Kazakhstan’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