Complete results of placement of note-14 #341

/IRBIS, Oct.07, 99/ - On October 07 the National Bank has conducted the 341st auction for placement of the notes with 100 tenge of nominal value 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 and data of the previous auction are given below. Type of securities Note-14 Note-14 NSIN KZ8EK2210992 KZ8EK1510996 Trade code at KASE NTK341.014 NTK339.014 IRBIS' registration number 341/N 339/N Nominal value, KZT 100.00 100.00 Date of issue Oct.07, 99 Sep.30, 99 Beginning of the circulation Oct.08, 99 Oct.01, 99 Maturity date Oct.22, 99 Oct.15, 99 Time of circulation 14 days 14 days Demand, million KZT 1,447,7 (+ 910.9) Yield on demand weighted av., % p.a. 15.96 (+ 0.53) Planed volume, million KZT 200.0 ( 0) Actual volume, million KZT 800.5 (+ 295.0) The cutting off price, KZT 99.43 (+ 0.01) The weighted average price, KZT 99.43 (+ 0.01) Maximum yield, % p.a. 14.90 (- 0.26) Weighted average yield., % p.a. 14.90 (- 0.26) Weighted average yield., eff., % p.a. 16.02 (- 0.30) By results of placement, the market has believed in the short-term notes. However dealers are inclined to consider that the banks did not participate in placement actively. Somebody believe that the Halyk Savings Bank, which has rather cheap means of the population helped to the National Bank. Such assumption looks quite reasonable, taking into account the real average weighted rate of the two-weeks repo opened on KASE: 14.86% p.a. However, IRBIS agency has not information capable to confirm or to deny this assumption. The experts of IRBIS consider that the rate offered by the emitter is too low for the market and especially for banks. Therefore the high degree of monopolization of this issue repayment is quite probable. It, in turn, means that the placement results cannot be perceived as the real market indicator. The risk of new devaluation acceleration in the near future is very great and the banks' resources can be distracted from dollar only by devaluation indexed and mainly by short tools. The emitter realizes it. And just for this reason on Friday, when market will receive 1,974.2 million tenge through the notes of 332nd issue redemption, the indexed note-21 will be offered to the market participants. Most likely, the additional placement, as well as week before, will make 7.31% p.a. and demand can be quite high.