Obbligazioni bancarie KAZAKISTAN e banche kazake (1 Viewer)

[lucailmoro]

Thomson Reuters

Kazakh SWF won't issue debt for BTA default-advisor

05.29.09, 10:32 AM EDT
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LONDON, May 29 (Reuters) - Kazakhstan's sovereign wealth fund Samruk-Kazyna is not planning to issue bonds as part of efforts to restructure the defaulted debt of BTA bank, an advisor to the process said on Friday.
Contradicting earlier comments by a senior Kazakh official, Marcia Favale-Tarter -- who is advising Samruk as well as the Kazakh government -- told Reuters that BTA creditors should not hope to exchange its bonds or loans for those of the state fund.
http://buzz.yahoo.com/buzz?publishe.../2009/05/29/afx6480295.html?partner=yahoobuzz
Earlier in the day, Kuat Kozhakhmetov, deputy chairman of Kazakhstan's Financial Supervision Agency, told reporters that holders of BTA's syndicated and bilateral loans may be allowed to exchange them for Samruk debt.
'No sovereign debt or funding, that is, no Samruk-Kazyna debt issuance is being contemplated as part of the restructuring,' Favale-Tarter said.
'There will be no option for exchanging BTA debt for the sovereign and that is consistent with the policy of no sovereign debt or funding (for BTA)', she said.
Samruk, which has assets of $70 billion and is the main shareholder of BTA, has not announced any plans to issue debt. It took a 78 percent stake in BTA, Kazakhstan's largest bank, in February.
Favale-Tarter declined to comment on Kozhakhmetov's remarks that creditors may be able to buy back debt with a 60 percent discount.
'It is too early to comment on discounts. That will be the natural progression after we present company results to investors, the conditions on the market and what the picture is for BTA going forward,' she added.

 

[METHOS]

Business

[FONT=Georgia, Times New Roman, Times, serif]BTA’s Investors and Creditors Call on 4 June[/FONT]


Print article Refer to a friend © Business Wire 2009

2009-06-02 20:02:07 -

BTA Bank, one of the leading banks in Kazakhstan, will host a conference call with investors and creditors to discuss its 2008 preliminary financial results on Thursday, June 4 2009. The results will be presented by Mr. Anvar Saidenov, Chairman of the Management Board of BTA Bank. The call will also update investors on the current status of BTA's financial

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restructuring.

At present the conference call is preliminarily scheduled for a time to be confirmed in the afternoon (London time) of Thursday, June 4 2009.

The full details and timing of the conference call will be made available to investors and creditors on or prior to Wednesday, 3 June 2009.

 

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Kazakh banks lay out restructuring options

Clare Nuttall in Almaty
June 2, 2009


Alliance Bank began negotiations with its creditors on June 1 to restructure its $4.2bn of outstanding debts. The news comes as the market waits to hear this week from Kazakhstan’s biggest lender BTA Bank about its own restructuring plans, which are likely also to include debt-restructuring plans for its subsidiary Temirbank.

In a conference call on May 29, Alliance Bank directors said creditors would be able to recoup part of their investment, after the bank defaulted on its repayments in April. Alliance lost around $1.1bn of US Treasuries pledged in loan deals, the bank’s CEO Maksat Kabashev said. It has also made considerable losses on its loan book.

According to a note from Renaissance Capital, Alliance’s pro-forma equity is estimated at minus $2.4bn to $3.4bn, after accounting for additional provisions required. The bank’s implied debt haircut is between 67% and 89%.

Kabashev outlined three potential restructuring options - a buyback at 20% of face value limited to $500m, a seven-year rollover at a 50% discount or a 15-year rollover at par.

The bank must secure 100% approval on its syndicated and bilateral loans, and 75% approval on its Eurobonds and Kazakhstan’s financial services agency, the AFN, has given Alliance until July 15 to reach an agreement. "If, by July 15, Alliance bank has not reached a satisfactory agreement, the Financial Supervision Agency will move Alliance into conservation," Kabashev said. (Conservation is an administrative state that can be followed by bankruptcy.)

