Complete results of MEKKAM-12 #44 offering
24.04.00 00:00
/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.