(Euromoney Magazine) – Astana Finance, the last of a quartet of Kazakh financial services providers to restructure its foreign debt, has shocked senior creditors with its latest write-off proposals.

The terms Astana Finance proposed in August would force Eurobond holders to accept an 80% haircut on principal and accrued interest on roughly US $1.2 billion-worth of international debt, while they would receive zero-coupon 2016 notes for the remaining 20% balance.

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