Complete results of placement of MEKKAM #236/3

/IRBIS, 09.08.99/ - On August 09 The Ministry of Finance of the Republic of Kazakhstan together with the National Bank has conducted the 236-th auction on placement of MEKKAM-3 (91 days). The emitter determines announced volume of issue at 400 million tenge. Satisfaction size of the incompetitive applications - 50% from the established volume. The complete data and comparison with the previous comparable transh are given below. Type of securities МЕККАМ-3 МЕККАМ-3 NSIN KZ43L1011998 KZ43L0311998 Trade code at KASE МКМ 03 236 МКМ 03 235 IRBIS' registration number 236/3 235/3 Nominal value, tenge 100.00 100.00 Date of issue 09.08.99 02.08.99 Beginning of the circulation 11.08.99 04.08.99 Date of redemption 10.11.99 03.11.99 Term of the circulation 91 days 91 days Number of the Primary dealers 5 (- 2) Demand, million tenge 579.6 (- 223.9) Yield on demand weig. av., % p.a. 20.96 (- 0.23) Scheduled volume, million tenge 400.0 (0) Actual volume, million tenge 419.1 (- 128.6) The cutting off price, tenge 95.25 (+ 0.02) The weighted average price, tenge 95.25 ( 0) Maximum yield, % p.a. 19.95 (- 0.09) Weighted average yield, % p.a. 20.63 (+ 0.68) Weighted average yield, eff. % p.a. 22.28 (+ 0.79) 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 yield of MEKKAM-3 becomes more and more "market" in accordance with decrease of demand. The last auction favourably differs, from the previous one by the quantity of participants, which applications were satisfied (100% of the 234-th issue was bought by one participant, obligations of the 235-th issue were bought by 15 participants). It still difficult to predict a degree of monopolisation of the 236-th issue market. To judge by sharply decreased demand, it is not significant and probably reflects a true conjuncture. In the conditions of surplus of free means the emitter managed to impose their rules of game. On the other hand, the constant decrease of volume of demand testifies that such situation can not be prolonged for long time. According to the IRBIS' analysts opinion, in next two or three weeks the pressure of the Primary dealers on the emitter can increase, and then the Ministry of Finance will have a hard fight to keep the rates at the present level.