First coupon payments on MEIKAM will be made at 73.32% APR

/IRBIS, Sep.03, 99/ - On September 07, 99 the Ministry of Finance of Kazakhstan should make the first coupon payments on MEIKAM - indexed on inflation state treasury bills. It is half year bills which were placed on May 28 of this year (KZ32L3011999). Fixed interest rate was determined at an auction at 9.00% APR. By the rules for issuance, placement, and redemption of this type of securities, interest payments on indexed treasury bills, that are currently due, include reimbursement for inflation effects of the same period of investors assets, invested in indexed treasury bills, and also amount of interest announced for the issue at fixed annual rate. Coupon payments are made semiannually. From June - August of 1999 consumer price index based on National Statistics Agency of Kazakhstan made 116.08 (June - 104.8; July - 111.1; August - 99.7), which corresponds to 16.08% inflation rate. Using this figure and taking into account fixed yield on MEIKAM determined at an auction, amount of coupon payments on September 07 should be 137.5 mln tenge for 750.0 mln tenge of total issue. This number shows coupon payment for the first quarter circulation of MEIKAM-6 will be made at 73.32% APR.