Complete results of notes-42 #394 offering

/IRBIS, May 4, 00/ - Today the National Bank of Kazakhstan held the 394th auction for offering notes with KZT100 par value and 42 day circulation term. Announced volume of the issue is set by the emitter at KZT200 mln. Size of satisfaction of non-competitive applications is 60% of specified amount. The auction was held with additional placement conducted the same day. Following is the complete offering data and comparison with previous similar issue: Type of the securities Notes-49 Notes-49 NSIN KZ96K1606A00 KZ96K0505A04 KASE trade code NTK394.042 NTK382.042 IRBIS registration number 394/N 382/N Par value, tenge 100.00 100.00 Issuance date May 4,2000 March 24,2000 Circulation start date May 5,2000 March 24,2000 Maturity date June 16,2000 May 5,2000 Days in circulation 42 42 Number of Primary agents 16 (+ 5) Demand, mln KZT 1 649.8 (+ 816.7) WA yield on demand, % APR 12.84 (- 0.27) Planned volume, mln KZT 200.0 (-100.0) Actual volume, mln KZT 994.5 (+ 326.9) Cut-off price, % of par value 98.58 (+ 0.05) Weighted average price, % of par value 98.58 (+ 0.05) Maximum yield, % APR 12.48 (- 0.45) Weighted average yield, % APR 12.48 (- 0.45) Effective weighted average yield, % APR 13.19 (- 0.50) Very high tenge liquidity of banks and tenge stability are the key factors that affected primary notes' market. The National Bank's reaction was the same as of the Ministry of Finance. The issuer virtually ignored high demand volume and conducted floatation trying maximally decrease debt servicing costs. IRBIS experts consider that the National bank could conduct this tactic for sufficiently long time.