Complete results of MEKAVM-12 #7/2B offering

/IRBIS, March 9, 00/ - On March 9 the Ministry of finance of Kazakhstan with the National Bank held the 6th auction for offering MEKAVM-12 (364 days). Announced volume of the issue is determined by the emitter at $4 mln. 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 МЕКАVМ-12 МЕКАVМ-12 NSIN KZ4CL0903A15 KZ4CL0203A12 KASE trade code МBМ012.007 МBМ012.006 IRBIS registration number 07/12B 06/12B Par value, tenge 100.00 100.00 Issuance date March 9,2000 March 3,2000 Circulation start date March 10,2000 March 3,2000 Maturity date March 9,2001 March 2,2001 Days in circulation 364 364 Number of Primary dealers 12 (- 1) Demand, mln USD 18.5 (- 6.8) Weighted average yield on demand, % APR 10.11 (+ 0.01) Planned volume, mln USD 4.0 ( 0) Actual volume, mln USD 11.1 (+ 2.4) Cut-off price, % of par value 90.97 (+ 0.06) Weighted average price, % of par value 90.97 (+ 0.06) Maximum yield, % APR 9.93 (- 0.07) Weighted average yield, % APR 9.93 (- 0.07) Effective weighted average yield, % APR 9.93 (- 0.07) The yield is given in currency terms. The Ministry of finance says no bids were made by non-residents. The Ministry of Finance has offered to the market what it waits. Though in the current situation the tenge actual rate of currency securities can be rather high at the redemption, but the debt service dictates the rules. The last week negative balance has required to change a tactics and to return temporarily to MEKAVM. The emitter has made its best using a big and soft demand to reduce debt service cost and to increase volume of drawing. It could be hardly probable using MEKKAM.