Economy

Kazakh pension fund to benefit more from liabilities of the International Bank of Azerbaijan

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Prolongation of the repayment period of the liabilities of the International Bank of Azerbaijan (IBA) will positively affect the investment portfolio of the United Accumulative Pension Fund of Kazakhstan, Saule Egeubaeva, deputy chairperson of the fund’s board, said at a press conference on Jan. 30, the Kazakh Kursiv newspaper reported.

Because the period of repayment of IBA’s liabilities was prolonged for 15 years, a slight (less than 0.5 percent) increase of the fund’s investment portfolio is observed, she noted.

In October 2014, the National Bank of Kazakhstan, which manages the assets of the United Accumulative Pension Fund of the country, purchased IBA bonds for $250 million with a maturity period of 10 years and a coupon rate of 8.25 percent per annum.

The IBA is at the stage of recovery since July 2015, which is related to the preparation for the privatization of the bank’s state-owned shares.

In July 2017, creditors of the IBA adopted a plan of voluntary restructuring of the bank’s foreign liabilities.

As a result of the restructuring, the bank exchanged foreign currency liabilities of about $3.34 billion for new bonds of the bank and the state. Also, all interest on senior and subordinated liabilities that falls due before Sept. 1, 2017 were paid to claimants in cash on the relevant distribution date.

The IBA has been operating since 1992. More than 90 percent of the bank’s shares belong to the Azerbaijani state.

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