Complete results of placing of MEKAVM-3 #24/3B
/IRBIS, Sep.22, 99, second delivery since of mistake in the last indentation/ -
September 21 the Ministry of Finance of Kazakhstan together with the
National Bank has conducted the twenty forth 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
Type of securities MEKAVM-3 MEKAVM-3
NSIN KZ43L2312999 KZ43L1612993
Trade code at KASE МВМ003.024 МВМ003.023
IRBIS' registration number 24/3B 23/3B
Nominal value, USD 100.00 100.00
Date of issue Sep.21, 99 Sep.14, 99
Beginning of the circulation Sep.23, 99 Sep.16, 99
Date of redemption Dec.23, 99 Dec.16, 99
Term of the circulation 91 days 91 days
Number of the Primary dealers 9 (+ 1)
Demand, million USD 8.0 (+ 0.7)
Yield on demand weighted
average, % p.a. 8.71 (- 1.19)
Scheduled volume, million USD 3.0 ( 0)
Actual volume, million USD 7.8 (+ 1.9)
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.,
effective % 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 results of placement unequivocally testify that a pension assets
management company (PAMC) gradually increase a share of MEKAVM in
their portfolios, insuring exchange risks. The prices in the applications sent
have grown essentially, though volume of demand was practically the same.
Participation of the banks in placement is quite probable also, as soon will be
the end of a quarter and it is necessary to redeem obligatory volume of the
Ministry of Finance State Securities.
The IRBIS' experts mark that the degree of monopolization of the MEKAVM
repayment reduced sharply. At the 22-nd MEKAVM-3 issue placement
55.1% of the bonds were redeemed by one participant, and 75,2 % - by two.
At the 23-rd MEKAVM-3 issue placement the corresponding parameters
were 24.7 % and 46.1%. The 24-th issue results will be known only on
Friday. But already now it is possible to assume, that the last placement of
MEKAVM-3 was quite "market", and demand was not supported by the
structures which connected with the emitter.
The emitter position is firm. The Ministry of finance prefers to manipulate with
volume of drawing, showing high interest in attraction of means. At existing
devaluation trend it is hardly possible to lower yield of MEKAVM-3.
The Ministry of Finance has ended the thirty nine week with the following
results. At the actual volume of redemption $12.3 million (equivalent in tenge
at the rate on date of an attraction - 1,666.7 million) the emitter has
attracted KZT1,057.5 millions ($7.8 million at the official rate on Sep.22, 99).