Complete results of placement of ndexed Note-14/$n

/IRBIS, Oct.22, 99/ - On October 22 the National Bank has conducted the next auction for placement of the devaluation indexed notes with 14 days of circulation period. Announced volume of issue is determined by the emitter at $2 million. Satisfaction size of the incompetitive applications - 60% from established volume. The complete data and comparison with the previous issue are given below. Type of securities VNote-14 VNote-14 NSIN KZEK0511995 KZ8EK0110996 Trade code at KASE NTU014.014 NTU014.008 IRBIS' registration number 14/$n 8/$n Nominal value, USD 100.00 100.00 Date of issue Oct.22, 99 Sept.17, 99 Beginning of the circulation Oct.22, 99 Sept.17, 99 Maturity date Nov.05, 99 Oct.01, 99 Time of circulation 14 days 14 days Demand, million USD 13.219 (+ 7.722) Yield on demand weighted av., % p.a. 7.30 (- 0.79) Planed volume, million USD 2.000 ( 0) Actual volume, million USD 7.095 (+ 3.411) The cutting off price, USD 99.73 (+ 0.01) The weighted average price, USD 99.73 (+ 0.01) Maximum yield, % p.a. 7.04 (- 0.26) Weighted average yield., % p.a. 7.04 (- 0.26) Weighted average yield., eff., % p.a. 7.28 (- 0.28) The yield is given in the hard currency. Volume and demand prices eloquently speak that the investors, including the banks have preferred the notes. Almost all means received on the State Securities redemption on Thursday and Friday, were spent on the placement. That fact is remarkable also, that the average weighted price of all applications has appeared equal to the average weighted price of the previous auction satisfied applications. Probably, the investors hoped, that the National Bank will not reduce the yield, and money will work during the holidays. But the emitter had the other plans. The demand was used not only for the drawing volume escalating, but also with the purpose of the debt service price reduction. In result almost half of demand was cut off, and the investors money will be not claimed within three day. In opinion of the IRBIS experts, the great notes demand will be saved at stable tenge. There are no factors capable to change a situation on the exchange market sharply. Therefore the notes yield decrease in the next week is quite probable.