/KASE, February 21, 08/ - Kazakhstan stock exchange (KASE) notifies
that on February 21, 2008 the repeated auction for offering of
government long-term indexed treasury instruments of Ministry of
finance of Kazakhstan (MUIKAM) were held in KASE's trade system.
Below are the conditions of the trade (Almaty time):
ISSUE PARAMETERS:
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Type of security: MUIKAM-72
National identification number: KZKBKY060027
Number of issue: 2/72
KASE trade code: MUX072_0002
Face value, KZT: 1,000.0
Date of offering: February 21, 2008
Offering date: February 21, 2008
Circulation start date: February 20, 2014
Circulation last date February 21, 2014
Circulation term 6 years (2,160 days)
Periodicity of coupon payment: once per year*
Schedule of coupon payments: 1 March 6, 2009
2 March 5, 2010
3 March 7, 2011
4 March 7, 2012
5 March 7, 2013
6 March 7, 2014
Time basis: 30/360
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* fifth working day of month after each full 12 calendar months
of circulation
OFFERING TERMS:
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Announced volume of offering, copies: 12,800.0
Object of trades: Fixed coupon
Particular terms on subject of trades: Absent
Price of offering, % from face value: 100.00
Stake of market bids satisfaction, %: 70
Bids submission method: closed
Time of bids submission: 09:00 - 11:00
Time of bids confirmation: 09:00 - 11:30 (Т+0)
Time of cut-off: till 15:00 (Т+0)
Bids satisfaction method: At cut-off price
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DEMAND PARAMETERS:
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Number of participants - primary dealers: 13
Number of bids submitted (total / active): 63/46
Including:
limited: 52/38
market: 11/8
Volume of active bids*, KZT: 29,720.0
Including:
limited: 18,600.0
market: 11,120.0
Bid to offer, %: 232.2
"Dirty" price on limited bids (all/active)
minimum: 83.4500 / 83.4500
maximum: 100.6303 / 100.6303
weighted average: 96.6419 / 97.1380
Rate of fixed coupon
(forecasted yield to maturity) on active limited bids, % APR:
Minimal: 0.30 (19.07)
maximal: 2.00 (20.77)
Average weighted 0.73 (19.50)
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* active bids - bids not annulled by participants of trades as
of moment of period of bids' submitting expire, including
confirmed by participants of Confirmation system
OFFERING RESULTS
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Cut-off price (rate of fixed coupon, % APR): 0.50
Forecasted yield to maturity, % APR: 19.27
Volume of satisfied bids, KZT m.: 16,405.0
Volume of offering, % from planned: 128.2
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In total volume of active bids to the stake of pension market
subjects came 27.6%, to the stake of second tier banks (STB) - 61.6%,
clients of STB - 0.1%, broker-dealer companies - 10.8%.
According to data of Central depositary of securities JSC (Almaty),
all deals for offering of MUIKAM-72 to the moment of finishing of
settlements by results of trades were executed. 15.2% from total
volume of offered bonds were redeemed by pension market subjects,
67.1% - STB, 0.1% - clients of STB, 17.7% - broker-dealer organizations.
Indexation of money, invested to MUIKAM is made by calculation of indexed
coupon, received from addition of fixed coupon, determined while offering
and inflation index for the past coupon period.
The current inflation rate for the last 12 months (from February 1, 2007
to February 1, 2008), judging from month consumers' price indexes, which
are published by Statistics agency of Republic of Kazakhstan, was 118.722.
That allows the KASE specialists to assess the forecasted profitability
to offered bonds maturity at the level of 19.272% APR on the conditions
of received coupon rate interpolation for the entire circulation term of
securities. While submitting of bids for trades primary dealers and their
clients may use the other method of forecasting the coupon arte, as the
result of which the calculated by them forecasted yield to maturity may
differ from published by exchange.
Detailed information about MUIKAM is given in Rules of issue, offering,
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, 2004 #941
and took effect since January 1, 2005.
Offered MUIKAM 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.
[2008-02-21]