KAZAKHSTAN HAS CONDUCTED SECOND ADDITIONAL OFFERING OF EURONOTES OF THE THIRD ISSUE FOR $50 MLN

/IRBIS, Nov.26, 99/ - REUTERS has informed today with the reference to ABN AMRO Bank NV (London) and Deutsche Bank AG (London), that Kazakhstan has conducted an additional $50 million offering of Eurobonds of the third issue (ISIN XS0102764031). According to the data of International Insider investors should pay for additional portion of the debt on December 15, 99. Additional offering has been conducted at discount price of 101.750%. There is no information on current spread to five years U.S. T-Bills. The additional offering is the second after offering the main part of the bonds of this issue, which was held on September 27 in London. After the additional offering total issue amount of the euronotes XS0102764031 is USD275 million. Previous USD25 million additional offering was held on November 4 with the payment day on November 22, 1999 at the discount price of 99.875% (13.643% APR) with a current spread of +777 bps to five year US T-Bills. We remind that USD200 mln main part of the debt of this issue was launched by Kazakhstan at 98.870% (13.954% APR) with a spread +825 bps for 5 years. Semiannual coupon rate - 13.625% APR. Issue date - October 18, 99, maturity date - October 18, 04. Coupon is paid on April 18 and October 18. Lead Managers of the project are ABN AMRO Bank NV (London) and Deutsche Bank AG (London) who attracted, according to Emerging Markets and capital NET Limited (London), as co-managers 10 large financial institutions of the world. Eurobonds have following long-term credit ratings in foreign currency: B1 from Moody's, B + from S&P, and BB- from Fitch IBCA. According to ISMA, on November 25 Kazakhstani Euronotes of the third issue were quoted in the world market at 102.500/103.500%. Today on Kazakhstan Stock Exchange (KASE) deals were made at 103.7624% to 104.0000% at Currency exchange's weighted average rate of USD/KZT (137.67 tenge per dollar).