Complete results of notes-55 #395 offering

/IRBIS, May 6, 00/ - Today the National Bank of Kazakhstan held the 395th auction for offering notes with KZT100 par value and 55 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 (comparison with the previous period is absent): Type of the securities Notes-55 NSIN KZ98K3006A00 KASE trade code NTK395.055 IRBIS registration number 395/N Par value, tenge 100.00 Issuance date May 6,2000 Circulation start date May 6,2000 Maturity date June 30,2000 Days in circulation 55 Number of Primary agents 200.0 Demand, mln KZT 13 WA yield on demand, % APR 1,637.7 Planned volume, mln KZT 13.02 Actual volume, mln KZT 1,012.3 Cut-off price, % of par value 98.08 Weighted average price, % of par value 98.08 Maximum yield, % APR 12.96 Weighted average yield, % APR 12.96 Effective weighted average yield, % APR 13.68 The conducted emission is somehow different from the outline of previous issues of National Bank as it was intentioned for sterilization of commercial banks' correspondent accounts due to emerged speculative demand on dollar. This is clearly illustrated by the excess of drawn funds against the announced volume. This is not typical for the emitter, which, for the recent time, used every chance to decrease yields of its obligations. The auction results shows that the goal was fully achieved. The market was compliant and understood the positions of the central bank so that dealers, by no means, have not thought about investment in dollar. On the eve of holidays the National bank simply gave an opportunity to banks to place somewhere their free tenge funds.