Complete results of MEKKAM-6 #113 offering

/IRBIS, Dec.15, 99/ - On December 14 the Ministry of finance of Kazakhstan with the National Bank held the 113th 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 KZ46L1306A03 KZ46L0906A09 KASE trade code MKM006.113 MKM006.112 IRBIS registration number 113/6 112/6 Par value, tenge 100.00 100.00 Issuance date Dec.14.1999 Dec.10.1999 Circulation start date Dec.14.1999 Dec.10.1999 Maturity date June 13.2000 June 9.2000 Days in circulation 182 182 Number of Primary dealers 7 (+ 3) Demand, mln tenge 992.4 (- 942.5) Weighted average yield on demand, % APR 17.44 (+ 0.92) Planned volume, mln tenge 500.0 ( 0) Actual volume, mln tenge 630.9 (- 1,294.1) Cut-off price, % of par value 92.36 (- 0.02) Weighted average price,% of par value 92.37 (- 0.01) Maximum yield, % APR 16.54 (+ 0.04) Weighted average yield, % APR 16.52 (+ 0.02) Effective weighted average yield, % APR 17.20 (+ 0.02) The Ministry of finance says no applications were submitted by non- residents. Placement results do not differ much from that of previous two, considering the availability of funds to investors from the repayment of state securities. In IRBIS specialists' opinion, this was the reason for tough demand. The only distinctive feature is gradual lowering of prices in applications, which indicates growing pressure on the emitter. Under this pressure the Ministry of finance had to raise yield of its debts.