Complete results of placing of MEKAVM #15/6B

28.09.99 00:00
/IRBIS, Sep.28, 99/ - September 28 the Ministry of Finance of Kazakhstan together with the National Bank has conducted the seventeenth auction on placement of MEKAVM-6 (182 days). Announced volume of issue is determined by the emitter at 3 million of US dollars. Satisfaction size of the incompetitive applications - 50% from established volume. The complete data is given below. Because of 6 previous attentions had collapsed, there is no comparison here. Type of securities MEKAVM - 6 NSIN KZ46L3003A05 Trade code at KASE МВМ006.015 IRBIS' registration number 15/6B Nominal value, USD 100.00 Date of issue Sep.28, 1999 Beginning of the circulation Sep.30, 1999 Date of redemption Mar.30, 2000 Maturity 182 days Number of the Primary dealers 6 Demand, million USD 5.340 Yield on demand weighted average, % p.a. 10,59 Scheduled volume, million USD 3.0 Actual volume, million USD 5.035 The cutting off price, USD 95.67 The weighted average price, USD 95.67 Maximum yield, % p.a. 9.05 Weighted average yield., % p.a. 9.15 Weighted average yield., effective % p.a. 9.36 The yield is expressed in a currency form. According to the information of the Ministry of Finance, no applications were received from non-residents on the auction. The emitter shown flexibility placing on the last auction just semi-annual securities. Today Primary dealers had the last chance (tomorrow - placement of the unpopular МЕИКАМ) to execute the obligations on the volume of repayment. Under the other conditions this issue, most likely, would has the same result as the previous six. In comparison with the last auction made the average weighted yield of MEKAVM-6 has grown by 130%. The effective rate of securities also essentially exceeds the current MEKAVM-3 rate, which on the last auction was 8.68% p.a. There is an impression, that the Ministry of Finance and the National Bank try to do their best to draw the banks' money from the currency sectors and to stabilize the market.