Halyk Savings Bank of Kazakhstan receives positive FSC NBK conclusion on possibility of early full redemption of bonds KZPC1Y10C590 (KZ2C00000388, HSBKb12)
/KASE, September 23, 11/ - Halyk Savings Bank of Kazakhstan (Almaty), whose securities are officially listed at Kazakhstan Stock Exchange (KASE), has provided KASE with a copy of a letter from the Committee on Regulation and Supervision of Financial Market and Financial Organizations of the National Bank of the Republic of Kazakhstan (FSC NBK) dated September 20, 2011:
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According to calculations made based upon "the report on fulfillment of prudential standards", presented by the Bank as of August 1, 2011, an early redemption of the subordinated debt of KZT10 bn will not lead to a breach of prudential standards set by the Instruction on Normative Values and Methodology for Calculation of Prudential Standards for Second-Tier Banks, approved by Resolution #358 dated September 30, 2005 of the Management Board of the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations.
Due to the stated, the Committee deems possible an early full redemption of the first issue subordinated bonds of Halyk Savings Bank of Kazakhstan.
unquote
According to the issue prospectus of bonds KZPC1Y10C590 (KZ2C00000388, KASE official list, first category of Non-Rated Debt Securities category, HSBKb12; KZT10,000, KZT10.0 bn, October 9, 2007 - October 9, 2017; semi-annual coupon indexed at inflation rate, 10.60 % APR in the current coupon period) "the Bank has the right to an early complete redemption of the bonds at their face value as of dates of coupon interest payments on the bonds throughout the bonds' circulation".
The prospectus is available on KASE website, at see more
As was informed earlier, Halyk Savings Bank of Kazakhstan provided to KASE a press-release of July 8, 2011stating that an early complete redemption of the bonds would be made as of the date of next coupon interest payment - i.e. on October 9, 2011.
The KASE news of July 8, 2011 "Halyk Savings Bank of Kazakhstan plans early complete repayment of bonds KZPC1Y10C590, KZ2C00000388 (HSBKb12)" is available at see more
[2011-09-23]