Kazkommertsbank (Kazakhstan) suggests brokers to act as underwriters on placement of its bonds

/IRBIS, Aug.26, 99/ - "Kazkommertsbank" (Almaty, Kazakhstan) informed KASE and IRBIS agency placement of bonds of the first issue, issued by the bank, would start on September 06 1999. Bonds of "Kazkommertsbank" will be the first and only bank bonds circulating in stock market of Kazakhstan. To attract more investors (both private and corporate) "Kazkommertsbank" will place its bonds in all regions of Kazakhstan by using its branch network. Also, "Kazkommertsbank" intends to place part of the issue through KASE. The placement will be held throughout the whole circulation period, which will allow to increase the volume of available securities on the market constantly. To make its bonds liquid "Kazkommertsbank" plans to use issued bonds actively by constantly quoting them both at KASE and at its branches. In its statement "Kazkommertsbank" also says that the bank "can suggest interested brokerage-dealing companies to act as underwriters on placement of part of the bonds among their clients which will allow these companies to buy the bonds at lower prices". In the statement "Kazkommertsbank" suggests all the members of KASE to actively participate in this project. As IRBIS agency informed earlier, the first issue of bonds of "Kazkommertsbank" for $30 mln was registered by the National Securities Commission's resolution of August 11, 1999 #399. NIN of the bonds - KZ272KA7B9A11. Par value - US $100. Coupon rate - 10% APR. Frequency of coupon payments - semiannual. Issuance date - September 06, 1999. Redemption date -September 06, 2001. Coupon payments will be paid on March 06, 2000, September 06, 2000, March 06, 2001, September 06, 2001. Registrar - "Reestr-service". Bonds are issued in non-documentary form and for the residents of Kazakhstan will be serviced in tenge at weighted average US dollar exchange rate of KASE on payment day (when bought, coupons paid and redeemed). Coupon payments are paid based on time basis of 360/30.