Complete results of notes-42 #373 offering

/IRBIS, March 02, 00/ - On March 02 the National Bank held the 373rd auction for offering notes with 100 tenge par value and 42 day circulation term. Announced volume of the issue is determined by the emitter at 300 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-42 Notes-42 NSIN KZ96K1404A01 KZ96K1003A09 KASE trade code NTK373.042 NTK366.042 IRBIS registration number 373/N 366/N Par value, tenge 100.00 100.00 Issuance date Mar.02, 2000 Jan.27, 2000 Circulation start date Mar.03, 2000 Jan.28, 2000 Maturity date Apr.14, 2000 Mar.10, 2000 Days in circulation 42 42 Number of the primary dealers 12 (+ 3) Demand, mln tenge 1 783.8 (+ 1 296.1) Weighted average yield on demand, % APR 13.20 ( 0) Planned volume, mln tenge 300.0 (+ 150.0) Actual volume, mln tenge 1 080.1 (+ 847.0) Cut-off price, % of par value 98.52 (+ 0.02) Weighted average price, % of par value 98.52 (+ 0.02) Maximum yield, % APR 13.02 (- 0.18) Weighted average yield, % APR 13.02 (- 1.18) Effective weighted average yield, % APR 13.79 (- 0.20) Contrary to the IRBIS analysts' expectations demand has appeared quite big and soft. It once again confirms that the professional market participants do not expect that the 15% p.a. dollar rate growth will be long. At the intermediate tendency (last 30 days) average speed of tenge devaluation is 13.03% p.a. Only two days ago this parameter was 9.5%. It is rather unrestrained trend. In contrast, dynamics of State Securities yield can be predicted more confidently. Maybe, it is the main dealer's reason to choice the National Bank notes. Emitter has demonstrated today the expressed desire to sterilize the banks' correspondent accounts through big placement. After placement ending both the dollar quotation and quoting activity in the interbank market has decreased. The placement results allow to believe that hereinafter the National bank will manage to reduce cost of debt service.