Investment attractiveness of financial instruments at KASE from March 9 through 15, 2000

/IRBIS, March 10, 00/ - Following is the table that allows to compare investment attractiveness of the financial instruments, which were regularly traded or quoted (thanks to the market-makers) at KASE from February 24 through March 1. In parentheses - figures of previous period. Financial instrument Currency Yield, % APR. -------------------- -------- --------------- KZT (SS repo) KZT *8.65 (7.09) KZT (PIS repo) KZT *14.00 ( -) АVМЕКАМ USD 11.11 (11.69) KKGBb USD 11.86 (11.85) KOMBb USD 9.77 (10.33) BTAS USD 12.26 (11.80) МЕККАМ, notes KZT *15.47 (16.01) MEKAVM, MGU USD *8.92 (8.54) Euronotes-2 USD 9.76 (9.70) Euronotes-3 USD 10.97 (11.07) -------------------- -------- --------------- Notes: Yield of BTAS was calculated for 5 days by ask quotations; yield of KKGBb - by deals; KOMBb - as average for bid quotations. The yields, shown here, do not incorporate overhead expenses that are inevitable when conducting operations and fixing profits (commission and tax collections, membership fees etc). Marked by a star are the instruments with less than a year circulation term. Weighted average effective yields are given for them. When analyzing the figures given in the tables of current review one should take into account that from March 15 KASE, and IRBIS respectively, changed the yield to maturity calculation algorithm of coupon bonds (in this table - AVMEKAM, KKGBb, KOMBb, euronotes) that are traded at the Exchange. Previously, the yield, as an additional information on the trades, was calculated by a simplified algorithm which allows to approximately assess the full yield to maturity of the bonds based on net (without accumulated interest) prices of the quotations and the deals, expressed in percentages of par value of the securities and the debt being traded. Now, KASE specialists implemented more advanced algorithm. Therefore, from March 15 values of the yields given by IRBIS for the deals made earlier may differ from that published previously. Average tenge devaluation rate is estimated in the week by a trend of 5.4% APR.