February 1, 2019 / 4:44 AM / in 6 months

Kazakh Tsesnabank to offer $789 mln domestic bond

ALMATY, Feb 1 (Reuters) - Kazakh lender Tsesnabank plans to raise 300 billion tenge ($789 million) through a domestic bond issue, it said on Friday.

The 15-year bond will pay a 0.1 percent coupon, it said in a bourse announcement. The Kazakh authorities bailed out Tsesnabank last year and the state-run “bad bank” last month announced plans to buy $1.6 billion more in Tsesnabank assets.

However, the sale of a “bad bank” bond meant to finance the asset purchase has been repeatedly delayed and has not yet been completed.

Sources familiar with the talks told Reuters last month that the Kazakh authorities were urgently looking for a bank to take over Tsesnabank as they believe it needs new financing to prevent a collapse. (Reporting by Olzhas Auyezov; Editing by Subhranshu Sahu)

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