Further details also emerged of suspicious transactions amounting to over $1bn. According to Kabashev, in 2005 and 2008 Alliance pledged $1.1bn worth of US Treasuries to two Russian financial institutions as collateral for loans to other companies. After the borrowers failed to repay the loans, the Russian lenders claimed the securities.

Kabashev declined to name the Russian lenders or the companies that received the loans. However, he told investors that the transactions were not properly approved or recorded at Alliance Bank. Kazakhstan’s Procurator General and the country’s financial police are investigating the transactions. “This situation is likely to result in a writedown of $1.1bn,” he added.

Alliance, Kazakhstan’s fourth-largest bank, had grown rapidly until this year. With a large regional network across the country - which it inherited from Pavlodar-based IrtyshBusinessBank and Semipalatinsk City Bank - its primary focus had been on the retail banking sector.

However, after the onset of the crisis, Alliance struggled to pay off its international obligations, finally defaulting in April. The bank’s efforts to find an international strategic partner to inject cash and provide expertise had been unsuccessful.

In April, Alliance’s assets, loans and deposits all declined, according to monthly data from the AFN, which also reports a decline in assets and deposits across most Kazakh banks. Alliance’s losses during the month amounted to $174m, following a loss of $138m in March 2009.

 

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LONDRA--(BUSINESS WIRE)--BTA Bank informa che la teleconferenza sui suoi risultati finanziari preliminari del 2008 si terrà nella giornata di giovedì 4 giugno 2009. I risultati saranno illustrati dal Sig. Anvar Saidenov, Presidente del Management Board di BTA Bank. Nel corso della teleconferenza gli investitori saranno inoltre aggiornati sullo stato corrente della ristrutturazione finanziaria di BTA.
I dettagli per la teleconferenza sono forniti di seguito.
Giorno e ora:
Giovedì 4 giugno 2009
18.00 (Almaty) / 13.00 (Regno Unito) / 16.00 (Mosca) / 08.00 (EDT)
Si prega di notare che questa conferenza è rivolta solo agli investitori. BTA Bank terrà un riunione informativa per i media alle 19:30 (Almaty) / 14:30 (Regno Unito) / 17:30 (Mosca) / 9:30 (EDT).
Il testo originale del presente annuncio, redatto nella lingua di partenza, è la versione ufficiale che fa fede. Le traduzioni sono offerte unicamente per comodità del lettore e devono rinviare al testo in lingua originale, che è l'unico giuridicamente valido

 

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Update: BTA’s investors and creditors call on 4 June

03.06.2009 / London


BTA Bank informs that the conference call on its 2008 preliminary financial results will be held on Thursday, 4 June 2009. The results will be presented by Mr. Anvar Saidenov, Chairman of the Management Board of BTA Bank. The call will also update investors on the current status of BTA's financial restructuring.
The details of the call are provided below.
Date & time:
Thursday, 4 June 2009
18.00 (Almaty) / 13.00 (UK) / 16.00 (Moscow) / 08.00 (EDT)
Please note that this call is for investors only. BTA Bank will hold a similar briefing for the media at 19:30 (Almaty) / 14:30 (UK) / 17:30 (Moscow) / 9:30 (EDT). Please see separate media advisory for information on participating.
Pre-registration The only way to access this call is to register in advance using the web link below.
Event Audio Registration link: https://eventreg1.conferencing.com/webportal3/reg.html?Acc=503940&Conf=166808
Each pre-registered participant will be allocated the conference call number, a participant user pin, conference pin and instructions on how to join the call. This will allow you to enter the call directly without waiting for an operator. For those who are unable to listen to the live call, the above replay facility will be available for 7 day(s) from 04 June 2009 until midnight on 11 June 2009.
Remote Replay:
Access Code: 837384
Dial Information:
020 7031 4064 -- UK London
+43 (0) 26822056415 -- Austria Vienna
+34 917889714 -- Spain Madrid
+46 (0) 850520333 -- Sweden Stockholm
+41 (0) 225927181 -- Switzerland Geneva
+358 (0) 923144681 -- Finland Helsinki
+47 21501292 -- Norway Oslo
1-888-365-0240 -- US Tollfree
1-954-334-0342 -- US Toll
0008001007349 -- India Tollfree
+61(0)2 82239748 -- Australia Sydney
+852 30114552 -- Hong Kong
+32 (0) 22901705 -- Belgium Brussels
900801884 -- Spain Tollfree
+65 66221306 -- Singapore Singapore
+45 32714892 -- Denmark Copenhagen
+33 (0) 170993529 -- France Paris
+49 (0) 30726167224 -- Germany Berlin
+353 (0) 14367610 -- Ireland Dublin
+39 02303509364 -- Italy Milan
+31 (0) 207965345 -- Netherland Amsterdam
800782056 -- Portugal Toll Free
BTA Group is a leading banking network in the CIS. The network of BTA’s partner banks extends to Russia, Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan and Turkey. BTA’s representative offices operate in Russia, Ukraine, China, UAE and the UK.
The bank has one of the largest branch networks in Kazakhstan (22 branches with 279 service locations) along with an extensive chain of ATMs (787) and self-service terminals (160). BTA serves about 1.3 million retail and 150,000 corporate customers.

