Obbligazioni bancarie KAZAKISTAN e banche kazake (2 lettori)

lucailmoro

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From The Times

June 14, 2009


Former BTA boss warns of Kazakhstan investor risks



Ian King, Deputy Business Editor


div#related-article-links p a, div#related-article-links p a:visited {color:#06c;} The man who ran Kazakhstan's biggest bank has urged Western businesses to boycott a London summit aimed at boosting trade between Britain and the Central Asian country.
Mukhtar Ablyazov, former chairman of the BTA bank, said that investors attending the Kazakhstan Growth Forum, which starts on Wednesday, should be aware of how property and ownership rights were coming under attack in his country. Speakers at the forum include Kazakh government ministers and Grigory Marchenko, the central bank governor.
Mr Ablyazov's comments, made in an interview with The Times, come before expected legal action in the UK courts by a number of former shareholders in BTA - which was part-nationalised in February - against the Kazakh Government. The shareholders, who are claiming for losses estimated to be in the region of $20 billion (£12.1 billion), have launched lawsuits elsewhere, including the Netherlands.
The Kazakh Government may also face demands for redress from BTA creditors after the bank defaulted on a $550 million loan in April, since when it has stopped paying the principal on all its debts. Some creditors argue that the Government's decision to take a 78 per cent stake in BTA constitutes a “change of control” - breaking its loan covenants and making some debts payable immediately.
Mr Ablyazov, a former minister of energy, industry and trade, told The Times: “The authorities seized BTA under cover of the international banking crisis, confirming, once again, that there is no respect for property rights and legal due process in the country. Not only have international investors been victims of the Government's criminal recklessness, but domestic confidence in the banking system and economy is being destroyed. Investors are fleeing. Foreign markets are closed to Kazakh companies and will remain closed for up to five years.”
The Kazakh Government has accused Mr Ablyazov and other BTA managers of racketeering and money-laundering. In March, it seized three jets, three buildings in Almaty, the Kazakh capital, fourteen cars and an estimated $10 million in cash, which it claimed had belonged to Mr Ablyazov.
 
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Documento meeting Alliance Bank

Girellando il forum della bondboard.de ho trovato questo documento Pdf relativo al meeting con i creditori dello scorso 29 maggio.
Purtroppo non da' risposta all'interrogativo piu' importante, ovvero a quanto ammontera' la cedola sulle opzioni di rollover. Si limita solo a dire che ci sara' una cedola "ridotta".
 

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  • Alliance Creditors Meeting 29 05 09.pdf
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lucailmoro

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Confermo cmq il pagamento della cedola di giugno 2009 da parte di BTA...

Kazakh Banks Won’t Need Additional State Aid, Marchenko Says


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By Agnes Lovasz
June 17 (Bloomberg) -- Kazakhstan’s banks, three of which have defaulted on their debt payments, need “no additional” state aid this year, central bank Chairman Grigori Marchenko said.
The central Asian nation has spent $18 billion on stimulus measures and bank aid, including about $5 billion on recapitalizing banks and $6 billion given to them to lend on to businesses, Marchenko said in an interview in London today. Kazakhstan is “definitely not” seeking any aid from the International Monetary Fund, he added.
“If there is a third phase of the crisis, then we do have a contingency program, but that’s more or less theoretical now,” said Marchenko. “Right now with our reserves at $43 billion, we don’t see any merit in borrowing from the IMF,” he said, while declining to rule out the possibility indefinitely.
The financial crisis has limited bank access to funding and sapped export demand from the central Asian country, which holds 3.2 percent of the world’s oil reserves, according to BP Plc. The economy shrank 2.2 percent in the first quarter after average growth of more than 10 percent from 2000 through 2006. The central bank this year devalued its currency, the tenge, and the state took control of the biggest lender, BTA Bank, which in April stopped making debt repayments.
Marchenko declined to speculate on the debt-restructuring proposal for BTA, adding that creditors will have more clarity by Aug. 1. “I’m not going to exclude or promise further defaults,” he said.
‘In Tact’
The central bank will leave the tenge’s band to the dollar “intact at least until the end of this year,” Marchenko said, even as higher oil prices boost the country’s foreign-currency inflows. The bank devalued the tenge by 21 percent against the dollar in February after oil prices declined, and has managed the currency at 150 per dollar, with a divergence of 5 tenge allowed on either side.
Kazakhstan’s central bank expects the inflation rate to drop to less than 8 percent by next month, Marchenko said.
Inflation “is more or less according to our forecast and I should be quite content,” he said. “We expect it, the 12 month inflation, to come down below 8 percent by July. After that, depending on how much below 8 percent it would be, we would cut our refinancing rate to 8 percent.”
If the rate of price increases later falls to less than 7 percent, the bank will cut its rate to 7 percent, he said. The bank may lower its annual average inflation forecast of 9 percent in September, he said.
Rate Cuts
The central bank cut its key refinancing rate last week, lowering borrowing costs for a second consecutive month as inflation slowed. The bank cut the rate half a percentage point to 8.5 percent. Kazakhstan’s inflation rate fell in May to 8.4 percent from 8.8 percent as growth in prices of food and services slowed.
With commodity prices, such as the cost of oil, copper and wheat rising, the Kazakh authorities expect the economy to avoid a recession and gross domestic product to expand between 0 to 1 percent.
“At this time we believe that the Kazakh economy will continue growing,” Marchenko said. “It will be slightly positive growth for the year as a whole.”
 
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ti ringrazio della disponibilita'.... a titolo di curiosita' il Seychelles XS0269874664 (giorni fa la mia banca mi ha detto che la miglior offer stava a 25 :eek:) ed il Belize USP16394AF89 che sto cercando di comprare a 43 (ma a quanto pare la miglior offer sta a 52 :eek:).
 
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