Complete results of MEKKAM-3 #256 offering

/IRBIS, Dec.21, 99/ - On December 21 the Ministry of finance of Kazakhstan with the National Bank held the 256th auction for offering MEKKAM-3 (91 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 and comparison with previous similar tranche: Type of the securities МЕККАМ-3 МЕККАМ-3 NSIN KZ43L2303A07 KZ43L1503A07 KASE trade code MKM003.256 MKM003.255 IRBIS registration number 256/3 255/3 Par value, tenge 100.00 100.00 Issuance date Dec.21,1999 Dec.15,1999 Circulation start date Dec.23,1999 Dec.15,1999 Maturity date March 23,2000 March 15,2000 Days in circulation 91 91 Number of Primary dealers 10 (+ 2) Demand, mln tenge 1,985.5 (+ 1,655.6) Weighted average yield ondemand, % APR 15.67 (- 0.22) Planned volume, mln tenge 500.0 ( 0) Actual volume, mln tenge 1,649.3 (+ 1,459.1) Cut-off price, % of par value 96.24 (+ 0.01) Weighted average price,% of par value 96.24 ( 0) Maximum yield, % APR 15.63 (- 0.04) Weighted average yield, % APR 15.63 ( 0) Effective weighted average yield,% APR 16.62 ( 0) The Ministry of finance says no applications were submitted by non- residents. The offering was regular in terms of both the demand and the reaction of the emitter for last weeks. Nothing is changing in the sector and anything will hardly change till the end of the year. Stability of the tenge exchange rate affecting all sectors of Kazakhstan financial market, and first of all, the sector of the debt of the Ministry of finance. IRBIS analysts still do not exclude the purchase of big chunk of MEKKAM by governmental structure, which allows the emitter to cohere to its policy on primary market, and the other participants to accept his "rules of the game".