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Sovereign Wealth Funds Briefing - Categorized | Financials, Market

Kazakh wealth fund forges debt deal for No.3 bank

Posted on 04 October 2012

Richard SegalKazakhstan’s sovereign wealth fund has rescued the country’s No.3 bank for the second time in as many years, forging a deal to cut the bank’s $11.2 billion of debt that will see its majority stake rise and creditors lose less than feared.
The deal triggered a rally in the heavily discounted bonds of the bank - BTA BTAS.KZ - as creditors will recover more of their outlay than seemed likely when BTA defaulted in January………………………………………..Full Article: Source


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