/SUPPLEMENTED/ On December 26 Kazakhstan Mortgage Company JSC offered on KASE its 50 m. bonds of KZPC2Y12B547 issue under 7.50% APR
26.12.05 20:43
/KASE, December 26, 05, the sixth paragraph is edited and the last
paragraph is added/ - On December 26, 2005 in Kazakhstan stock
exchange's (KASE) trade system specialized trades on offering
KZPC2Y12B547 issue mortgage bonds of Kazakhstan Mortgage
Company JSC (Almaty) (KASE's official "A" listing category, KZIKb12;
KZT1, KZT5.0 bn.; April 10, 05 - April 10, 17, semiannual coupon indexed at
inflation level, 30/360) were held.
These bonds issue is the second within the company's second bond
program, registered by the Agency of the Republic of Kazakhstan for
regulation and supervision of financial market and financial organization on
March 30, 2005 for the amount KZT20.0 bn. and the twelfth issue of the
company's bond issue, passed listing procedure at KASE.
The issuer offered market participants 250.0 m. bonds, this is 5% from
registered volume of issue.
Subject of trades was fixed margin, expressed with accuracy to fourth
decimal, which was introduced by participants as price parameter. Bids for
participation in floatation were submitted by open method from 11:30 to
13:00 of Almaty time (ALT). Only limited and market bids were accepted on
trades, which were planned to be satisfied at cut off price.
2 KASE participants took part in trades, who submitted 4 bids. To the
moment of time expiry for submission one of Kazakhstan banks left 2 orders
in KASE trade system for purchase of 150 m. bonds. Thus, summary
demand in trades has not exceeded 60% of announced offer volume. Margin
in one active bid was 0.01%, the other - 0.10%. Average weighted margin on
demand equaled to 0.07%.
As a margin of cut off the issuer used margin in 0.01%, as a result value of
interest rate on bonds the first coupon period was fixed at 7.50% APR.
By the results of trades the issuer satisfied the only bid for purchase of 50
m. bonds, thus floating 20% from planned volume. The bid was satisfied at
clean price 99,9831% from nominal value of bonds (KZT1,015873 per
security). Amount of attraction equaled to KZT50,793,642.80.
We remind that buyer of bond is obliged to provide transfer of money for
payment of acquired securities to KASE's correspondent account before
13:00 ALT on December 27, 2005 (by T+1 scheme).
It should be noted, that judging from inflation rate in annual expression for
November 2005 (month, preceding month, when the rate is fixed) and which
was got on specialized trades of fixed margin value interest rate on KZIKb12
should be equal 7.51% APR. However prospect of issue of these bonds
stipulates for upper limit of interest rate is 7.50% APR. "If by the results of
fixed margin determination rate was determined taking into account inflation
rate of the above upper limit, these margin should be fixed, but interest rate
for the current coupon period till the next consideration is to be fixed at
7.5%% APR", - issue prospect says. Judging from this regulation for coupon
period, which will end on April 10, 2006, the issuer has right to fix rate at
7.50% and fix margin for the next coupon periods on these securities at
0.01%.
[2005-12-26]