Complete results of placement of MEKKAM #238/3

/IRBIS, Aug.23, 99/ - On August 23 the Ministry of Finance of the Republic of Kazakhstan and the National Bank have conducted the 236th auction on placement of MEKKAM-3 (91 days). The emitter determines announced volume of issue at KZT 400 million. Satisfaction size of the incompetitive applications - 50% from the established volume. The complete data and comparison with the previous comparable issue are given below. Type of securities МЕККАМ-3 МЕККАМ-3 NSIN KZ43L2411999 KZ43L1711993 Trade code at KASE MKM003.238 MKM003.237 IRBIS' registration number 238/3 237/3 Nominal value, USD 100.00 100.00 Date of issue Aug.23, 99 Aug.16, 99 Beginning of the circulation Aug.25, 99 Aug.19, 99 Date of redemption Nov.24, 99 Nov.17, 99 Maturity 91 days 91 days Number of the Primary dealers 6 (+ 2) Demand, million USD 437.9 (+ 290.9) Yield on demand weig. av., % p.a. 21.01 (- 1.06) Scheduled volume, million USD 400.0 ( 0) Actual volume, million USD 276.7 (+ 176.7) The cutting off price, USD 95.25 ( 0) The weighted average price, USD 95.25 ( 0) Maximum yield, % p.a. 19.95 ( 0) Weighted average yield, % p.a. 20.63 (+ 0.68) Weighted average yield, eff. % p.a. 22.28 (+ 0.79) According to the information of The Ministry of Finance, no applications were received from non-residents for the auction. According to the IRBIS' analyst's opinion, dynamic of the dollar exchange rate is the main factor of influence on the parameters of demand in the state securities sector. The movement of the exchange market to the stabilization leads to increase of demand on the not-indexed securities, the return movement results in the growth of the MEKAVM popularity. However do not overestimate this influence. The interrelation now, after the dollar fluctuations during the past three weeks, is not so strong. Apparently, the professional market participants, will not so quickly react to the dollar rate change, being guided by the more expressed and long tendencies. The peak of today's devaluation expectation is the middle of October, the post-election period. Therefore experts of IRBIS predict stabilization of a demand for all kinds of the MF securities from the ordinary investors (banks of the second tier, Pension Assets Management Companies, etc.), that will allow the to keep the state securities yield at the achieved level.