Complete results of placement of notes-28 #350

/IRBIS, Nov.15, 99/ - On November 12 the National Bank of Kazakhstan held the 350th auction on placement of the notes with 100 tenge par value. Circulation term is 28 days. Announced volume of the issue is set at 200 mln tenge. Size of satisfaction of noncompetitive applications is 60%. The auction was held with additional placement carried out within the same day. Following is the complete placement data and comparison with previous similar tranche. Type of the securities Notes-28 BNotes-28 NSIN KZ8SK1012993 KZ8SK2511993 KASE trade code NTK350.028 NTK346.028 IRBIS registration number 350/N 346/N Nominal value, tenge 100.00 100.00 Issuance date Nov. 12, 99 Oct. 27, 99 Circulation start date Nov. 12, 99 Oct. 28, 99 Maturity date Dec. 10, 99 Nov. 25, 99 Days in circulation 28 28 Demand, mln tenge 1,381.6 (+863.6) Weighted average yield on demand, % APR 13.40 (-1.93) Planned volume, mln tenge 200.0 (0) Actual volume, mln tenge 1,281.4 (+828.0) Cut-off price, tenge 98.99 (+0.14) Weighted average price, tenge 98.99 (+0.14) Maximum yield, % APR 13.26 (-1.86) Weighted average yield, % APR 13.26 (-1.86) Effective weighted average yield, % APR 14.11 (-2.12) This time the emitter and the participants were able to make a compromise where almost all applications were satisfied. Two Fridays in a row the National Bank were determined to cut off the price which resulted in significant part of the demand being unmet. Now the situation has changed. Summarizing the week, it should be noticed that market participants conceived constant lowering of the yield on the notes and it allowed to hold the auction so successfully. Free funds of the banks did not flow into currency sector of the market after cancellation of the issue of indexed notes-21 on Thursday and were used to buy non-indexed notes. Results of the week show that the market participants perceive the cancellation of mandatory sale of half of exporters' earnings at KASE as normal and are not willing to rush into buying dollars preferring short state securities.