Complete results of notes-28 #365 offering

/IRBIS, Jan.26, 99/ - On January 26 the National Bank held the 365th auction for offering notes with 100 tenge par value and 28 day circulation term. Announced volume of the issue is determined by the emitter at 500 mln tenge. Size of satisfaction of noncompetitive applications is 60% of specified amount. The auction was held with additional placement. Following is the complete offering data and comparison with previous similar auction: Type of the securities Notes-28 Notes-28 NSIN KZ8SK2402A08 KZ8SK2501A08 KASE trade code NTK365.028 NTK357.028 IRBIS registration number 365/N 357/N Par value, tenge 100.00 100.00 Issuance date Jan.26, 1999 Dec.27, 1999 Circulation start date Jan.27, 1999 Dec.28, 1999 Maturity date Feb.24, 2000 Jan.25, 2000 Days in circulation 28 28 Number of the primary dealers 13 no data Demand, mln tenge 1 453.1 (- 783.4) Weighted average yield on demand, % APR 13.79 (+ 0.39) Planned volume, mln tenge 150.0 (- 150.0) Actual volume, mln tenge 645.2 (- 1 096.5) Cut-off price, % of par value 99.01 (+ 0.04) Weighted average price, % of par value 99.01 (+ 0.02) Maximum yield, % APR 13.00 (- 0.53) Weighted average yield, % APR 13.00 (- 0.27) Effective weighted average yield, % APR 13.81 (- 0.30) The market situation varies. Tactics of the National Bank varies also. Despite absence of free means deficit the activity of the banks of the second level in the currency circulation sector has essentially decreased. Therefore the National Bank has not tried "to sterilize" the correspondent accounts, as two weeks ago, and has limited itself by not so big drawing without an additional placement. At that, as expected, the notes yield was reduced. In the IRBIS experts opinion, in the near future the main National Bank efforts in given market sector will be directed to the notes yield reduction. It can be explained by the care on formation of a necessary market reference point - the short-term notes yield rather than on debt service cost.