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AKIPRESS.COM - Kazakhstan plans to support the debt restructuring plan proposed by state-run Azeri lender IBA, a board member of the Kazakh state pension fund Kairat Kelimbetov said on June 15 in Astana.
Kazakhstan planned to choose an option under which the IBA debt it holds would be exchanged one-on-one for 15-year Azerbaijan sovereign Eurobonds paying 3.5%, Kelimbetov said.
Kazakhstan's central bank acquired 10-year bonds issued by the International Bank of Azerbaijan via private placement for its pension fund in 2014.
But IBA's plan to restructure $3.3 billion of debt, including the chunk held by Kazakhstan, has sparked anger and led Kazakh authorities to launch an investigation into the purchase.