Complete results of primary Placement of Almaty munitipal State Securities

/IRBIS, Dec. 24, 99/ - On December 24 the National Bank has conducted the auction on placement of the munitipal State Securities of the Almaty executive body. The complete data are given below. Type of securities Discount bond NSIN KZ71K2512A00 Trade code at KASE ALU.012 001 IRBIS' registration number 1/12ALU Nominal value, KZT 100.00 Date of issue Dec.24, 99 Beginning of circulation Dec.27, 99 Maturity date Dec.25, 99 Time of circulation 364 days Cheduled volume, mln tenges 400.0 Number of partitipants - KASE members 7 Number of investors 11 Number of applications 49 Demand, bonds 73,725 Demand, million KZT 6,500 Minimum demand yield, % p.a 12.61 Maximum demand yield, % p.a 15.86 Weighted average demand yield, % p.a. 13.43 Number of the investors satisfied 3 Actual volume, bonds 32,706 Actual volume, million USD 2.894 The cutting off price, USD 88.49 The weighted average price, USD 88.4940 Maximum yield, % p.a. 13.0071 Weighted average yield., % p.a. 13.00 Weighted average yield., eff., % p.a. 13.00 The yield is shown in the currency expression. The actual tenge sum of issue has made 399,990,261.63 - the emitter placed the transh in the scheduled volume. Bank ТuranAlem is the operator of the loan. The share of the applications sent on behalf of the pension funds has made 22.5% of the total demand, on behalf of the banks - 45.7%, on behalf of the banks' customers - 31.8%. The cutting off has changed a picture sharply: all applications of the pension funds have appeared behind of the cutting off price. In the actual volume of issue the share of the satisfied applications sent on behalf of banks, has made 54.4%, on behalf of the customers - 45.6%. However the bonds have been purchased not only by the loan operator. Analysis of the demand parameters shows, that the roadshow, conducted by the emitter and its financial adviser "DB Securities (Kazakhstan)" (Almaty) on the eve of placement has appeared quite useful. It has been planned that the securities yield should be something between of the yield of the Ministry of Finance bonds, and yield of Mangystau oblast State Securities (14.71% p.a.). The average weighted yield of all applications has appeared in this interval (not without a diligence of the operator of the loan) and the has executed the scheduled parameters. In opinion of the project financial adviser, the received yield answers to an actual market situation investment risk, which can be offered by the emitter, which has not of a credit history at drawing in the private capital market and, especially, of a conventional credit ratings. The IRBIS' experts also note that the auction was preceded by the big preparatory activity. The financial adviser not of time had to prove the investment risk level, determined by him in the face of KASE listing commission, Council of the Exchange, the National Securities Commission of Kazakhstan, and the investors. The majority of the auction participants knew, for what they could hope. Such approach does not deny the market nature of the yield developing, as the main trade actually has passed before the placement during of the project preparation.