Complete results of MEOKAM-24 #9 offering

/IRBIS, June 13, 00/ - Today the Ministry of Finance and National Bank of Kazakhstan held the 9th auction for offering MEOKAM-24 (728 days). Announced volume of the issue is determined by the issuer at KZT300 mln. Size of satisfaction of incompetitive applications is 50% of specified amount. Following is the complete offering data and comparison with previous similar auction: Type of the securities MEOKAM-24 MEOKAM-24 NSIN KZ52L1306A20 KZ52L0606A29 KASE trade code MOM024.009 MOM024.008 IRBIS registration number 9/24 8/24 Par value, KZT 1,000.00 1,000.00 Issuance date June 13, 2000 June 6, 2000 Payment date (till 11:00AM Almaty time) June 15, 2000 June 8, 2000 Circulation start date June 15, 2000 June 8, 2000 Maturity date June 13, 2002 June 6, 2002 Days in circulation 728 728 Coupon payment dates Dec.14, 00 Dec.7, 00 June 14, 01 June 7, 01 Dec.13, 01 Dec.6, 01 June 13, 02 June 6, 02 Number of participants - Primary dealers 6 (+ 1) Demand, mln KZT 78.0 (- 110.9) Max fixed yield on demand, % APR 25.00 ( 0) Planned volume, mln KZT 300.0 ( 0) Actual volume, mln KZT 30.0 (+ 12.1) Stated fixed rate, % APR 16.30 ( 0) The Ministry of finance did not limit itself to just introducing two year papers to the market. On one hand, the second auction has registered 2.5 time decrease in the demand, on the other hand, more rational approach of the participants, thanks to which the Ministry of finance had been able to raise a big amount of money. Apparently, a specific buyer is developing for this type of securities, who is willing to buy them in small quantities at a given yield. Based on the results of the offering, most of the investors are displaying a modest interest in MEOKAM. However, it does not imply that in current situation with the budget the issuer will make concessions and will raise the yield of his bonds.