Complete results of MEKAVM-6 #27/6B offering

/IRBIS, Dec.24, 99/ - On December 24 the Ministry of finance of Kazakhstan with the National Bank held the 27th auction for offering MEKAVM-6 (182 days). Announced volume of the issue is determined by the emitter at $4 mln. 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 МЕКАВМ-6 МЕКАВМ-6 NSIN KZ46L2306A01 KZ46L0806A00 KASE trade code МВМ006.027 МВМ006.025 IRBIS registration number 27/6B 25/6B Par value, tenge 100.00 100.00 Issuance date Dec.6,1999 Dec.6,1999 Circulation start date Dec.9,1999 Dec.9,1999 Maturity date June 8,2000 June 8,2000 Days in circulation 182 182 Number of Primary dealers 8 (+ 2) Demand, mln USD 29.1 (+ 25.8) Weighted average yield ondemand, % APR 13.04 (+ 2.62) Planned volume, mln USD 4.0 ( 0) Actual volume, mln USD 19.7 (+ 17.0) Cut-off price, % of par value 95.35 ( 0) Weighted average price,% of par value 95.35 ( 0) Maximum yield, % APR 9.75 ( 0) Weighted average yield, % APR 9.75 ( 0) Effective weighted average yield,% APR 9.99 ( 0) Yield is given in currency terms. The Ministry of finance says no applications were submitted by non- residents. Only thing that catches an eye in these parameters of the auction is sharp growth in weighted average yield, which was calculated for all applications submitted by the participants. It seems as if devaluation expectations lowered so low that dealers prefer to insure themselves against stable tenge even for half year currency papers.