Complete results of MEKKAM-6 #115 offering

/IRBIS, Dec.22, 99/ - On December 22 the Ministry of finance of Kazakhstan with the National Bank held the 115th 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. Earlier this day was reserved for the auction for offering 355th issue of the notes with 49 days of circulation (KZ97K1002A09). Today the issue of these notes was cancelled. It is hard to tell how this cancellation relates to Ministry of finance's auction. An employee of the Ministry of finance, who gave the information on MEKKAM-6 offering results, said the Ministry "just submitted the application for the auction today". Following is the complete MEKKAM-6 #115 offering data: Type of the securities МЕККАМ-6 МЕККАМ-6 NSIN KZ46L2106A03 KZ46L2206A02 KASE trade code MKM006.115 MKM006.114 IRBIS registration number 115/6 114/6 Par value, tenge 100.00 100.00 Issuance date Dec.22,1999 Dec.20,1999 Circulation start date Dec.22,1999 Dec.23,1999 Maturity date June 21,2000 June 22,2000 Days in circulation 182 182 Number of Primary dealers 6 (- 2) Demand, mln tenge 3,100.1 (- 361.3) Weighted average yield ondemand, % APR 16.66 (+ 0.02) Planned volume, mln tenge 500.0 ( 0) Actual volume, mln tenge 3,046.5 (- 332.2) Cut-off price, % of par value 92.36 (- 0.01) Weighted average price,% of par value 92.37 ( 0) Maximum yield, % APR 16.54 (+ 0.02) Weighted average yield, % APR 16.52 ( 0) Effective weighted average yield,% APR 17.20 ( 0) The Ministry of finance says no applications were submitted by non- residents. The offering was very close to previous one. Neither the demand parameters nor the emitter's tactics change principally. The latter changed relative to the ending of last year. To have a sound results for the year 1998 the Ministry of finance held an extraordinary 218th MEKKAM-3 offering on December 31 for 7.2 bln tenge (the issue was repaid on January 4 of this year). The issue let the emitter to end the year 1998 with positive net-borrowing balance of 2.2 bln tenge. Probably, the Ministry of finance decided to go another way this time by holding the auctions more frequently in December and increasing actual amounts of funds raised. IRBIS specialists do not exclude that high demand at MEKKAM auctions lately was caused by the repayment of Kazakhstani euronotes of the first issue: tenges, paid by the Ministry of finance to the National bank for the dollars needed to repay the debt, should be returned to the budget till the end of the year. Therefore, it is highly possible that the National bank will buy MEKKAM-6 at the auctions.