Average weighted yield of the Almaty municipal bonds - 13.00% p.a.

/KASE, Dec.24, 99, official press release of the Exchange/ - December 24 on the Kazakhstan stock exchange (KASE) auction on placement of the first issue of the 12 months bonds of Almaty executive body was held. Announced volume - 400 million tenges, the bond nominal value - 100 U.S. dollars. The National identification number of the issue - KZ71K2512A00, KASE trade code - ALU012.001. 7 KASE members have taken part in the auction and have made 49 applications. Volume of the applications has made 73,725 bonds to the sum of $6,499,628.92, that at the current official dollar rate makes 898,573,698.19 tenge. The demand has 2.2 times exceeded the supply. The average weighted yield of the bonds calculated on all applications, has made 13.43% p.a. ($ 88.16 for one security or percents of the nominal). It changed in the orders from 12.61 to 15.86% p.a. Share of the applications on behalf of the pension funds has made 22.5 % of demand, on behalf of the banks - 45.7%, on behalf of the banks' customers - 31.8%. By the auction results the cutting off price has been determined by the emitter at a level of 88.49% from the nominal that corresponds to 13.01% as the maximum yield of the satisfied applications. The average weighted rate on all applications satisfied has made 88.4940% from nominal, the bonds' average weighted yield - 13.00% p.a. The emitter has satisfied the applications for purchasing of 32,706 bonds to the discount sum of $2,894,85.54. The share of the satisfied applications sent on behalf of the banks has made 54.4%, on behalf of the banks' customers - 45.6% of the actual volume of issue. The issue actual sum in tenge has been calculated at the National Bank official rate on December 26, 1999 (138.20 tenge for dollar), and has made 399,990,261.63 tenge. The emitter has placed all scheduled volume at the accepted to it conditions. The payment should be carried out till 11:00 a.m. Almaty time of December 27, 1999.