Complete results of placement of notes-35 #354

/IRBIS, Dec.09, 99/ - On December 09 the Ministry of Finance of Kazakhstan and the National Bank have conducted the 354-th auction for placement of notes with the nominal of 100 tenge and the circulation term of 35 days. The emitter determines announced volume of issue at 300 million tenges. Satisfaction size of the incompetitive applications - 60% from the established volume. The complete data and comparison with the previous comparable issue are given below. Type of securities Notes-35 Notes-35 NSIN KZ43L1003A02 KZ43L0903A05 Trade code at KASE MKM003.254 MKM003.253 IRBIS' registration number 254/3 253/3 Nominal value, USD 100.00 100.00 Date of issue Dec.08, 1999 Nov.17, 1999 Beginning of the circulation Dec.09, 1999 Nov.18, 1999 Date of redemption Jan.13, 2000 Dec.23, 2000 Maturity 35 days 35 days Demand, million USD 624.1 (- 162.5) Yield on demand weig. av., % p.a. 14.23 (- 0.22) Scheduled volume, million USD 300.0 (+ 100.0) Actual volume, million USD 533.3 (- 134.7) The cutting off price, USD 98.70 (+ 0.01) The weighted average price, USD 98.73 ( 0) Maximum yield, % p.a. 13.70 (- 0.10) Weighted average yield, % p.a. 13.38 ( 0) Weighted average yield, eff. % p.a. 14.21 ( 0) The yield, offered by the emitter, taking into account term of their circulation, looks rather low. The current trend of tenge devaluation is comparable with the yield, that explains, in the IRBIS's experts opinion, some demand decrease. It is possible also, that the demand was low due to the absence of an additional placement. On the other hand, the prices in the investors' applications have grown. The notes are still popular, that is confirmed by the transactions in the secondary market.