Complete results of MEKKAM-6 #128 offering

/IRBIS, March 13, 00/ - On March 13 the Ministry of Finance of Kazakhstan with the National Bank held the 126th auction for offering MEKKAM-6 (182 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 similar tranche: Type of the securities MEKKAM-6 MEKKAM-6 NSIN KZ46L1409A09 KZ46L0709A08 KASE trade code MKM006.128 MKM006.126 IRBIS registration number 128/6 126/6 Par value, tenge 100.00 100.00 Issuance date March 13,2000 March 6,2000 Circulation start date March 16,2000 March 9,2000 Maturity date Sep.14,2000 Sep.7,2000 Days in circulation 182 182 Number of Primary dealers 11 (+ 3) Demand, mln KZT 386,6 (+ 40,4) WA yield on demand, % APR 17,20 (- 0,29) Planned volume, mln KZT 500,0 ( 0) Actual volume, mln KZT 185,1 (- 3,9) Cut-off price, % of par value 92,24 ( 0) Weighted average price, % of par value 92,24 ( 0) Maximum yield, % APR 16,83 ( 0) Weighted average yield, % APR 16,83 ( 0) Effective weighted average yield, % APR 17,53 ( 0) The Ministry of finance says no applications were submitted by non- residents. There were no any sufficient changes in the MEKKAM-6 primary market, as well as in contractors behavior. The demand was stable and low. The investors did not try to decrease the rates because in the current situation the Ministry of Finance's position is firm. MEKAVM with same circulation term is much more attractive to the investors now. But the Ministry of Finance does not issue them, being afraid of high debt service price.