Complete results of MEKKAM-6 #125 offering

/IRBIS, Mar. 02, 00/ - On March 02 the Ministry of finance of Kazakhstan with the National Bank held the 125th 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 KZ46L0109A04 KZ46L2408A08 KASE trade code MKM006.125 MKM006.124 IRBIS registration number 125/6 124/6 Par value, tenge 100.00 100.00 Issuance date Mar.02,2000 Feb.21,2000 Circulation start date Mar.02,2000 Feb.24,2000 Maturity date Sep.01,2000 Aug.24,2000 Days in circulation 182 182 Number of Primary dealers 7 (- 5) Demand, mln tenge 391.8 (- 856.7) Weighted average yield on demand, % APR 17.49 (+ 0.38) Planned volume, mln tenge 500.0 ( 0) Actual volume, mln tenge 267.5 (- 450.9) Cut-off price, % of par value 92.24 (+ 0.01) Weighted average price, % of par value 92.24 (+ 0.01) Maximum yield, % APR 16.83 (- 0.02) Weighted average yield, % APR 16.83 (- 0.02) Effective weighted average yield, % APR 17.53 (- 0.03) The Ministry of finance says no applications were submitted by non- residents. Today Ministry of Finance competed on the Primary State Securities market with the National Bank. The most part of free money was spent at the notes placement. Result could be better if the Ministry of Finance offered securities of the same length. However MEKKAM emitter is not interested in issue of currency papers. The actual tenge redemption rates could be unacceptable for the budget. In opinion of the IRBIS experts, securities issue at the lower, than earlier, yield, could be considered as success of the Ministry of finance. Even on the threshold of spring the financial market of country looks stable. And the participants regard the small devaluation acceleration as temporary.