 

[lucailmoro]

Azz.... per ascoltare la registrazione bisogna
1) telefonare
2) inserire il codice...
che segretezza
ma poi una voce dice:
"Siamo spiacenti la registrazione non è disponibile contattare l'organizzatore della conferenza."

 

[METHOS]

Kazakh bank BTA expects $8 billion 2008 net loss

• Buzz up!
• Digg it

• Reuters, Thursday June 4 2009

* Sees 2008 net loss at $7.9 bln due to bad loans
* Negative shareholder equity of $4.9 billion
* Expects no further government financial support
* To offer creditors a choice of cash and new instruments (Adds details, background)
ALMATY, June 4 (Reuters) - Kazakhstan's largest bank, BTA, expects to report a 1.188 trillion tenge ($7.9 billion) net loss in 2008 which would make its capital negative, the bank said on Thursday.
BTA, nationalised in February, suspended debt repayments last month and analysts say its losses will define how much the holders of its $15 billion debt get paid.
In a presentation published on its website, BTA said it expected to report negative shareholder equity of 743 billion tenge ($4.9 billion) as of the end of 2008. It said the net loss was mostly due to additional provisions against bad loans.
BTA said it had been told by the government it would receive no further financial support from it, so "the restructuring plan and returns of creditors will accordingly be driven by the fundamental economics of BTA."
The bank, which suspended debt repayments last month, said it would offer creditors a choice of cash and new instruments as part of a restructuring deal.
"A consensual restructuring deal is essential to avoid conservation or bankruptcy," it said.
Kazakh banks have been hit hard by the global crisis after years of rapid expansion fuelled by foreign borrowing. Two other lenders, Alliance bank and Astana Finance, have also suspended debt repayments earlier this year. (Writing by Olzhas Auyezov; Editing by Rupert Winchester)

 

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Financial situation Highlights 2008YE
Net loss of KZT 1,188 bn in 2008, resulting from:
increase in allowance for impairment calculated in accordance with IFRS from KZT 137 bn to KZT 1,217 bn year-on-year due to significant deterioration in the quality of the Bank’s loan portfolio additional impairment charges for goodwill, securities portfolio and investments
Negative shareholders’ equity of KZT 743 bn as a result of net losses
Operating income decreased by 19% to KZT 166 bn year-on-year
Current cash position is KZT 146 bn plus KZT 759 bn in liquid securities
Total loans up 13% to KZT 2,834 bn and customer deposits up 36% to KZT 886 billion from year end 2007
Management does not expect the final 2008 audited numbers to depart materially from the figures presented
THE 2008 FINANCIAL INFORMATION CONTAINED IN THIS PRESENTATION IS PRELIMINARY ONLY

