Complete results of placement of MEKKAM #246/3

/IRBIS, Nov.01, 99/ - On November 01 the Ministry of Finance of Kazakhstan and the National Bank have conducted the 246th auction for placement of MEKKAM-3 (91 days). The emitter determines announced volume of issue at 400 million tenges. Satisfaction size of the incompetitive applications - 50% from the established volume. The complete data are given below. Type of securities МЕККАМ-3 NSIN KZ43L0302A02 Trade code at KASE MKM003.246 IRBIS' registration number 246/3 Nominal value, USD 100.00 Date of issue Nov.01, 99 Beginning of the circulation Nov.04, 99 Date of redemption Feb.03, 99 Maturity 91 days Number of the Primary dealers 5 Demand, million USD 188.9 Yield on demand weig. av., % p.a. 17.80 Scheduled volume, million USD 400.0 Actual volume, million USD 150.0 The cutting off price, USD 96.15 The weighted average price, USD 96.23 Maximum yield, % p.a. 16.02 Weighted average yield, % p.a. 15.67 Weighted average yield, eff. % p.a. 16.62 According to the information of The Ministry of Finance, no applications were received from non-residents for the auction. After of seven not holding issues the Ministry of Finance has managed to place these not indexed bonds. By volume of the applications it is possible to name the placement as symbolical. However the very fact of the placement once again confirms changes in the investors attitude to national currency. The devaluation expectations have decreased and the investors have somewhat believed in a stable tenge. Following its tactics, the emitter has offered a minimal yield. It has not allowed it to satisfy all applications, which prices have been not so low in comparison to the prices of not indexed and shorter State Securities. But while it is impossible to speak about a stable MEKKAM demand, as well as to give any forecasts in this segment of the market.