business and economy
Kazkommertsbank buys back $300 million in Eurobonds since 2007
(SRI) - Kazkommertsbank had bought back about $300 million in Eurobonds since October 2007, the bank said in a statement on Wednesday.
Kazkommertsbank reported it had bought back parts of three dollar-denominated bond issues maturing in 2014, 2015 and 2016 at average prices of 53 to 61 percent of face value and a portion of a yen-denominated issue maturing this week at 93 percent. The bank did not disclose buybacks amounting of less than 10 percent of the nominal value of the issues.
In March, the bank reported it was facing maturing foreign obligations of $1.3 billion in 2009.
During a conference call in May, Kazkommertsbank stressed that it does not plan to restructure its foreign debt as did its peers BTA Bank, Alliance Bank and Astana Finance.
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