Complete results of MEKKAM-6 #146 offering

/IRBIS, May 25, 00/ - Today the Ministry of finance of Kazakhstan with the National Bank held the 146th auction for offering MEKKAM-6 (182 days). Announced volume of the issue is determined by the emitter at KZT400 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-6 MEKKAM-6 NSIN KZ46L2411A03 KZ46L2311A04 KASE trade code MKM006.146 MKM006.145 IRBIS registration number 146/6 145/6 Par value, KZT 100.00 100.00 Issuance date May 25, 2000 May 22, 2000 Circulation start date May 26, 2000 May 25, 2000 Maturity date Nov.24, 2000 Nov.13, 2000 Days in circulation 182 182 Number of Primary dealers 6 (- 4) Demand, mln KZT 483.9 (- 320.3) WA yield on demand, % APR 15.22 (- 0.23) Planned volume, mln KZT 400.0 (- 100.0) Actual volume, mln KZT 222.1 (- 251.0) Cut-off price, % of par value 93.16 (+ 0.22) Weighted average price, % of par value 93.16 (+ 0.22) Maximum yield, % APR 14.68 (- 0.51) Weighted average yield, % APR 14.68 (- 0.51) Effective weighted average yield, % APR 15.22 (- 0.55) The Ministry of finance says no applications were submitted by non- residents. The issuer continues to use the conjuncture of the market to lower the servicing cost of its debt. As the results of the dealers' poll show, held by REUTERS today, banks are leaving the dollar and invest into SS with pleasure today. "There is no alternative. Now the main task of commercial banks is to invest the money the way that yields income, and since the longest papers have the highest return, they are in great demand", said the dealer of one Kazakhstani banks to REUTERS today. The demand could be even higher. However, today the National Bank was also holding the offering of its bonds, and part of the demand was drawn to that segment of the market. In IRBIS specialists' opinion, on Friday the participants of MEKKAM-3 offering can create more greater demand, and the issuer will be able to lower the yield of MEKKAM again. More than that, volume of current servicing of the Ministry of finance's debt in this week did not exceed KZT787.0 mln.