Kazakh bank Halyk on road show, says not to borrow

ALMATY, Jan 14 (Reuters) - Kazakhstan's number three bank, Halyk, started the London leg of its road show on Monday, but said it was not seeking to raise fresh funds.

Talk of a Halyk bond roadshow has circulated in the emerging debt market. Kazakh banks' existing bonds have been hard hit in recent months amid fears they will not be able to refinance the debt they have coming due in 2008.

Halyk (HSBKq.L) HSBK.KZ has mostly dodged the direct effect of global liquidity squeeze since its external debt is low compared to other large Kazakh banks.

But it suffered some damage as rating agencies cut some of its ratings along with those of other banks and the sovereign.

"This is our usual investor relations function and not an attempt to raise funds," Halyk investor relations officer Zhanar Kairbayeva said.

The road show that started last week in Frankfurt will move to New York on Tuesday and then continue in Boston and Los Angeles. (Writing by Olzhas Auyezov; Editing by Paul Bolding)