Complete results of placing of MEKAVM #17/3B

/IRBIS, 03.08.99/ - On August 03 The Ministry of Finance of the Republic of Kazakhstan together with the National Bank has conducted the seventeenth auction on placement of MEKAVM -3 (91 days). Announced volume of issue is determined by the emitter at 3 millions of US dollars. Satisfaction size of the incompetitive applications - 50 % from established volume. The complete data and comparison with the previous comparable transh are given below. Type of securities MEKAVM -3 MEKAVM -3 NSIN KZ43L0411996 KZ43L2810992 Trade code at KASE МВМ 03 017 МВМ 03 016 Registration number of IRBIS 17/3B 16/3B Nominal value, USD 100.00 100.00 Date of issue 03.08.99 27.07.99 Beginning of the circulation 06.08.99 30.07.99 Date of redemption 04.11.99 28.10.99 Term of the circulation 91 days 91 days Number of the participants of the Primary dealers 8 (- 1) Demand, million USD 3,8 (- 21,6) Yield on demand weighted average., % per year 9,00 (+ 0,29) Scheduled volume, million USD 3,0 (0) Actual volume, million USD 3,1 (- 18,1) The cutting off price, USD 97,94 (0) The weighted average price, USD 97,96 (+ 0,02) Maximum yield, %per year 8,41 (0) Weighted average yield., %per year 8,33 (- 0,08) Weighted average yield., effective %per year 8,59 (- 0,09) The yield is expressed in a currency form. According to the information of The Ministry of Finance, no applications were received from non-residents for the auction. The emitter continues to reduce the yield. It is hard to say how descriptive the rate formed at the auction is. The degree of repayment monopolization of the previous transh appears to be very high. In comparison to the auction on the placement of that issue, the yield of all submitted applications significantly increased, which allows to assume more market character of the rate on securities of the 17-th issue. At the same time banks today are hardly interested in essential volumes of the repayment of MEKAVM, preferring to work on shorter instruments. The forecast of emitter's and participants' behavior in the given sector for the next week is ambiguous. It is possible, that the Ministry of Finance will try to reduce cost of its debt further. But it is difficult to judge how the market will go about this. Much will depend on the situation in the currency circulation sector. The Ministry of Finance has ended the thirty second calendar week with the following results. At a scheduled volume of the placement of $ 3,0 millions and KZT 400,0 million (equivalent in tenge at the rate on date of an attraction - 796,3 million) the emitter has attracted $ 3,1 millions + 547,6 million tenge (equivalent in tenge at an official rate on 03.08.99 - 959,9 million), whereas actual volume of redemption has made 655,997 million tenge (138,43 millions tenge + $3,918 million at an official rate on 03.08.99).