Complete results of placement of note-28 #324

/IRBIS, Sep.24, 99/ - On September 24 the National Bank has conducted the 338th auction for placement of the notes with 100 tenge of nominal value and 28 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 and comparison with the previous comparable issue are given below. Type of securities Note-28 Note-28 NSIN KZ8SK2210992 KZ8SK1510996 Trade code at KASE NTK338.028 NTK337.028 IRBIS' registration number 338/N 337/N Nominal value, KZT 100.0 100.00 Date of issue Sep.23, 99 Sep.16, 99 Beginning of the circulation Sep.24, 99 Sep.14, 99 Maturity date Oct.22, 99 Okt.15, 99 Time of circulation 28 days 28 days Demand, million KZT 1,575.3 (+ 1,305.1) Yield on demand weighted av., % p.a. 18.86 (+ 0.67) Planed volume, million KZT 200.0 ( 0) Actual volume, million KZT 1,103.6 (+ 920.4) The cutting off price, KZT 98.65 (- 0.19) The weighted average price, KZT 98.65 (- 0.19) Maximum yield, % p.a. 17.79 (+ 2.53) Weighted average yield., % p.a. 17.79 (+ 2.53) Weighted average yield., eff., % p.a. 19.33 (+ 2.95) It is obvious, that under a current situation the fact of issue placement and so high demand can testify to one: the notes were redeemed mainly by one participant, somehow connected with the National Bank. (It is a mere presumption of IRBIS based on the market analysis). It seems to the IRBIS experts, that not accidentally emitter did not inform amount of the participants which made application. In opinion of the dealers (REUTERS today's interrogation), "tenge securities market is a dead market". Such conviction is explained by the current trends of tenge devaluation (annual interest rates): day - 423.7; week - 121.3; month - 64.5.