Kazakhstan mortgage company will start offering of loan on November 11

/Almaty bureau REUTERS, Oljas Auezov, November 5, 02/ - Kazakhstan mortgage company (KMC), which is controlled by the republic's National Bank, on November 11 will offer the first tranche of three-year mortgage in the volume of KZT300 m, informed the company. The company plans to entirely float the issue of new for Kazakhstan securities ion the volume of KZT1.5 bn within a half of year. "Next tranches will be offered each month, maybe, two or three a month", - said Reuters the chief of the department on securities transactions of KMC Mars Aldashov. Bonds offering will be closed: securities will be purchased by consortium, which comprises Bank CenterCredit and broker-dealer company KIB Asset Management, which have won corresponding tender. After this holders of bonds, which have been secured by purchased by KMC mortgage credits, will be able to sell them at secondary market. Yield rate, at which bonds are offered, will be announced on November 11, said Aldashov. He noted that the rate will be floating, which is tied to inflation index. Besides, in accordance with the law about agent's bonds, approval of which the Government and National Bank intend to receive till the end of 2002, payments on KMC's bonds will not be imposed with income tax. Kazakhstan mortgage company was founded by the National Bank for refinancing mortgage credits, which are given by commercial banks, by means of forming of credit pools and issue of bonds secured by them. There have already been included rules into legislation and exchange's rules of Kazakhstan stock exchange, which allow pension funds - major investors at domestic stock market - to purchase these instruments. [2002-11-05]