Complete results of placing of MEKAVM-12 #2/12B

/IRBIS, Jan.24, 00/ - January 24 the Ministry of Finance of Kazakhstan and the National Bank have conducted 2nd auction on placement of MEKAVM-12 (364 days). Announced volume of issue is determined by the emitter at $4 million. Satisfaction size of the incompetitive applications - 50% from established volume. The complete data and comparison with the previous comparable transh are given below. Type of securities МЕКАVМ-12 МЕКАVМ-12 NSIN KZ4CL2501A17 KZ4CL2612A05 Trade code at KASE МВМ012.002 МВМ012.001 IRBIS' registration number 02/12B 01/12B Nominal value, USD 100.00 100.00 Date of issue Jan.24, 1999 Dec.27, 1999 Beginning of circulation Jan.25, 1999 Dec.28, 1999 Date of redemption Jan.25, 2000 Dec.26, 2000 Term of circulation 364 days 364 days Number of the Primary dealers 5 (+ 2) Demand, million USD 3.0 (- 7.9) Yield on demand weighted av., % p.a. 12.38 (+ 2.19) Scheduled volume, million USD 4.0 (- 3.0) Actual volume, million USD 1.8 (- 9.1) The cutting off price, USD 90.85 (- 0.02) The weighted average price, USD 90.85 (- 0.03) Maximum yield, % p.a. 10.07 (+ 0.02) Weighted average yield., % p.a. 10.07 (+ 0.06) Weighted average yield., eff. % p.a. 10.07 (+ 0.06) The yield is expressed in a currency form. According to the information of The Ministry of Finance, no applications were received from non-residents for the auction. The today's supply of the foreign currency securities did not look successful, taking into account fall of the market devaluation expectations in the last days. The participants have declared too low prices, therefore the emitter was compelled to increase the yield and to content itself with a not great volume of placement. Under the influence of the market changes the Ministry of Finance has modified the schedule of its securities issues in the current week and on Tuesday the tenge securities will be placed instead of the currency ones. The issue of MEKAVM -6 has been transferred on January 28. It looks justified, as the placement of not so interesting securities always occurs easier at the weekend due to influence of the means obtained through the before redeemed State Securities. However the big notes redemption (1,759,5 million tenges) will be held on January 25, and on January 27 the Ministry of Finance will pay off the fifth issue of МЕОКАМ-24 (KZ52K2701A04) and its last coupon to the total sum of only 21.6 million tenges. Money received from the notes redemption, most likely, will be reinvested in the notes only, and volume of the МЕОКАМ redemption is obviously insufficient to ensure a great demand on January 28. Therefore it is possible to assume that the pressure on the emitter at the Friday's MEKAVM -6 placement will be not smaller than today, and the demand parameters will rather tough.