Complete results of MEKKAM-6 #134 offering

/IRBIS, April 7, 00/ - Today the Ministry of finance of Kazakhstan with the National Bank held the 134th auction for offering MEKKAM-6 (182 days). Announced volume of the issue is KZT500 mln. Size of satisfaction of noncompetitive applications is 50% of specified amount. Following is the complete offering data and comparison with previous similar issue: Type of the securities MEKKAM-6 MEKKAM-6 NSIN KZ46L0610A06 KZ46L0510A07 KASE trade code MKM006.134 MKM006.133 IRBIS registration number 134/6 133/6 Par value, tenge 100.00 100.00 Issuance date Apr. 7, 2000 Apr. 3, 2000 Circulation start date Apr. 7, 2000 Apr. 6, 2000 Maturity date Oct. 6,2000 Oct. 5,2000 Days in circulation 182 182 Number of Primary dealers 8 (+ 2) Demand, mln KZT 773.9 (+ 675.4) WA yield on demand, % APR 16.99 (- 0.35) Planned volume, mln KZT 500.0 ( 0) Actual volume, mln KZT 509.1 (+ 459.1) 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. The SS redemption influenced demand stated today by the Primary dealers and their investors. It grown twice and became a little bit softer, that allowed to emitter to execute the placement plan and to keep yield at the former level. As follows from the speech of head of the National Bank of Kazakhstan at the Friday's press conference, the rigid position of the Ministry of finance in the SS market is explained by the coordinated activity of the Bank and the Ministry of Finance. They realize the program of attraction of banks' free means in the sector of real economy. It includes steady decline of the SS yield and some internal debt contraction that, along with other measures should cause banks to credit a real sector. At such conditions the Ministry of finance can allow itself to work with a negative net - drawing balance, and the budget deficiency should be covered at the expense of other incomes. Thus, the Ministry of Finance at any conditions will not increase the securities' yield will issue MEKAVM in the extreme cases only.