Kazakhstan bonds continue to grow at dead market

/IRBIS, November 26, 04/ - Information below is translated abstract of REUTER's news. Prices of Kazakhstan bonds, nominated in tenge, continue to grow against background of tenge strengthening against dollar, and dead market is revived only by transactions on sale of dollar papers by pension funds, traders said. "Demand for tenge papers is high, and there is no new instruments", - said trader of investment company Kazkommerts Invest. "The second issuer, as in Russia, is not activating", - he added. Main instruments for investors are the same notes of National bank and rare emissions of bonds of Ministry of finance, while banks and large companies prefer to lend funds at international markets. "People buy them (securities) at auctions and keep to maturity", - said trader of TuranAlem bank. Slight reviving caused only sale of dollar bonds by pension funds, which are bought by several banks. "Expectations of future tenge strengthening reasoned that pension funds started to sell all papers, connected with dollar", - said trader of CenterCredit bank Gabiden Balgimbekov. "Banks try to take advantage, buying papers with profitability 11-15% APR, what is compared with rates for credits", - added he. [2004-11-26]