Complete results of placing of MEKAVM-12 #4/1B

/IRBIS, Feb.10, 00/ - February 10 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 KZ4CL0902A16 KZ4CL2501A17 Trade code at KASE МВМ012.004 МВМ012.002 IRBIS' registration number 04/12B 02/12B Nominal value, USD 100.00 100.00 Date of issue Feb.10, 2000 Jan.24, 2000 Beginning of circulation Feb.10, 2000 Jan.25, 2000 Date of redemption Feb.02, 2000 Jan.25, 2001 Term of circulation 364 days 364 days Number of the Primary dealers 9 (+ 4) Demand, million USD 13.5 (+ 10.5) Yield on demand weighted av., % p.a. 10.08 (- 2.30) Scheduled volume, million USD 4.0 ( 0) Actual volume, million USD 9.9 (+ 8.2) The cutting off price, USD 90.85 ( 0) The weighted average price, USD 90.85 ( 0) Maximum yield, % p.a. 10.07 ( 0) Weighted average yield., % p.a. 10.07 ( 0) Weighted average yield., eff. % p.a. 10.07 ( 0) 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 demand parameters look as not absolutely "market". It is possible to assume, that the recently authorized new budget parameters have calmed the investors, and the rate, offered by the Ministry of Finance, in the new conditions looks optimum. Most likely, degree of monopolization has been on the auction quite high. The main volume of applications was been made at the low yield, and it has allowed to the emitter to considerably more than it has been scheduled. In opinion of the IRBIS analysts, one of the main factors, which have generated a great demand at MEKAVM -12 placemen is redemption of the National Bank notes at the end of the previous week.