business and economy
Kazkommertsbank buys back Eurobond
(SRI) - Last week, Kazkommertsbank, Kazakhstan’s largest bank by assets, reportedly bought back EUR230.1 million of its EUR750-million Eurobond maturing in February 2017.
According to industry wire services, at the time of the announcement on November 27, the nominal value of the remaining Eurobond was EUR432.2 million. The latest transaction has thus reduced the outstanding balance of the Eurobond to EUR202.2 million.
Given the estimated market price for the bond of 75 percent of par, Kazkommertsbank could have gained approximately EUR57.5 million on the buyback. Moreover, the early repayment should abate fears that Kazkommertsbank could follow the example of BTA Bank and Alliance Bank and default on its debt.
Earlier this month, Kazkommertsbank repaid a maturing a $500-million Eurobond.
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