Complete results of MEKKAM-12 #44 offering

/IRBIS, Apr.24, 00/ - Today the Ministry of finance of Kazakhstan with the National Bank held the 44th auction for offering MEKKAM-12 (364 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 auction: Type of the securities MEKKAM-12 MEKKAM-12 NSIN KZ4CL2604A13 KZ4CL2004A19 KASE trade code MKM012.44 MKM012.43 IRBIS registration number 44/12 43/12 Par value, tenge 100.00 100.00 Issuance date Apr.24,2000 Apr.20,2000 Circulation start date Apr.27,2000 Apr.21,2000 Maturity date Apr.26,2001 Apr.20,2001 Days in circulation 364 364 Number of Primary dealers 6 (- 7) Demand, mln KZT 124.6 (- 7.4) WA yield on demand, % APR 17.99 (- 0.49) Planned volume, mln KZT 500.0 ( 0) Actual volume, mln KZT 72.5 (+ 42.5) Cut-off price, % of par value 84.76 ( 0) Weighted average price, % of par value 84.76 ( 0) Maximum yield, % APR 17.98 ( 0) Weighted average yield, % APR 17.98 ( 0) Effective weighted average yield, % APR 17.98 ( 0) The Ministry of finance says no applications were submitted by non- residents. Demand parameters of MEKKAM-12 offerings are cyclical. Demand falls if the securities are offered at the beginning of the week, sometimes getting tougher in terms of price. When offered at the end of the week, demand usually goes up, and the prices in submitted applications rise. Such pattern is related solely to the repayment schedule of SS. At the end of the week the participants have an opportunity to reinvest the money they receive in their correspondent accounts, while it is hard to do so at the beginning of the week. This auction was not an exception. Only difference is that the yield in submitted applications did lower a bit. It helped the issuer to raise the amount of funds to be borrowed relative to previous issue, since the Ministry of finance is still working at a fixed rate.