After one year's interval Ministry of Finance of Kazakhstan has successfully placed MEKKAM-12

/IRBIS, Dec.12, 99/ - On December 23 the Ministry of Finance of Kazakhstan and the National Bank have conducted the 29-th auction for placement of MEKKAM-12 (364 days). The emitter determines announced volume of issue at 500 million tenges. Satisfaction size of the incompetitive applications - 50% from the established volume. Type of securities МЕККАМ-12 NSIN KZ4CL2212A09 Trade code at KASE MKM012.029 IRBIS' registration number 029/12 Nominal value, USD 100.00 Date of issue Dec.22, 1999 Beginning of the circulation Dec.24, 1999 Date of redemption Dec.22, 2000 Maturity 364 days Number of the Primary dealers 6 Demand, million USD 2,755.5 Yield on demand weig. av., % p.a. 18.48 Scheduled volume, million USD 500.0 Actual volume, million USD 2 658.4 The cutting off price, USD 84.73 The weighted average price, USD 84.74 Maximum yield, % p.a. 18.02 Weighted average yield, % p.a. 18.01 Weighted average yield, eff. % p.a. 18.01 According to the information of The Ministry of Finance, no applications were received from non-residents for the auction. The previous productive auction on yearly MEKKAM placement was held on Aug.10, 98 - fourteen months ago. Is remarkable that the average weighted rate of securities on that auction - 18,04% is practically equal to the today's one. Analyzing of high-power pre-holiday spurt of the emitter the IRBIS' analysts came to the conclusion that the mentioned above in not simply concurrence. The State Securities primary market today really reminds the pre-crisis period. At the same time is obvious that the emitter successes would be impossible without the National bank support, which active participated in the MEKKAM auctions during the last month. Therefore it is not so easy to use the auctions results as the objective market indicator.