Development bank of Kazakhstan will issue eurobonds to the amount of $100m or EUR100m

20.09.02 00:00
/Almaty bureau REUTERS, Oljas Auezov, September 20, 02/ - the State Development bank of Kazakhstan will issue five-year eurobonds to the amount of $100m or EUR100m with fixed rate right after redemption of eurobonds of Kazakhstan, which is planned for October 2. This is said about in the banks materials, which were given on Friday to the journalists before the press-conference of its governing body. The size of yield on bonds was not shown in the documents. The bank's managing director Askar Sembin said Reuters that issue currency and the rate will be clear during bonds road-show, which will begin in the next week in Europe. Development bank of Kazakhstan, shareholders of which, together with the Government, are local executive bodies of all Kazakhstan oblasts, was founded in last year in order to finance large mid- and long-term projects in non-raw stuff sector of economics. The bank, the capital and equity of which as of July 1 of 2002 equaled, correspondingly, to KZT30.5bn (about $200m) and KZT35.2bn, was assigned ratings "ВВ" by S&P agency and "ВВ-" - by Fitch. On Thursday Moody's agency increased Kazakhstan rating to investment one - "Baa3" from "Ва2". Before Fitch and S&P assigned to the country ratings on the level "ВВ". [2002-09-20]