Complete results of notes-35 #388 offering

/IRBIS, Apr. 12, 00/ - On April 11 the National Bank of Kazakhstan held the 387th auction for offering notes with KZT100 par value. Circulation term is 35 days. Announced volume of the issue is KZT300 mln. Size of satisfaction of incompetitive applications is 60% of specified amount. The auction was held with additional placement, which was carried out the same day. Following is the complete offering data and comparison with previous similar auction: Type of the securities Note-35 Note-35 NSIN KZ95K1805A00 KZ95K1105A07 KASE trade code NTK388.035 NTK386.035 IRBIS registration number 388/N 386/N Par value, tenge 100.00 100.00 Issuance date April 11,2000 April 5,2000 Circulation start date April 13,2000 April 6,2000 Maturity date May 18,2000 May 11,2000 Days in circulation 35 35 Number of participants - Primary dealers 669.7 (- 743.0) Demand, mln KZT 12.95 (- 0.64) WA yield on demand, % APR 567.0 (- 114.9) Planned volume, mln KZT 98.78 ( 0) Actual volume, mln KZT 98.78 ( 0) Cut-off price, KZT 12.84 ( 0) Weighted average price, KZT 12.84 ( 0) Maximum yield, % APR 13.61 ( 0) Weighted average yield, % APR 13.00 (- 0.08) Effective weighted average yield, % APR 13.75 (- 0.09) Dealers have against preferred notes to MEKKAM-6. However demand has appeared not so high. The reason is unwillingness of the National Bank to increase the drawing rate, which it quite low today practically on all SS. Working "against market" the National Bank and Ministry of Finance attempt to force the banks to credit the real sector of economics. It is remarkable, that the dealers have not attempted to press on the emitter. The National Bank inflexibility is obvious all have to accept the new rules of game. The forecasts are easy. The National Bank will use all opportunities to decrease the notes yield.