Complete results of placing of note-21 #16/$n

/IRBIS, Nov.05, 99/ - November 05 the National Bank of Kazakhstan has conducted auction for devaluation indexed notes. Announced volume of issue is determined by the emitter at 2 millions of U.S. dollars. Volume of incompetitive applications satisfaction is 60% from the established volume. An auction was held with additional placement conducted during the day. The complete data and comparison with the previous comparable issue are given below. Type of securities VNote-21 VNote-21 NSIN KZ8LK2611996 KZ8LK0511990 Trade code at KASE NTU021.016 NTU021.013 IRBIS' registration number 16/$n 13/$n Nominal value, USD 100.00 100.00 Date of issue Nov.05, 99 Oct.15, 99 Beginning of the circulation Nov.05, 99 Oct.15, 99 Date of redemption Nov.26, 99 Nov.05, 99 Term of the circulation 21 days 21 days Demand, million USD 13.084 (+ 7.327) Yield on demand weighted av., % p.a. 7.31 (- 0.53) Scheduled volume, million USD 2.0 ( 0) Actual volume, million USD 4.988 (+ 4.359) The cutting off price, USD 99.59 (+ 0.01) The weighted average price, USD 99.59 (+ 0.01) Maximum yield, % p.a. 7.14 (- 0.17) Weighted average yield., % p.a. 7.14 (- 0.17) Weighted average yield., eff.,% p.a. 7.39 (- 0.18) The yield is expressed in a hard currency form. Tracing dynamics of the dollar exchange rate in the last two days dealers and investors undertake all measures for protection against devaluation risks. Volume of demand clearly testifies to it. Its parameters shows that the market participants expect the dollar growth in the near future. Trade participants were guided by the yield of note-21, which was offered by the National Bank at additional placements on the previous three auctions - 7.31% p.a. But the participants were mistaken. As well as on last Friday, the emitter conducted rigid cutting off and offered 7.14. Reaction of the investors to this was constrained. Not being absolutely sure in the fast dollar growth within the nearest three weeks, they preferred to refrain from the significant investments in the notes. The equivalent of $8 million remains on the investors accounts for the holidays. By the week results it is possible to notice, that the National Bank tactics remains constant. The emitter systematically reduces cost of debt service and does not show interest in the attraction of means, though this week he has managed to achieve a high positive balance. In this market sector the National Bank demonstrates the force, and attempt of the participants to put pressure upon the Bank remain ineffectual.