Complete results of placing of MEKAVM #19/3B

/IRBIS, Aug. 17, 99/ - On August 17 the Ministry of Finance of the Republic of Kazakhstan and the National Bank have conducted the 19-th auction for placement of MEKAVM-3 (91 days). Announced volume of issue was determined by the emitter at $3 million. Satisfaction size of the incompetitive applications - 50% from established volume. The complete data and comparison with the previous comparable issue are given below. Type of securities МЕКАVМ-3 МЕКАVМ-3 NSIN KZ43L1811991 KZ43L1111996 Trade code at KASE МVМ 03 019 МVМ 03 018 IRBIS' registration number 19/3B 18/3B Nominal value, USD 100.00 100.00 Date of issue 17.08.99 10.08.99 Beginning of the circulation 19.08.99 12.08.99 Date of redemption 18.11.99 11.11.99 Term of the circulation 91 days 91 days Number of the Primary dealers 10 (+ 1) Demand, million USD 8,5 (+ 4,6) Yield on demand weighted av., % p.a. 9,63 (+ 0,46) Scheduled volume, million USD 3,0 ( 0) Actual volume, million USD 7,7 (+ 4,7) The cutting off price, USD 97,94 ( 0) The weighted average price, USD 97,94 ( 0) Maximum yield, % p.a. 8,41 ( 0) Weighted average yield, % p.a. 8,41 ( 0) Weighted average yield, eff., % p.a. 8,68 ( 0) 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 demand parameters, as well as demand for MEKKAM-3 on Monday, instantly have reacted to change of the exchange market conjuncture. By volume of the applications, which has increased by 2.2 times (at the MEKKAM-3 placement the demand has decreased fourfold), the investors predict the further growth of the dollar rate and prefer now the indexed securities. If the dollar rate growth will not be stopped in current week, the Ministry of Finance can expect next Tuesday a big demand from the Primary dealers and investors. It is remarkable that the emitter still to attract as mach volume as possible - at the constant parameters of the yield. Behaviour of the Ministry of Finance remains constant, wherefrom it is possible to conclude that in the near future the authorities will do the utmost to reduce the speed of tenge devaluation. The 34-th calendar week the Ministry of Finance will finish with the following results. The emitter has attracted $7.9 million + KZT100.0 million (equivalent at the official rate on Aug.17, 1999 - KZT1, 143.3 million), whereas actual volume of redemption has made KZT393.8 million (KZT11.3 million + $2.9 million at the official rate on 17.08.99) - against the scheduled volume of $3.0 million and KZT400.0 million (equivalent at the rate on the current day - KZT795.7 million).