At the auction for offering AMB CJSC (Kazakhstan) bonds demand was over the supply by 1.8 times

/IRBIS, Oct.2, 00/ - Today the auction for initial offering of Almaty Merchant Bank closed joint stock company bonds (KZ2CKAN3AA16, official list of the KASE securities, category "A", trade code - ATFBb) was held at the Kazakhstan Stock Exchange (KASE). The bids were made in the trade system of the KASE from 11:30AM to 1:00PM Almaty time. The offering volume reached 1.3 mln USD at face value, or 13 thousand bonds. When the bidding time was over, total amount of the demand equaled 2,350.0 th. U.S. dollars in nominal terms, which is 1.8 times more than the volume the issuer planned to offer at the KASE. Of total demand, 55.3% was created by the Pension Assets Management Companies (PAMC), 38.3% came from brokerage and dealing companies, and 6.4% from the clients of the brokers. Final results of the offering will be announced after the issuer conducts the cut-off. Coupon bonds of AMB CJSC were entered into official list of the Exchange's securities under category "A" on September 26, 2000. The bonds are denominated in U.S. dollars. Face value is $100.0. Total issue volume at face value is $5 mln. Circulation term is 1 year. Issue and circulation starting date is October 2, 2000. Maturity date is October 2, 2001.The payments for offered bonds are to be made in tenges at weighted average rate of the KASE, effective on the payment date. The coupon is semiannual at 10.5% APR. Payment dates are April 2 and October 2, 2001. The coupons are paid out in the Kazakhstani tenges at weighted average rate of the KASE, effective on the payment date. By the regulations of the issuer, the coupon is paid using 360/30 time basis. Individuals, who has purchased the bonds not later than 30 days after the payment date, are entitled to receive a coupon. If the coupon payment date happens to be a week-end, the payments to the owners will be made on the next business day. All settlements regarding the purchase and repayment of the bonds are to be made in tenge at weighted average rate of the tenge to the U.S. dollar that has settled at the main (morning) session of the KASE on the payment date. The bonds are repaid at face value in tenge at weighted average rate of the KASE, effective on the payment date, by transferring money to the accounts of the bond owners, who were registered in the register 30 days prior to the maturity date.