Complete results of placing of MEKAVM #21/3B

/IRBIS, Aug.31, 99/ - On August 31 the Ministry of Finance of Kazakhstan and the National Bank has conducted the 21st 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 МЕКАVМ-3 МЕКАVМ-3 NSIN KZ43L3011996 KZ43L2511996 Trade code at KASE МВМ003.021 МВМ003.020 IRBIS' registration number 21/3B 20/3B Nominal value, USD 100,00 100,00 Date of issue Aug.31, 99 Aug.24, 99 Beginning of circulation Aug.31, 99 Aug.26, 99 Date of redemption Nov.30, 99 Nov.25, 99 Time of circulation 91 days 91 days Number of the Primary dealers 9 ( 0) Demand, million USD 12.3 (- 9.4) Yield on demand weighted av., % p.a. 8.62 (- 0.13) Scheduled volume, million USD 3.0 ( 0) Actual volume, million USD 11.6 (- 9.6) 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 for MEKAVM remains stable, which is provided by the not one investor. The results of the analysis conducted by the IRBIS agency testify to a low degree of monopolisation of buy-out of the two previous MEKAVM issues. Anyway, it is a little higher than a similar parameter of the short-term National Bank's notes. Amounts of the postings of bought papers on various depo accounts are approximately identical for the notes and MEKAVM. But the volumes of MEKAVM postings are much more different (the main volume belong to one or two investors) than the volumes of the note postings. In opinion of the IRBIS' analysts, the behaviour of the participants in this sector of the state securities primary market reflects high devaluation expectation of the dealers. The majority of them feel certain of significant devaluation of tenge in the late autumn, and investors for the risks insurance prefer to keep some share of their portfolios in MEKAVM.