Issue of MEKKAM-6 #120 has been cancelled

/IRBIS, Jan.17, 00/ - On January 17, 2000 the Ministry of Finance of Kazakhstan planned to hold an auction for offering the 120th issue of MEKKAM with 182 days of circulation term and planned volume of the issue 500 mln tenge and 50% restriction level for noncompetitive applications. As the representative of the Ministry of finance informed KASE, the issue has been cancelled because of unsatisfactory price terms of Primary dealers and investors. So far, half year debts are hardly offered by the emitter. The only relatively successful offering was held last week, when investors had available resources after the repayment of notes, and they had a chance to reinvest them. As the experience shows, Monday auctions of MEKKAM-6, when repayment funds are not available, do actually fail.