Income statement
KZT million 2007FY1 2008FY2 Change (%)
Net interest income 144,169 188,086 31
Net fee and commission income 27,432 29,156 6
Other non-interest (loss)/income 32,388 (51,720) n/a
Operating income before provision for loan impairment 203,989 165,522 (19)
Operating expenses (53,219) (60,548) 14
Provision for loan impairment (67,810) (1,094,300) n/a
Impairment charges and other provisions3 (4,705) (182,985) n/a
Other expenses4 (3,718) (15,804) n/a
Profit before tax 74,537 (1,188,116) n/a
Income tax benefit/(expense) (9,832) 67 n/a
Net (loss)/income 64,705 (1,188,049) n/a

Note:
1 Audited financials
2 Preliminary figures only
3 Impairment charges for goodwill, available for sale investment securities and investments in associates
4 Other tax expenses, losses on disposal of subsidiaries and minority interest

Balance sheet and financial ratios
KZT million 2007FY1 2008FY2 Change (%)
Total assets 3,064,617 2,194,201 (28)
Loans to customers, gross 2,516,853 2,834,341 13
Allowance for impairment (137,043) (1,217,278) 788
Customer deposits 652,508 886,052 36
Total equity 452,031 (742,779) n/a
Risk weighted assets 2,730,706 1,900,154 (31)

(%)
Return on equity 20.0 n/a
Return on assets 2.5 (45.2)
Allowance for loan impairment to loan portfolio 5.4 42.9
Capital adequacy—NBK 13.8 13.2
Total capital adequacy ratio—Basel 17.6 (44.8)
Note:
1 Audited financials
2 Preliminary figures only
4 June 2009
2. Overview of Restructuring Process

Restructuring Plan Principles
No creditors to be treated preferentially
BTA is committed to treat all creditors fairly in accordance with best practices
Management is focussed on maximising enterprise value to ensure the
continued viability of the bank
While BTA appreciates the concern of creditors, management needs time to prepare a workable
plan that will be suitable for all creditors
BTA and its advisers are working tirelessly to produce a restructuring plan that can be presented
to creditors over the coming weeks BTA will not present a plan without comprehensive back-up to allow creditors to fully appraise it
BTA has been informed that it will receive no further financial support from
Samruk-Kazyna or the government of Kazakhstan
The restructuring plan and returns of creditors will accordingly be driven by the fundamental economics of BTA
A consensual restructuring deal is essential to avoid conservation or bankruptcy

Creditor Website
BTA creditor website now open to creditors that have registered
Creditors are asked to register their claims by following the instructions on
BTA’s website (http://www.bta.kz/en/investor/)
Creditors who do not follow this process will not gain access to the creditor
website
Dissemination of key information and future creditor communications will occur
through the creditor website
Future creditor update calls will be announced via the creditor website and dial
in details will be circulated on a confidential basis to registered creditors
Creditor website registration is for the purpose of effective and efficient creditor communication only

Creditors will be offered a number of restructuring options to choose from
Intended to address differing stake holder needs
The options will include a choice of cash and new instruments for BTA creditors in exchange for the current liabilities of BTA
The proposal will reflect BTA’s need to have a stable capital base to support its viability going forward
If the restructuring options are not accepted, the alternative is
implementation of conservation or bankruptcy
Estimated recoveries for creditors will be materially lower under this scenario
BTA and its advisers will revert to the market as soon as possible with:
Business plan and projections
Information on proposed timeline
Comprehensive restructuring proposal


Legal Situation in Kazakhstan
In Kazakhstan, there are three scenarios that may affect a Kazakh bank:
FMSA Special Regime
Conservation
Bankruptcy
FMSA Special Regime
Article 45.2 of the Kazakhstan Banking Law provides for “measures of early response” which the
FMSA may apply to a bank under certain circumstances. These are discretionary measures that
the FMSA may take with respect to a financial institution that is in financial distress. For
example, if a bank's liquidity ratio is lower than usual, the FMSA may require such financial
institution to develop and deliver for the FMSA’s approval a plan of actions which the bank must
undertake to improve its financial stability. If the FMSA does not approve the plan, it may
apply certain early response measures including replacing management and restructuring the
financial institution’s assets

