhstan oblasts, was founded in last year for financing large mid- and long-term projects in non-raw stuff sector of economics. The bank has ratings "ВВ" from S&P agency and "ВВ-" - from Fitch. On Thursday Moody's agency increased rating of Kazakhstan to investment one - "Baa3" from "Ва2". Fitch and S&P assigned ratings on the level of "ВВ" to the country. [2002-09-20]