/KASE, January 30, 08/ - Kazakhstan stock exchange (KASE) notifies that today
specialized trades on floatation of government long-term savings treasury
instruments of the Ministry of finance of Kazakhstan (MEUJKAM) have been
held in the trading system of stock exchange. Below are main parameters of the
issue, terms and results of floatation (Almaty time).
PARAMETERS OF ISSUE:
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Type of security: MEUJKAM -96
National identification number: KZKAKY080026
Trade code of KASE: MUJ096_0002
Face value, KZT: 1,000.00
Floatation date: January 30, 2008
Circulation start date: January 30, 2008
Last circulation day: January 29, 2016
Maturity date: January 30, 2016
Circulation term: 8 years (2,880 days)
Periodicity of coupon payment: once a year*
Schedule of coupon payments: 1 February 6, 2009
2 February 5, 2010
3 February 7, 2011
4 February 7, 2012
5 February 7, 2013
6 February 7, 2014
7 February 6, 2015
8 February 5, 2016
Time basis 30/360
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FLOATATION TERMS:
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Announced volume, KZT m.: 14,000.0
Subject of trade: fixed coupon rate
Special terms on the subject of trade must be more than zero
Rate of acceptance of market bids, %: 70
Applications submitting method: closed
Applications acceptance time: 09:00 - 11:00 a.m.
Applications confirmation period: 09:00 - 11:30 a.m. (Т+0)
Cutting off: until 3:00 p.m. (Т+0)
Payment time: until 3:00 p.m. (Т+0)
Bids satisfying method: at cut-off price
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DEMAND PARAMETERS:
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Number of participants - primary dealers: 4
Number of submitted bids (total / confirmed): 19 / 19
including limited: 16
including market bids: 3
Volume of confirmed bids, KZT m.: 10,100.0
including limited: 8,800.0
including market bids: 1,300.0
Demand to offer, %: 72.1
Fixed coupon rate on confirmed bids, % APR:
minimum: 0.30
maximum: 1.50
weighted average: 0.59
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FLOATATION RESULTS:
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Cut-off rate (fixed coupon rate, % APR) 0.80
Volume of satisfied bids, KZT m.: 8,600.0
Volume of floatation, % of planned one: 61.4
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According to the data of Central depositary of securities JSC (Almaty), all deals
on floatation of MEUJKAM -96 of the second issue have been executed by the
moment of calculation end by the results of trades.
MEUJKAM are government bonds, which are floated among Kazakhstan
accumulative pension funds. Within the half of circulation term MEUJKAM may
circulate only among this category of investors. Afterwards they are freely
circulating on the market.
Indexation of money invested into MEUJKAM is made by calculating the indexed
coupon received by adding the fixed coupon, which is determined during
floatation, to inflation rate for the past coupon period.
Based on the monthly indexes of consumer price, published by the Statistics
Agency of the republic of Kazakhstan, the current inflation rate over the last
full 12 months (since January 1 of 2007 to January 1 of 2008) totaled 118.7719. It
means that, at present, the forecasted yield to maturity of the offered bonds is
estimated at the level of 19.57% APR when interpolating the given coupon rate on
the entire circulation term.
Detailed information about MEUJKAM is given in Rules of issue, floatation,
servicing and maturity of government treasury instruments of Kazakhstan
(
http://www.kase.kz/mix/newgko.pdf), which were approved by the resolution of
Kazakhstan Government dated September 8 of 2004 #941 and took effect since
January 1 of 2005.
Floated MEUJKAM are automatically admitted to circulation on KASE's
secondary market under the symbol given in the table. Bonds must be quoted in
KASE's trade system in "dirty" prices.
[2008-01-30]