Yield of Astana municipal bonds - 13.00% p.a.

/KASE, 27.12.99, Exchange's official press release/ - December 27 on the Kazakhstan stock exchange (KASE) the auction on placement of the first issue of the 12 months bonds of the Astana executive body (the Board of administration of the Astana special economic zone) was held. Announced volume of issue is 150 million tenges. The bond's nominal is $100. The coupon type is semi-annual. The issue national identification number is KZ71L2612A08. The KASE trade code is ASU012.001. 4 KASE members have taken part in the auction and have made 8 applications on behalf of four investors to the sum of 18,026 bonds or $1,802,600.00 that at the current official dollar rate equals to 249,119,320.00 tenges. Demand has exceeded supply 1.66 times. The average weighted bonds coupon rate, calculated for all applications, has made 12.89% p.a., it has been changed from 12.30 to 13.15% p.a. The share of applications on behalf of the pension funds, has amounted to 33.6%, on behalf of the banks - to 66.0%, on behalf of the banks' customers - 0.4%. By the auction results the cutting off rate has been determined by the emitter at 13.00% p.a. The emitter has satisfied the applications to the sum of 10,853 bonds or $1,085,300.00. All of these applications will be satisfied under the established cutting off rate. In the actual volume of issue the share of the pension funds' satisfied applications has made 55.7%, of the banks' - 43.6%, and of the banks' customers - 0.7%. The actual sum of issue in a tenge determined at the National Bank official rate on December 27, 1999 (138.20 tenge for dollar has made 149,988,460.00 tenge. The emitter has managed to place the scheduled volume at the acceptable conditions. The payment should be carried out by the investors on December 28, 1999 till 5:00 p.m. Almaty time.