Conservation
Conservation is a measure which may be applied by the FMSA
During the conservation period, the authority to manage a financial institution would be
transferred to a manager appointed by the FMSA
During the conservation period the applicable financial institution would be granted statutory
immunity from decisions of Kazakhstan court orders and awards of international arbitration. The
immunity would cover decisions and arbitral awards issued prior to conservation of the financial
institution and those issued after the establishment of the conservation
Enforcement of court orders or arbitral awards against the financial institution in respect of its
indebtedness (whether domestic or international) would be suspended for the duration of the
conservation period. Accordingly, conservation would provide the financial institution with
protection from enforcement of any domestic or foreign court decisions as well as any arbitral
awards in respect of its indebtedness during the conservation period


Bankruptcy
If a creditor files a bankruptcy claim in Kazakhstan, a debtor may, within three months from the
maturity date or the date the debt became due and payable (by acceleration or otherwise), make
a court application to have the bankruptcy application rejected. The three-month period is a
statutory period set forth in Kazakhstan's Banking Law
There are no filing requirements in Kazakhstan for a creditor to start the three-month period
After the three-month period has expired, bankruptcy proceedings can be initiated and then the FMSA would have to advise the court whether or not the financial institution was insolvent. If the FMSA advised that the financial institution was not insolvent this would effectively terminate the
bankruptcy proceedings and the financial institution could be put it into conservation at that point.
If the FMSA decided that the financial institution was insolvent, then the court could instruct the FMSA to appoint a liquidator and there would be a liquidation of the financial institution’s assets in accordance with the order of priority set out under Kazakhstan’s Banking Law Bankruptcy
The priority of payments on bankruptcy under Kazakhstan Law is as follows:
Administrative and legal expenses of bankruptcy
Payments for tort claims involving harm to life or health
Payments due to employees as a result of their employment and related social security and mandatory pension payments
Deposit insurance organization’s claims related to insured deposits
Claims of individual depositors relating to deposits and transfers, deposits made from pension fund assets and deposits of life insurance companies
Claims of non-profit organisations
Secured creditors of the bank that are legal entities holding pledges over the bank’s assets
Tax liability settlements and repayment of borrowings from the state budget
Unsecured claims of creditors; and
Subordinated unsecured claims

 

[METHOS]

(AFX UK Focus) 2009-06-05 06:58
Kazakh BTA debt restructuring to resemble Alliance Article layout: raw
ST PETERSBURG, Russia, June 5 (Reuters) - The restructuring of the debts of Kazakh bank BTA will in principle be similar to that of bank Alliance, the head of Kazakh state fund Samruk-Kazyna said on Friday.
"A number of options will be offered. The first one - a cash buyout with a discount... A second (option) - an extension of terms, for example, for seven years with a haircut or for a longer term but without a haircut," Kairat Kelimbetov told reporters on the sidelines of Russia's Economic Forum in St Petersburg.
(Reporting by Dmitry Sergeyev, writing by Dmitry Zhdannikov, Editing by Alfred Kueppers , + 7 495 775 12 42, [email protected]) Keywords: KAZAKHSTAN BTA/

 

[Imark]

Intanto anche le banche kazake sopravvissute paiono navigare in acque poco tranquille: Kazkommertsbank e Halyk viaggiano a rating B e B+ rispettivamente, dopo l'ultimo downgrade di S&P.

La qualità degli asset continua a deteriorarsi a grande velocità.

Le probabilità che finisca come con BTA sono decisamente elevate.

