Complete results of MEKKAM-6 #124 offering

/IRBIS, Feb.21, 00/ - On February 21 the Ministry of finance of Kazakhstan with the National Bank held the 124th 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 KZ46L2408A08 KZ46L1008A04 KASE trade code MKM006.124 MKM006.123 IRBIS registration number 124/6 123/6 Par value, tenge 100.00 100.00 Issuance date Feb.21,2000 Feb.8,2000 Circulation start date Feb.24,2000 Feb.10,2000 Maturity date Aug.24,2000 Aug.10,2000 Days in circulation 182 182 Number of Primary dealers 12 (+ 6) Demand, mln tenge 1 248.4 (+ 540.8) Weighted average yield on demand, % APR 17.11 (- 0.80) Planned volume, mln tenge 500.0 ( 0) Actual volume, mln tenge 718.4 (+ 257.6) Cut-off price, % of par value 92.23 (+ 0.08) Weighted average price, % of par value 92.16 (+ 0.07) Maximum yield, % APR 16.85 (- 0.19) Weighted average yield, % APR 16.85 (- 0.16) Effective weighted average yield, % APR 17.56 (- 0.18) The Ministry of finance says no applications were submitted by non- residents. Today MEKKAM -6 demand has been formed under influence of the investors liquidity surplus. Demand and its prices have allowed emitter to reduce yield essentially and to exceed the attraction plan. In comparison with the secondary market rates, the established yield does not look as too low. It is obvious that the emitter will adhere to this tactics in the future. However at the Tuesday's MEKKAM-12 placement demand can be not so high. By results of KASE tenders investors prefer long hard currency State Securities.