Complete results of MEKKAM-3 #261 offering

/IRBIS, March 16, 00/ - On March 16 the Ministry of Finance of Kazakhstan with the National Bank held the 361st auction for offering MEKKAM-3 (91 days). Announced volume of the issue is determined by the emitter at KZT300 mln. Size of satisfaction of noncompetitive applications is 60% of specified amount. Following is the complete offering data and comparison with previous similar tranche: Type of the securities МЕККАМ-3 МЕККАМ-3 NSIN KZ43L1606A03 KZ43L1905A01 KASE trade code MKM003.261 MKM003.260 IRBIS registration number 261/3 260/3 Par value, tenge 100.00 100.00 Issuance date March 16, 2000 Feb. 17, 2000 Circulation start date March 17, 2000 Feb 9, 2000 Maturity date June 14, 2000 May 7, 2000 Days in circulation 91 91 Number of Primary dealers 12 (- 2) Demand, mln KZT 770.6 (- 889.6) WA yield on demand, % APR 15.54 (+ 0.26) Planned volume, mln KZT 300.0 (+ 100.0) Actual volume, mln KZT 403.7 (+ 203.7) Cut-off price, % of par value 96.36 (+ 0.08) Weighted average price, % of par value 96.36 (+ 0.08) Maximum yield, % APR 15.11 (- 0.34) Weighted average yield, % APR 15.11 (- 0.34) Effective weighted average yield, % APR 15.99 (- 0.39) The Ministry of finance says no applications were submitted by non-residents. Emitter has managed to place MEKKAM-3 rather successfully after a month interval. At a sharp market interest in currency papers these SS look as the compromise settlement, taking into account small circulation term. And though the demand was considerably low than at the previous auction, the Ministry of Finance has executed its drawing plan and even has reduced somewhat a debt service. On Friday the Ministry of Finance will offer MEKKAM-3, obviously hoping on reinvest of the means, which will be received by the operators through the redemption of before issued securities. As they have the large circulation term and there will be National Bank's notes-63 offering, the demand, most likely, will be not so great. At the best Ministry of finance will manage to save the present level of MEKKAM-3 yield.