Kazkommertsbank And Halyk Bank Ratings Lowered As Their Financial Profiles Weaken; Outlook Negative

PARIS (Standard & Poor's) June 11, 2009--Standard & Poor's Ratings Services said today that it has lowered its long-term counterparty credit ratings on two of Kazakhstan's leading banks, Kazkommertsbank (JSC), to 'B' from 'B+', and Halyk Savings Bank of Kazakhstan, to 'B+' from 'BB-'. The outlooks are still negative.

At the same time, we affirmed the short-term ratings on Halyk at 'B' and lowered them on KKB to 'C' from 'B'.

"The rating actions reflect our view of the continuing downward pressure on these banks' asset quality, capitalization, funding, and liquidity," said Standard & Poor's credit analyst Ekaterina Trofimova.

These concerns are partly mitigated by the state's ongoing support to these banks through liquidity support; by their good market positions, particularly among large Kazakh corporate clients for KKB and the retail sector for Halyk; and adequate core revenue generation, supported by aggressive cost management. Cautious and fairly efficient business and operational adjustments, as well as deleveraging, are also helping the banks to adapt to their worsening operating environment.

Ranked among the top three Kazakh banks, KKB had total assets of Kazakhstani tenge (KZT) 2.6 trillion ($21 billion), and Halyk had total assets of KZT1.65 trillion ($12.9 billion) on Dec. 31, 2008.

Standard & Poor's classifies KKB and Halyk as systemically important banks in Kazakhstan's financial sector. The ratings on the two banks reflect their stand-alone credit profiles, with no uplift for expected extraordinary parental or government support, which we consider as uncertain. ("incerto" il sostegno del governo ... non si sa se ridere o piangere dopo la vicenda BTA )

The Kazakh government acquired a stake of 21% in KKB and 20.9% in Halyk, through common capital injections of KZT36 billion in May 2009 and KZT27 billion in March 2009, respectively. The government stated that it will exit from the two banks' capital when the market situation becomes more favorable.

Like all Kazakh banks, KKB and Halyk are suffering from sharp asset quality deterioration, exacerbated by the deteriorated economic environment and the lack of new financing within the economy.

At KKB, nonperforming loans (overdue for more than 30 days for corporate customers and for more than 60 days for retail customers, including performing loans to the same borrower) increased to 8.1% at year-end 2008 from 3% at year-end 2007, and continue to grow. Restructured loans accounted for additional 9% of total loans on Dec. 31, 2008. Halyk had 14.6% of its loans overdue for more than 30 days as of March 2009. However, if we include restructured loans and performing loans to nonperformers' related parties, total loans under stress for Halyk would be slightly less than double that level, at the same date.

Asset quality deterioration is increasingly straining the banks' profitability and capitalization, mainly due to higher provisioning needs. Kazakh banks' previous strategy of aggressively tapping international debt markets to fund fast balance sheet growth has put them in a vulnerable position following the global liquidity squeeze and limited viable refinancing prospects in the foreseeable future.

Although customer deposits have so far been relatively stable, particularly government-related deposits, a wider drop in customer deposits could dramatically affect the liquidity position of these banks. Upcoming foreign debt repayments, albeit lower for Halyk than for KKB, limit the banks' capacity to face deposit outflows.

Profitability benefits from relatively high margins and strong cost containment, but is pressured by an increase in cost of risk. In our view, the banks are tightly capitalized in light of their high lending concentrations, rising credit provisions and losses, and the risky operating environment.

"The negative outlook on the two banks reflects the challenges they are facing, mainly deteriorating asset quality and liquidity amid the weak operating environment," said Standard & Poor's credit analyst Magar Kouyoumdjian.

We expect asset quality to deteriorate further with problem loans (including restructured loans) likely to exceed 35% in the next quarters.

This will continue to hurt capitalization and financial performance.

If asset quality or liquidity weaken more than we currently expect or if domestic economic problems worsen to the extent that they hurt the banks' credit standing, we would lower their ratings.

The potential for an upgrade is currently remote. However, significant reductions in wholesale funding and loan concentrations, lower foreign currency lending, stronger capitalization, and improved asset quality, would lead us to raise the ratings on these banks