Eurasian Development Bank issues bonds in Kazakhstan

Eurasian Development Bank (EDB) has issued tenge-denominated bonds totally worth 20 billion tenge (nearly $110 million) in Kazakhstan, Tengrinews reports citing press-service of the bank.

Kazakhstan Stock Exchange (KASE) auctioned the 5-year bonds with 7.2% yield to maturity on September 18. 

The bank plans to spend the funds raised from the issue to finance projects in Kazakhstan.

EDB started its tenge-denoinated bonds program back in December 2012. The program is totally worth 150 billion tenge (around $824 million). 81.5 billion tenge worth of bonds ($450 million) have already been issued.

The Eurasian Development Bank was founded by Russia and Kazakhstan in 2006 and was later joined by Armenia, Belarus, Kyrgyzstan and Tajikistan. The Bank's mission is to facilitate economic growth and mutual trade of its member states.

Writing by Assel Satubaldina, editing by Tatyana Kuzmina