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Samruk-Kazyna to place $4 billion in bonds until the end of January
Astana, January 27 2009
The National Welfare Fund, Samruk-Kazyna announces plans to place $4 billion in bonds by the end of January.
"By the end of January we intend to sell bonds to the National Fund, " Samruk Kazyna CEO Kairat Kelimbetov said at a governmental meeting on Tuesday.
"Samruk-Kazyna is preparing to raise 4 billion dollars from the National Fund within the earlier announced 10 billion allocations," Kelimbetov said.
On January 13 Samruk-Kazyna board of directors approved the terms of the bond issue, after which the offering circular and other related documents were submitted to the Finical Supervision Agency for registration.
Kelimbetov earlier said that Samruk Kazyna plans to borrow 480 billion tenge form the National Fund in exchange for bonds and raise another 480 billion through the flotation of bonds on the KASE.
The placemen of the bonds on the KASE is not feasible before August, Kelimbetov added. After the listing on the KASE is completed, Samruk-Kazyna will issue 15-year bonds with an 8% annual coupon.
Samruk State Fund of Sustainable Development and Kazyna State Holding announced a merger into a single National Welfare Fund Samruk-Kazyna on October 13.
Samruk-Kazyna is a manger of the government's crisis response program.