Complete placement results of notes-49 #353

/IRBIS, Dec.01, 99/ - Today the National Bank of Kazakhstan held the 353rd auction on placement of notes with 100 par value. Circulation term is 49 days. Announced volume of the issue is set by the emitter at 300 mln tenge. Size of satisfaction of noncompetitive applications is 60% of specified amount. Following is the complete auction data and a comparison with previous similar auction. Type of the securities Notes-49 Notes-49 NSIN KZ97K2001A08 KZ97K1301A07 KASE trade code NTK353.049 NTK352.049 IRBIS registration number 353/N 352/N Nominal value, tenge 100.00 100.00 Issuance date Dec.01, 1999 Nov.24, 1999 Circulation start date Dec.02, 1999 Nov.25, 1999 Maturity date Jan.20, 2000 Jan.13, 2000 Days in circulation 49 49 Demand, mln tenge 1,308.5 (- 840.7) Weighted average yield ondemand, % APR 13.92 (+ 0.15) Planned volume, mln tenge 300.0 ( 0) Actual volume, mln tenge 389.4 (- 1,086.0) Cut-off price, tenge 98.21 (- 0.03) Weighted average price, tenge 98.21 (+ 0.01) Maximum yield, % APR 13.54 (- 0.23) Weighted average yield, % APR 13.54 (- 0.08) Effective weighted average yield,% APR 14.35 (- 0.09) Placement results perfectly characterize the tactics of the National Bank. Head bank of the country is aimed at lowering the yield of its debts even if it is bad for servicing its debt. Growth in yield of notes would have a certain psychological impact on the market, but it seems not the right thing for the emitter. At the same time, investors' pressure has grown. Short term devaluation expectations grew under the influence of the events in currency sector. Third day in a row dollar keeps firming, though slowly. In IRBIS analysts' opinion, it was the reason for a relatively strict, in terms of price, demand. It can be presumed that the National Bank does not want to compete with the Ministry of Finance on the primary market for State securities. With a moderate repayment volume of state securities this week (3,032.1 mln tenge) and active plans of the Ministry of Finance to raise funds emitter of the notes had cut off the price harshly, as if trying to allure investors to buy MEKKAM of the Ministry of Finance in remaining two days.