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Sovereign Wealth Funds Briefing - Categorized | Asset Allocation, Market

Kazakh-owned Alliance Bank bonds tumble on fear of second restructuring

Posted on 09 October 2013

Bonds in Kazakhstan’s Alliance Bank tumbled almost 10 cents on the dollar on Tuesday to record lows on fears the lender, owned by the country’s sovereign wealth fund, is headed for its second debt restructuring in three years.
Alliance, owned 67 percent by sovereign fund Samruk Kazyna, was one of several banks in oil-rich Kazakhstan to default on debt after the 2008 financial crisis, and another Samruk-owned bank, BTA, has already restructured a bond it issued after its first 2009 default………………………………………..Full Article: Source


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