Complete results of placement of notes-35 #351

/IRBIS, Nov.17, 99/ - Today the National Bank of Kazakhstan held the 351st auction on placement of the notes with 100 tenge par value and 35 days of circulation term. Announced volume of the issue is determined by the emitter at 200 mln tenge. Size of satisfaction of noncompetitive applications is 60%. Following is the complete placement data and comparison with previous similar auction. Type of the securities Notes-35 Notes-35 NSIN KZ95K2312991 KZ95K0912990 KASE trade code NTK351.035 NTK347.035 IRBIS registration number 351/N 347/N Nominal value, tenge 100.00 100.00 Issuance date Nov. 17, 99 Nov. 3, 99 Circulation start date Nov. 18, 99 Nov. 4, 99 Maturity date Dec. 23, 99 Dec. 9, 99 Days in circulation 35 35 Demand, mln tenge 786.6 (- 1,538.2) Weighted average yield on demand, % APR 14.45 (- 1.82) Planned volume, mln tenge 200.0 ( 0) Actual volume, mln tenge 668.0 (- 1,034.3) Cut-off price, tenge 98.69 (+ 0.11) Weighted average price, tenge 98.73 (+ 0.15) Maximum yield, % APR 13.80 (- 1.18) Weighted average yield, % APR 13.38 (- 1.60) Effective weighted average yield, % APR 14.21 (- 1.82) Popularity of non-indexed notes is obvious. In dealers' opinion, yield of short term notes looks interesting while tenge keeps strengthening. The emitter is making use of the market conjuncture and decreases debt servicing cost at each auction. So far, yield did not go that low for the investors to lose any interest in notes. In IRBIS analysts' opinion, some shrinking of the demand at the offering is caused by two factors: absence of additional offering of the issue, and also some lack of free funds of the banks. The latter can be observed by quotations of the shortest money, which are tend to grow lately. Specialists of IRBIS expect the possibility that the banks may sell part of their currency to buy notes. It is obvious that the National Bank will continue to lower the yield of notes. Also, this week may be the last when the emitter offers notes indexed at devaluation.