January 9, 2018 / 11:17 AM / a year ago

Kazakh dollar bonds fall as legal dispute escalates

LONDON, Jan 9 (Reuters) - Kazakhstan’s sovereign dollar bonds fell across the curve on Tuesday as a long-running legal dispute with a Moldovan businessman escalated, threatening more state assets.

The 2045 bond was down 0.7 cents to 129.6 cents in the dollar, according to Tradeweb data, while the 2025 issue lost 0.5 cents.

Anatolie Stati plans to ask bailiffs to sell a $5.2 billion stake in the Kashagan oil field owned by a Kazakh sovereign wealth fund if Astana refuses to pay an arbitration award.

Last October, Bank of New York Mellon froze $22.6 billion in assets held by Kazakhstan’s National Fund, another sovereign wealth fund, following a lawsuit by Stati. (Reporting by Claire Milhench; editing by Sujata Rao)

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