Kazakhstan's Kazkommertsbank plans to retap 2009 bonds

By Reshmi Basu

New York, Jan. 27 - JSC Kazkommertsbank said it plans to reopen its 7% notes due Nov. 3, 2009 for up to $150 million.

The issuer has mandated UBS Investment Bank for the offering.

Proceeds will most likely be used to fund loans and for general banking purposes.

On Oct. 22, Kazkommertsbank priced $350 million offering of fixed-rate notes (Baa2/BB-/BB-) at 98.967 to yield 7¼%, or 395 basis points over Treasuries.

Kazkommertsbank, based in Almaty, is one of the three largest banks in Kazakhstan.

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