Complete results of MEKAVM-6 #24/6B offering

/IRBIS, Nov.29, 99/ - On November 29 the Ministry of Finance of Kazakhstan with the National Bank held the 24th auction for offering MEKKAVM-6 (182 days). Announced volume of the issue is set at $3 mln. Size of satisfaction of noncompetitive applications is 50% of specified amount. Following is the complete placement data and comparison with previous similar tranche. Type of the securities МЕКАВМ-6 МЕКАВМ-6 NSIN KZ46L3005A03 KZ46L2505A00 KASE trade code МВМ006.024 МВМ006.023 IRBIS registration number 24/6B 23/6B Nominal value, tenge 100.00 100.00 Issuance date Nov. 29, 1999 Nov. 22, 1999 Circulation start date Dec. 01, 1999 Nov. 25, 1999 Maturity date May 30, 2000 May 25, 2000 Days in circulation 182 182 Number of Primary dealers 7 (0) Demand, mln USD 5.5 (- 2.7) Weighted average yield on demand, % APR 10.22 (+0.51) Planned volume, mln USD 3.0 (0) Actual volume, mln USD 5.2 (- 0.0) Cut-off price, USD 95.35 (- 0.32) Weighted average price, USD 95.35 (- 0.32) Maximum yield, % APR 9.75 (+ 0.75) Weighted average yield, % APR 9.75 (+ 0.75) Effective weighted average yield, % APR 9.99 (+ 0.79) Yield is given in currency terms. The Ministry of Finance informs that no applications were submitted by non- residents. Some changes are going on in this sector of the market. Under the influence of "antidevaluation" moods, investors hardly conceive such a low yield of indexed long papers and try to press the emitter. In this case, it was a success: the Ministry of finance could keep borrowing volume unchanged by increasing the yield. In IRBIS analysts' opinion, yield of the papers should remain at the current level for a number of auctions. Anyway, till recent times the emitter used this tactics.