| 09.02.2010 - Moody's Investors Service
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Moody's assigns B2 to Nurbank (Kazakhstan) bond issue; negative outlook |
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Moscow, February 09, 2010 -- Moody's Investors Service has today assigned a B2 long-term local currency debt rating to the local currency-denominated bond issue of JSC Nurbank (Kazakhstan). The bond represents a senior unsecured claim on the bank. The outlook on local currency debt rating is negative in line with the negative outlook on the bank's long-term deposit ratings.
The total volume of Nurbank's senior unsecured bond issue is KZT16 billion (approximately USD108 million); its maturity is five years and the interest rate is fixed for the first year and is linked to the Kazakhstan Consumer Price Index for the remaining tenure. The obligations of Nurbank to make payments under the senior unsecured bond issue will rank -- at all times -- at least pari-passu with the claims of all other unsecured and unsubordinated creditors of the bank, except for those claims that are preferred by any relevant law.
Moody's previous rating action on Nurbank was on 24 February 2009, when the rating agency downgraded the bank's foreign currency deposit rating and local currency deposit rating to B2 from B1 reflecting the increasingly negative impact of the global economic crisis on the Kazakh economy and its financial institutions.
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Issuer, issue number:
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Nurbank, 09
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| Type of debt instrument: | Domestic bonds |
| Issue status: | outstanding |
| Par, currency of issue: |
KZT, 100 |
| Amount: | 16 000 000 000 |
| State registration number: | KZ2C0Y06D727 |
| ISIN: | KZ2C00001303 |
| Start of placement: | Jul 26 2010 |
| Date of circulation start: | Jul 26 2010 |
| Coupon: | 12.00% for the first year
From the second year the coupon will be linked to inflation |
| Coupon frequency: | 2 time(s) per year |
| Settlement Date: | Jul 26 2010 |
| Maturity date: | Jul 26 2015 |
| Trading floor: |
KASE, NRBNb9 (Rated) |
Issuer profile:
Primary activity: rendering of banking services.
Date of first registration: September 8, 1993.
Acting licenses: of the National Bank of Kazakhstan for conducting transactions provided by the banking legislation in tenge and in foreign currency dated October 15 of 2001 ¹ 142;
of the National Bank of Kazakhstan for conducting broker-dealer activity at securities market with the right to maintain clients accounts as the nominal holder dated June 2 of 2002 ¹ 0701100497.
Outstanding issues:
4 issue(s) outstanding worth KZT 36 000 000 000
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