Complete results of MEKKAM-12 #34 offering

/IRBIS, Feb.29, 00/ - On February 29 the Ministry of finance of Kazakhstan with the National Bank held the 34th auction for offering MEKKAM-12 (364 days). Announced volume of the issue is determined by the emitter at KZT500 mln. Size of satisfaction of noncompetitive applications is 50% of specified amount. Following is the complete offering data and comparison with previous issue: Type of the securities MEKKAM-12 MEKKAM-12 NSIN KZ4CL0103A13 KZ4CL2202A19 KASE trade code MKM012.34 MKM012.32 IRBIS registration number 34/12 32/12 Par value, tenge 100.00 100.00 Issuance date Feb.29,2000 Feb.22,2000 Circulation start date March 2,2000 Feb.24,2000 Maturity date March 1,2001 Feb.22,2001 Days in circulation 364 364 Number of Primary dealers 12 (+ 4) Demand, mln KZT 298.9 (+ 66.3) Weighted average yield on demand, %APR 18.58 (- 0.40) Planned volume, mln KZT 500.0 ( 0) Actual volume, mln KZT 107.5 (- 38.1) Cut-off price, % of par value 84.76 (+ 0.01) Weighted average price, % of par value 84.76 ( 0) Maximum yield, %APR 17.98 (- 0.01) Weighted average yield, %APR 17.98 ( 0) Effective weighted average yield, %APR 17.98 ( 0) The Ministry of finance says no bids were made by non-residents. Based on the first two offerings of the week, the Ministry of Finance is not able to get the investors interested. Interests of the dealers are again focused on currency circulation sector on the threshold of spring, which is traditionally accompanied by increased devaluation expectations in Kazakhstan. In such conditions neither MEIKAM, nor MEKKAM-12 can not interest the traders. Demand is very small. Even the repayment of MEKKAM- 3, which was held on Tuesday - unusual day for SS repayment in Kazakhstan, did not help the emitter. By the results of an analysis of currency market it seems as if the money received from the repayment will be used by the banks on U.S. dollar market tomorrow as the notes will be offered only on Thursday.