Complete results of placement of MEKKAM-6 #112

/IRBIS, Dec.10, 99/ - On December 10 the Ministry of Finance of Kazakhstan and the National Bank have conducted the 112-th auction for placement of MEKKAM-6 (182 days). The emitter determines announced volume of issue at 500 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-6 МЕККАМ-6 NSIN KZ46L0906A09 KZ46L0206A06 Trade code at KASE MKM006.112 MKM006.111 IRBIS' registration number 112/6 111/6 Nominal value, USD 100.00 100.00 Date of issue Dec.10, 1999 Dec.03, 1999 Beginning of the circulation Dec.10, 1999 Dec.03, 1999 Date of redemption June 09, 2000 June 06, 2000 Maturity 182 days 182 days Number of the Primary dealers 4 (- 2) Demand, million USD 1,934.9 (+ 1,009.3) Yield on demand weig. av., % p.a. 16.52 (- 0.09) Scheduled volume, million USD 500.0 ( 0) Actual volume, million USD 1,925.0 (+ 1,096.8) The cutting off price, USD 92.38 ( 0) The weighted average price, USD 92.38 ( 0) Maximum yield, % p.a. 16.50 ( 0) Weighted average yield, % p.a. 16.50 ( 0) Weighted average yield, eff. % p.a. 17.18 ( 0) According to the information of The Ministry of Finance, no applications were received from non-residents for the auction. The results of two weeks have shown that now the money received by the investors at redemption of the earlier purchased securities are the main factor influenced the demand parameters. Before the Ministry of Finance conducted placement on Monday and Tuesday, payment was been implemented in the Thursday's morning, redemption - on Thursday and Friday after dinner. Recently schedule of issues has been changed. The analysis shows that on the State Securities auctions, which are conducted in the second half of week, the demand is invariable higher and softer. The participants reinvest a money. Therefore changes, which have been introduced by the Ministry of Finance look as a quite reasonable measures, taking into account the end of a year. Already now is obvious that the Ministry of Finance will manage to finish this year with a positive net - drawing balance under the State Securities program. The negative influence of the changes can be expected only in February - March of the 2000. In opinion of the IRBIS's experts, the end of the next quarter begins to influence the market participants behavior. As it is known, each Primary dealer of the Ministry of Finance is obliged quarterly to bay State Securities on the auctions to the sum not less than 200 million tenges.