Complete results of MEKKAM-3 #250 offering

/IRBIS, Nov.26, 99/ - On November 25 the Ministry of finance of Kazakhstan with the National Bank held the 250th auction for offering MEKKAM-3 (91 days). Announced volume of the issue is determined by the emitter at 500 mln tenge. Size of satisfaction of noncompetitive applications is 60% of specified amount. Following is the complete offering data: Type of the securities МЕККАМ-3 МЕККАМ-3 NSIN KZ43L2502A06 KZ43L1802A05 KASE trade code MKM003.250 MKM003.249 IRBIS registration number 250/3 249/3 Par value, tenge 100.00 100.00 Issuance date Nov. 25, 99 Nov. 18, 99 Circulation start date Nov. 26, 99 Nov. 19, 99 Maturity date Feb. 2, 2000 Feb. 28, 2000 Days in circulation 91 91 Number of Primary dealers 10 (+1) Demand, mln tenge 2,555.7 (+ 930.1) Weighted average yield on demand, % APR 16.36 (- 0.74) Planned volume, mln tenge 500.0 (+ 100.0) Actual volume, mln tenge 1,601.7 (+ 477.0) Cut-off price, % of par value 96.23 (+ 0.03) Weighted average price, % of par value 96.24 (+ 0.01) Maximum yield, % APR 15.67 (- 0.13) Weighted average yield, % APR 15.63 (- 0.04) Effective weighted average yield, % APR 16.57 (- 0.05) The Ministry of finance says no applications were submitted by non- residents. The offering proved that there are lot of tenges in the market. Repayment volume exceeds 5 bln this week. Therefore, the emitter did not lack of demand. Demand was "soft" in terms of price and very large. It allowed the Ministry of finance to lower the yields of its securities as the National Bank did. Till now, yield of MEKKAM-3 remained unchanged for 4 weeks in a row. In IRBIS specialists' opinion, it is still early to talk about a constant reduction of the yields of the securities by the emitter. The auction was successful due to large volume of repayment of government securities and payment day, Friday, when the investors have access to repaid funds. Such coincidences could not happen at next offerings.