Kazkommertsbank repayment brightens Kazakh debt outlook

06 Nov 2009

Kazkommertsbank, one of the largest banks left in Kazakhstan, repaid the outstanding principal on a maturing $500m bond this week, in a move seen as a positive sign for the country’s banking sector.

The nation cleared a "small hurdle" with the move, said David Lewis, emerging market credit analyst at Bank of America Merrill Lynch. "It’s not a game changer, but it is an important step. It will be a long road back to recovery."

The bank repaid up to $424m in ...

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