Complete results of placement of NOTE-14 #336

/IRBIS, Sep.16, 99/ - September 15 the National Bank has conducted the 336th auction for placement of the notes with 100 tenge nominal and 14 days of circulation period. Announced volume of issue is determined by the emitter at KZT200 million. Satisfaction size of the incompetitive applications - 60% from established volume. Auction was hold with additional placement which was made during the day. The complete data in comparison with the previous transh data are given below Type of securities Note-14 Note-14 NSIN KZ8EK3009997 KZ8EK2409990 Trade code at KASE NTK336.014 NTK334.014 IRBIS' registration number 336/N 334/N Nominal value, KZT 100.00 100.00 Date of issue Sep.15, 99 Sep.09, 99 Beginning of the circulation Sep.16, 99 Sep.10, 99 Maturity date Sep.30, 99 Sep.24, 99 Time of circulation 14 days 14 days Demand, million KZT 489.1 (- 196.8) Yield on demand weighted av., % p.a. 16.75 (+ 1.06) Planed volume, million KZT 200.0 ( 0) Actual volume, million KZT 300.0 (- 124.9) The cutting off price, KZT 99.42 ( 0) The weighted average price, KZT 99.42 ( 0) Maximum yield, % p.a. 15.17 ( 0) Weighted average yield., % p.a. 15.17 ( 0) Weighted average yield., eff., % p.a. 16.33 ( 0) The results of the placement testify that there are no principal changes in this sector. On the other hand, the proceeding decrease of demand confirms presence of pressure in the currency market. The National Bank did not manage to return the market to a condition, which was observed till September 1. And, most likely, it will be not possible. The current speed of tenge devaluation is estimated today by two-week trend of 49.7% p.a., that is much higher than the rate of notes offered by emitter. Therefore the active participation of banks in placement still problematic. But emitter is active and adaptable. In the current week it will offer note-14, indexed for devaluation. Maybe this course will return to the National Bank positive balance of net-borrowing, so necessary to it in the last three months.