The Ministry of Finance of Kazakhstan has returned to an old method of definition NSO yield

/KASE, Jan.10, 00/ - January 10, 2000 the Ministry of Finance of Kazakhstan has redeemed the tenth issue of the national savings bonds - NSO (KZ4CL2312997). The sum of redemption has made 150 million tenges. The coupon yield was determined by results of the third auction of MEIKAM- 3 (KZ31L3011991) at the rate of 9.75% p.a. with additional payment for inflation in September - November at the rate of 3.1%. The resultant yield of the coupon calculated by IRBIS for 91 days, has made 22.15% p.a. By the beginning of 2000 after NSO-10 redemption there were the national savings bonds only of eleventh issue (KZ4CL2303A09) to the sum of 170 million tenges in the circulation, which should be redeemed on March 23, 2000. The Ministry of Finance has stopped issue of the inflation indexed bonds MЕIКАМ, thus the NSO-11 coupon rate for the last circulation quarter was determined according to an old technique - on the base of the nearest to the quarter beginning MEKKAM-3 auction. That is MEKKAM-3 of the 256-th issue of December 21, according to which the average weighted yield of the obligations has made 15.63% p.a. Thus, March 23, 2000 the emitter should pay to the investors 170 million tenges of NSO nominal value and also 6.6 million tenges as coupon payment. Earlier the Ministry of Finance used such technique at the yield calculation of NSO with the quarterly coupon payment. But after introduction of the floating tenge rate at April 05, 1999 and in connection with suspense of the MEKKAM-3 issue, the NSO yield has been determined according to the МЕIКАМ auctions and on the basis of the consumer price index for the previous three months. According to the data available to the IRBIS agency, in the current year the Ministry of Finance of Kazakhstan can issue the "paper NSO" - the national savings bonds in the documentary form.