Complete placement results of MEKKAM-3 #247
/IRBIS, Nov.09, 99/ - On November 8 the Ministry of Finance of Kazakhstan
together with the National Bank held the 247th auction on placement of
MEKKAM-3 (91 days). Announced volume of the issue is set by the emitter
at 400 mln tenge. Size of satisfaction of noncompetitive applications is 50%.
Following is the complete placement data.
Type of the securities МЕККАМ-3 МЕККАМ-3
NSIN KZ43L1002A03 KZ43L0302A02
KASE trade code MKM003.247 MKM003.246
IRBIS registration number 247/3 246/3
Nominal value, tenge 100.00 100.00
Issuance date Nov. 8, 99 Nov. 1, 99
Circulation start date Nov. 11, 99 Nov. 4, 99
Maturity date Feb. 10, 2000 Feb. 3, 2000
Days in circulation 91 91
Number of Primary dealers 6 (+1)
Demand, mln tenge 279.5 (+90.6)
Weighted average yield on
demand, % APR 19.38 (+1.58)
Planned volume, mln USD 400.0 400.0
Actual volume, mln USD 180.5 (+30.5)
Cut-off price, % of nominal 96.23 (+0.08)
Weighted average price,
% of nominal 96.23 (0)
Maximum yield, % APR 15.67 (-0.35)
Weighted average yield, % APR 15.67 (0)
Effective weighted average yield, % APR 16.62 (0)
The Ministry of Finance says no applications were submitted by non-
residents at the auction.
As expected, no significant changes are observed in the sector. Only thing
that catches an eye is the price in applications of the dealers and their
clients, which fell by 36 tiyn in weighted average terms. Based on change of
this parameter, the market participants wait for the increase in exchange rate
of the dollar.
In general, placement results suggest the emitter has "a constant clientele"
who buys MEKKAM-3 at a given yield. Thanks to this clientele it is possible
to exert a pressure on the emitter, and the most active investors remain
beyond the cut-off mark.
In IRBIS analysts opinion, primary market of MEKKAM-3 can not be
considered alive now, and any changes are hardly possible in near future