On February 21 the Ministry of finance of Kazakhstan offered on KASE MUIKAM-72 of the second issue (KZKBKY060027) for a total of KZT16,405.0 m. under forecasted 19.27% APR

21.02.08 18:04
/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: -------------------------------------------- -------------------- 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 ----------------------------------------------------------------- * fifth working day of month after each full 12 calendar months of circulation OFFERING TERMS: ----------------------------------------------------------------- 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 -------------------------------------------- -------------------- DEMAND PARAMETERS: -------------------------------------------- -------------------- 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) ----------------------------------------------------------------- * 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 ----------------------------------------------------------------- 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 ----------------------------------------------------------------- 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]