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Kazakh BTA pays $166 mln bond coupon

Business Materials 1 July 2011 13:12
Kazakhstan's third-largest bank by assets, met a $166.4 million bond coupon payment, making good on its pledges to investors to respect its obligations, the bank said in a statement on Friday.
Kazakh BTA pays $166 mln bond coupon

Kazakhstan's third-largest bank by assets, met a $166.4 million bond coupon payment, making good on its pledges to investors to respect its obligations, the bank said in a statement on Friday, Reuters reported.

Last week BTA moved to allay investor fears that it might default on the end-June coupon payment, vowing in a statement that it had enough short-term liquidity to fulfil all its obligations "in a full and timely manner".

The bank, owned 81.5 percent by Kazakhstan's sovereign wealth fund, was the biggest of four Kazakh lenders to default in 2009. It reduced its net debt to $4.2 billion from $12.2 billion through a restructuring programme completed last year.

But investors were disappointed by its latest audited results, which indicated it would need to stay on life support from the sovereign wealth fund, Samruk-Kazyna, longer than expected.

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