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UPDATE 1-Kazkommertsbank says bought back $300 mln in bonds

Wed Jul 1, 2009 5:32am EDT

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* Says bought back about $300 mln in Eurobonds

* Buybacks made between Oct. 2007 and June 2009

(Adds details)

ALMATY, July 1 (Reuters) - Kazakhstan's second-largest lender, Kazkommertsbank (KKGByq.L)KKGB.KZ, said on Wednesday it had bought back about $300 million in Eurobonds since October 2007.

Kazakh banks' Eurobond prices plunged in late 2007 as the global financial crisis exposed their liquidity and asset quality vulnerabilities.

Kazkommertsbank said it had bought back parts of dollar-denominated bond issues maturing between 2014 and 2016 at average prices of up to 61 percent of face value and a portion of a yen-denominated issue maturing this week at 93 percent.

The bank did not give any information on bonds in which it had bought back less than 10 percent of the notional amount. (Writing by Olzhas Auyezov; editing by Simon Jessop)



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