Complete results of MEKKAM-12 #59 offering

/IRBIS, July 25, 00/ - Today the Ministry of Finance and the National Bank of Kazakhstan held 59th auction for MEKKAM-12 offering (364 days). Announced volume of the issue is determined at KZT300 mln. Size of satisfaction for incompetitive applications is 50% of specified amount. Following is the complete offering data and comparison with previous similar auction: Type of the securities MEKKAM-12 MEKKAM-12 NSIN KZ4CL2607A10 KZ4CL1907A19 KASE trade code MKM012.59 MKM012.58 IRBIS registration number 59/12 58/12 Par value, KZT 100.00 100.00 Issuance date July 25, 00 July 17, 00 Circulation start date July 27, 00 July 20, 00 Maturity date July 26, 01 July 19, 01 Days in circulation 364 364 Number of Primary dealers 10 (+ 1) Demand, mln KZT 761.5 (+ 471.9) WA yield on demand, % APR 13.90 (- 1.04) Planned volume, mln KZT 300.0 ( 0) Actual volume, mln KZT 254.0 (+ 99.5) Cut-off price, % of par value 87.82 (+ 0.07) Weighted average price, % of par value 87.82 (+ 0.07) Maximum yield, % APR 13.87 (- 0.09) Weighted average yield, % APR 13.87 (- 0.09) Effective weighted average yield, % APR 13.87 (- 0.09) The Ministry of finance says no applications were submitted by non- residents. The issuer of MEKKAM still demonstrates its independence from the market conjuncture. Despite a significant decline in the yields in submitted applications, the Ministry of finance did not increase the borrowing amount and focused on further reduction of servicing cost of its debt. The Ministry of finance ended the thirty first week of the year 2000 (July 24 - 30) on the primary market for GS with following results. With actual repayment volume of KZT4,248.9 mln, the issuer raised KZT949.3 mln at two auctions. Weekly net-borrowing balance of the Ministry of finance equalled negative KZT3,299.6 mln.