/KASE, September 24, 03/ - On September 24 of 2003 specialized trades on
primary additional floatation of indexed on tenge devaluation level
subordinated bonds of Nurbank OJSC (Atyrau) of the second issue
(KZ2CKY08A774, KASE's official "А" listing category, NRBNb2; KZT4,000.0
m., KZT16,000, June 12, 03 - June 12, 11, semi-annual coupon 9.0% APR
30/360) were held in Kazakhstan stock exchange's (KASE) trade system
According to issue terms, face value of bonds is indexed on the coefficient of
tenge devaluation relative to US dollar (Kd), which is calculated as ratio of
the current weighted average rate of US dollar relative to tenge (Xt), which
was determined at KASE's morning session, to similar rate (Xo) on the date
of bonds circulation start (Kd = Xt/Xo, Хо=148.78). Bondholder is not
protected by bonds issue terms from tenge revaluation
The issuer planned to offer 13,975 bonds during the trades what equals to
KZT223.06 mn. of the face value or 5.6% of the registered issue volume.
1 KASE's member took part in the trades, who had submitted 3 limited bids
on behalf of three investors for purchasing 14,700 bonds for total amount
of KZT240,269,720.85. Thus, total demand at the trades was 105.2% of
announced floatation volume. Bonds' net prices in the submitted bids varied
from 97.3000% (9.4967% APR) to 100.0000% (8.9956% APR). Weighted
average demand price was 99.87703%, what corresponded to bonds' yield
to maturity for a purchaser of 9.0184% APR on semi-annual basis.
According to results of the trade the issuer has satisfied one single
submitted bid for a purchase of 13,975 bonds at net price of 100.0000% of
indexed nominal value in amount of KZT228,700,726.59. Thus, the issuer
floated the whole planned additional volume at yield to maturity for a
purchaser of 8.9956%APR on semiannual basis. The whole volume of bonds
was purchased at the expense of accumulative pension funds' assets.
Trades were held in compliance with KASE's internal document "Rules of
conducting specialized trades on floatation of purchase of securities"
(
http://www.kase.kz/geninfo/normbase/auction.asp) with satisfaction of non-
cut-off limited bids at stated price. Bids were submitted to KASE's trade
system since 11:30 till 1:00 of Almaty time. All settlements concerning the
trade are to be made before 16:00 of Almaty time on September 24 of 2003
(by the scheme T+0).
[2003-09-24]