Complete results of notes-63 #416 offering

/IRBIS, July 20, 00/ - Today the National Bank of Kazakhstan (NBK) held the 416th auction for offering notes with KZT100 par value and 63 days till maturity. Announced volume of the issue is set by the issuer at KZT500 mln. Size of satisfaction of non-competitive applications is 60% of specified amount. Auction was held with additional offering conducted during the day. Following are complete offering data and comparison with previous similar issue. Type of the securities Notes-63 Notes-63 NSIN KZ99K2209A06 KZ99K1509A05 KASE trade code NTK416.063 NTK414.063 IRBIS registration number 416/N 414/N Par value, KZT 100.00 100.00 Issuance date July 20, 2000 July 13, 2000 Circulation start date July 21, 2000 July 14, 2000 Maturity date Sep. 22, 2000 Sep. 15, 2000 Days in circulation 63 63 Number of Primary agents 12 (+ 1) Demand, mln KZT 1,028.0 (- 1,188.8) WA yield on demand, % APR 10.47 ( 0) Planned volume, mln KZT 500.0 ( 0) Actual volume, mln KZT 604.0 (- 447.6) Cut-off price, % of par value 98.27 (+ 0.02) WA price, % of par value 98.27 (+ 0.02) Maximum yield, % APR 10.17 (- 0.12) Weighted average yield, % APR 10.17 (- 0.12) Effective WA yield, % APR 10.59 (- 0.13) Today, the demand parameters again confirmed investors' interest in short- term SS. They are in growing deficit on the market. In comparison with Wednesday notes-49 floatation, demand decreased by KZT200 mln or by KZT1 bln comparably with last week issue of synchronous notes. Nevertheless, the demand is still high. Today, NBK somewhat changed tactics and was not tempted with maximal volume of floatation. Instead, it limited itself in volume closed to planned. Most likely, the sterilisation conducted on Wednesday was evaluated as to be sufficient to meet target of tenge strengthening. For instance, today's dollar market (afternoon) showed the expected situation. The general condition in the sector of primary floatation is not changing and favourable to the issuer. Besides reduction in costs of debt servicing and constant decrease of yield, it provides effective tool for monetary regulation by correcting the volume of free funds at the market. The National Bank of Kazakhstan has ended the thirtieth week of the year 2000 (July 17 - 23 )on primary market of SS with following results. With actual repayment amount of KZT947.2 mln, the issuer has raised KZT1,573.9 mln at two auctions. Weekly net-borrowing balance of the National Bank of Kazakhstan equalled positive KZT626.7 mln.