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Weekly Lists
December 8, 2017 www.intellinews.com I Page 26
bne:Credit
Upstream arm of Kazakh oil and gas company KMG to repurchase GDRs
The upstream arm of Kazakhstan’s state-owned oil and gas com- pany KazMunayGas (KMG EP) intends to launch a tender offer to repurchase all of its outstanding global depositary receipts (GDRs) at $14.00 per GDR, KMG said on December 4. If successful, KMG EP would buy out other outstanding common shares and delist from the London Stock Exchange and Kazakhstan Stock Exchange, the company said.
The move would pave the way for a London listing of KMG EP’s parent company, state-owned National Company KazMunayGaz (NC KMG), as Kazakhstan aims to privatise NC KMG within the next couple of years. The company cannot be listed on a major stock exchange along with its main upstream subsidiary.
The price of the offer represents a premium of 23.7% to the 30-day volume-weighted average GDR price of $11.32 at December 1, KMG EP said.
Turkey’s treasury announced on December 1 that it has borrowed JPY60bn (approximately $535mn) from a three-year samurai bond with a coupon of 1.81%, 170 basis points over the three-year yen swap rate.
“This transaction is the treasury’s first stand-alone unguaranteed bond issuance in the Japanese Yen market since 2000, except for the private placement bond issue in 2013,” the Treasury said in
a statement on its website.
The treasury issued bonds in the Japanese Yen market in 2011, 2012, and 2014, under the guarantee of Japan Bank for International Cooperation (JBIC).
The gross non-performing loan (NPL) ratio of Albanian commer- cial banks dropped to 14.45% at the end of October, from 21.35% a year earlier, data from the country’s central bank indicated on December 5.
The NPL rate is constantly reducing, standing 10 percentage points lower compared to its peak in 2014. Thanks to the joint efforts of the central bank and the banking system, the balance sheets of the banks are healthier and their liquidity situation is more optimal.
Turkey raises $535mn from three-year samurai bond
Albania's bad loan ratio drops to post-crisis low of 14.45% in October