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Sovereign Wealth Funds Briefing - Categorized | Asset Allocation, Financials

Kazakhstan’s BTA halts payment on recovery note debt

Posted on 24 April 2012

Kazakhstan’s BTA Bank, majority owned by the country’s sovereign wealth fund, on Monday said it was suspending payment on recovery notes with a reference value of $5.2 billion after defaulting on a $2 billion dollar bond earlier this year.

The Recovery notes were issued to some creditors during an earlier debt restructuring in 2009 and were supposed to pay out whenever BTA managed a certain level of asset recovery………………………………………..Full Article: Source


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