Complete results of placement of MEKKAM-3 #252

/IRBIS, Dec.02, 99/ - On December 02 the Ministry of Finance of Kazakhstan and the National Bank have conducted the 252-th auction for placement of MEKKAM-3 (91 days). The emitter determines announced volume of issue at 400 million tenges. Satisfaction size of the incompetitive applications - 50% from the established volume. The complete data and comparison with the previous comparable issue are given below. Type of securities МЕККАМ-3 МЕККАМ-3 NSIN KZ43L2902A02 KZ43L2902A02 Trade code at KASE MKM003.252 MKM003.251 IRBIS' registration number 252/3 251/3 Nominal value, USD 100.00 100.00 Date of issue Dec.02, 1999 Nov.11, 1999 Beginning of the circulation Dec 03, 1999 Dec 01, 1999 Date of redemption Mar.03, 2000 Feb.29, 2000 Maturity 91 days 91 days Number of the Primary dealers no data 11 Demand, million USD 2,541.2 (+ 1,476.2) Yield on demand weig. av., % p.a. 15.76 (+ 0.05) Scheduled volume, million USD 500.0 ( 0) Actual volume, million USD 1,829.9 (+ 1,072.8) The cutting off price, USD 96.21 (- 0.01) The weighted average price, USD 96.24 ( 0) Maximum yield, % p.a. 15.76 (+ 0.05) Weighted average yield, % p.a. 15.63 ( 0) Weighted average yield, eff. % p.a. 16.62 ( 0) According to the information of The Ministry of Finance, no applications were received from non-residents for the auction. As it was supposed, the Ministry of Finance has not changed the yield of the securities being interested in the maximum possible attraction of money. The emitter is on the last lap, it has only one month before the end of the year. Judge by the placement results, the investors still prefer the not devaluation indexed securities. However demand parameters have been formed under influence of the State Securities redemption. Also MEKKAM-3 today are the shortest State Securities of the Ministry of Finance. The National Bank has essentially reduced the notes placements, and investors are compelled to purchase MEKKAM-3. At the same time, the most popular securities on the secondary market are the State Securities with 15-28 days of the circulation term. For this reason the yield to redemption of these securities has decreased now to 11-13% p.a.