September 25, 2018 / 4:05 AM / 23 days ago

Kazakh state-owned 'bad bank' sells $1.3 bln in domestic bonds

ALMATY, Sept 25 (Reuters) - Kazakhstan’s Non-Performing Loans Fund (NLF), a state-owned entity set up to buy bad loans from banks, has sold 450 billion tenge (about $1.3 billion) in domestic bonds, the Kazakh Stock Exchange (KASE) said late Monday.

The Kazakh authorities said earlier this month they planned to buy the same amount - 450 billion tenge - worth of loans from Tsesnabank, the country’s second-biggest lender, but it was unclear how they would finance the deal.

The 10-year bonds yielding 9.0 percent were sold to a single buyer, according to KASE. The state pension fund is the main investor on the Kazakh bonds market. (Reporting by Olzhas Auyezov, Editing by Sherry Jacob-Phillips)

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