Development Bank of Kazakhstan JSC plans to issue eurobonds in 2006-2011 in the amount $1 bn. - press release of Development Bank of Kazakhstan JSC

/Development Bank of Kazakhstan JSC, December 1, 05/ - On November 28, 2005 Development Bank of Kazakhstan JSC (DBK) hold General shareholders meeting, where decision about increase of the Bank's liabilities was taken through issue of eurobonds in 2006-2011 in the amount USD1 bn. The above decision about increase of DBK's liabilities assumes increase of amount of EMTN Program (Program of medium term eurobonds issue), within which in 2006 it is planned to issue and float eurobonds for the amount not less USD300 m. and for not less 10-year term. Along with this, the Bank plans in 2006 to make connected borrowing for the amount up to USD100 m. as per decision earlier taken by the Bank's Board of directors. This decision reflects the Bank's transition from strategy of dynamic growth to strategy of scaled crediting, able to provide scaled growth of economy financing, growth of scales of credited projects, funding deals and application of various financial instruments. Besides, the Government of the Republic of Kazakhstan according to Conception of joining markets of near abroad specified the Bank's investment priorities. In October of the current year the Bank on the instructions of the Head of the government became participant of Agreement about interbank collaboration (union) of countries of Shanghai organization collaboration. Today volume of the Bank's assets is KZT132.4 bn. and volume of own capital was KZT70.8 bn. In the current year international rating agencies Standard & Poor's, Moody's Investors Service and Fitch Ratings confirmed established to the Bank earlier at sovereign level ratings of investment rating category - ВВВ- (prognosis - stable), Ваа3 (prognosis - positive) and ВВВ- (prognosis - stable) correspondingly. [2005-12-01]