Complete results of placement of NOTE-28 #346

/IRBIS, Oct.27, 99/ - On October 27, 99 the National Bank has conducted the 346th 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 are given below (there is no comparison, because the last such auction was more than three month ago). Type of securities Note-28 Note-28 NSIN KZ8SK2511993 KZ8SK1911996 Trade code at KASE NTK346.028 NTK345.028 IRBIS' registration number 346/N 345/N Nominal value, KZT 100.00 100.00 Date of issue Oct.27, 99 Oct.21, 99 Beginning of the circulation Oct.28, 99 Oct.22, 99 Maturity date Nov.25, 99 Nov.19, 99 Time of circulation 28 days 28 days Number of Primary dealers 6 (- 2) Demand, million KZT 518.0 (- 1,248.1) Yield on demand weighted av., % p.a. 15.66 (- 0.40) Planed volume, million KZT 200.0 ( 0) Actual volume, million KZT 453.4 (- 718.5) The cutting off price, KZT 98.85 (+ 0.03) The weighted average price, KZT 98.85 (+ 0.03) Maximum yield, % p.a. 15.12 (- 0.40) Weighted average yield., % p.a. 15.12 (- 0.40) Weighted average yield., eff., % p.a. 16.23 (- 0.46) Decrease of demand 2.6 times has not stopped the emitter, which since the last week has reduced the securities yield. Reduction of note-28 yield is carried by the National Bank during 4 last placements. Business conditions are more and more favorable to the emitter. Investors aspire to place their means, they can not to exert pressure on the National Bank: prices stated in the applications gradually grow. By the schedule of the week'sssues, the emitter feels the reliance, alternating devaluation indexed and usual securities and gradually extending the terms. At that it do not care about the negative drawing balance. In this situation the IRBIS analysts are inclined to think, that the tendency of notes rates reduction in the near future will be continued.