Complete results of notes-14 #360 offering

/IRBIS, Jan.07, 00/ - On January 06 the National Bank of Kazakhstan held the 360th auction for offering notes with KZT100 par value. Circulation term - 14 days. Announced volume of the issue - KZT300 mln. Size of satisfaction of noncompetitive applications - 60% of specified amount. The offering can be considered extraordinary, since the National Bank stated issue of notes-35, which was held on that day, had been the last one in the week. Following is the complete results of the auction. No comparison with previous issue of notes-14 is given, because previous auction of these notes was held on October 07, 1999: Type of the securities Notes-14 NSIN KZ8EK2101A08 KASE trade code NTK360.014 IRBIS registration number 360/N Par value, tenge 100.00 Issuance date Jan.06,00 Circulation start date Jan.07,00 Maturity date Jan.21,00 Days in circulation 14 Planned volume, mln tenge 300.0 Number of Primary dealers 5 Demand, mln tenge 2,413.1 Weighted average yield ondemand, % APR 12.80 Actual volume, mln tenge 2,224.1 Cut-off price, tenge 99.49 Weighted average price, tenge 99.51 Maximum yield, % APR 13.33 Weighted average yield, % APR 12.80 Effective weighted average yield,% APR 13.62 Once more, notes proved their exclusive popularity on the market. Demand was soft and large, and the emitter satisfied almost all submitted applications while significantly decreasing the yield of the instrument. It is worth to say, the placement affected quotations of the shortest money. While lately cost of interbank "overnight" tenge deposits rarely exceeded 4- 6% APR on offer, today cost of this money rose up to 8% APR on offer and 4% on demand side. IRBIS specialists do not exclude yesterday an urgent auction was held by the National bank to clean correspondent accounts of BST. By possessing the information about these accounts, the National Bank foresaw growth in demand for US dollars on Friday and offered the banks of the second tier their favorite instrument, driving away the money from the currency sector.