Complete results of MEKKAM-6 #111 OFFERING

/IRBIS, Dec.6, 99/ - On December 3 the Ministry of finance of Kazakhstan with the National Bank held the 111th auction for offering MEKKAM-6 (182 days). Announced volume of the issue is determined by the emitter at 500 mln tenge. Size of satisfaction of noncompetitive applications is 50% of specified amount. Following is the complete offering data: Type of the securities МЕККАМ-6 МЕККАМ-6 NSIN KZ46L0206A06 KZ46L1905A08 KASE trade code MKM006.111 MKM006.110 IRBIS registration number 111/6 110/6 Par value, tenge 100.00 100.00 Issuance date Dec. 3, 99 Nov. 19, 99 Circulation start date Dec. 3, 99 Nov. 19, 99 Maturity date June 2, 2000 May 19, 2000 Days in circulation 182 182 Number of Primary dealers 6 (+1) Demand, mln tenge 925.6 (+ 431.7) Weighted average yield on demand, % APR 16.61 (- 1.68) Planned volume, mln tenge 500.0 (0) Actual volume, mln tenge 828.2 (+ 423.5) Cut-off price, % of par value 92.38 (0) Weighted average price, % of par value 92.38 (0) Maximum yield, % APR 16.50 (0) Weighted average yield, % APR 16.50 (0) Effective weighted average yield, % APR 17.18 (0) The Ministry of finance says no applications were submitted by non- residents. The offering results show that this sector of the market has stabilized and demand and supply is balanced. Mainly, success of the emitter is due to the day of the auction. Auction participants can reinvest the funds received from previously repaid issues of state securities. More likely, the emitter "got the feel" of the right yield of MEKKAM-6, which is the best compromise for today and satisfies both sides. It is worth to say, demand became softer in terms of price, and grew significantly in monetary terms notwithstanding changing conjuncture of the currency market.