National Bank of Kazakhstan informed about redemption results of eurobonds of Kazakhstan

/IRBIS, October 9, 02/ - National Bank of Kazakhstan informed in its press- release, which was devoted to the current market situation, about results of redemption of eurobonds of Kazakhstan, which was held on October 2 of 2002. Bonds were issued in 1997 in the amount of $350m. Taking into account interest payment total volume of payments to eurobondholders equaled to $364.8m (in equivalent of KZT56.4bn). This sum was entirely redeemed by the Ministry of finance of Kazakhstan at the expense of Republican budget. In order to solve the problem of adequate substitution of the redeemed eurobonds, there is being made in APF portfolios issue of Government securities of the Ministry of finance of Kazakhstan and the National Bank of Kazakhstan. Since September 30 till October 8 of 2002 the Ministry of finance offered securities for KZT1,740m, and the National Bank of Kazakhstan issued short-term notes for KZT10,214.08m. Besides, the National Bank of Kazakhstan in advance decreased investments limits of private accumulative pension funds into government securities (from no less than 40% to no less than 35%), and also increased investment limits into domestic issuers' securities, which had been included into "А" listing category (to 50%), and securities of Development Bank of Kazakhstan and mortgage bonds (to 10%). Thus, as a whole PAMC have no serious problems concerning carrying out norms on investing of means. Besides, pension assets management companies directed a pert of released money for purchasing of eurobonds of Development Bank of Kazakhstan (circulation term is 5 years, sum $100m, annual coupon - 7.125%). [2002-10-09]