Complete results of MEKKAM-6 #121 offering

/IRBIS, Jan.25, 00/ - On January 25 the Ministry of finance of Kazakhstan with the National Bank held the 121st auction for offering MEKKAM-6 (182 days). Announced volume of the issue is determined by the emitter at 500 mln tenge. Size of satisfaction of noncompetitive applications is 50% of specified amount. Following is the complete offering data and comparison with previous similar tranche: Type of the securities МЕККАМ-6 МЕККАМ-6 NSIN KZ46L2707A06 KZ46L2007A03 KASE trade code MKM006.121 MKM006.119 IRBIS registration number 121/6 119/6 Par value, tenge 100.00 100.00 Issuance date Jan.25, 2000 Jan.14, 2000 Circulation start date Jan.27, 2000 Jan.24, 2000 Maturity date July 27, 2000 July 14, 2000 Days in circulation 182 182 Number of Primary dealers 10 (+ 4) Demand, mln tenge 978.0 (+ 626.5) Weighted average yield ondemand, % APR 17.49 (- 0.66) Planned volume, mln tenge 500.0 ( 0) Actual volume, mln tenge 729.9 (+ 587.7) Cut-off price, % of par value 92.16 (+ 0.01) Weighted average price,% of par value 92.16 (+ 0.01) Maximum yield, % APR 17.01 (- 0.03) Weighted average yield, % APR 17.01 (- 0.02) Effective weighted average yield,% APR 17.74 (- 0.03) The Ministry of finance says no applications were submitted by non- residents. Despite an increase in demand and decrease in the yield on submitted applications, it cannot be stated that the investors were very interested in buying MEKKAM-6. Liquidity of professional participants has been completely restored in terms of tenge, there is no deficit of free funds in the market. It is more likely the market is waiting for short term notes, which should be issued on Wednesday and Thursday, and the demand should be the highest on these auctions. But even a relatively small demand allowed the Ministry of finance to lower the return of its debt today. It is likely the emitter will follow this tactics in near term.