National Bank notes-84 of #445 issue - floatation results
11.10.00 00:00
/IRBIS, Oct 11, 00/ - Today the National Bank of Kazakhstan (NBK) held the
445th auction for floatation of notes with KZT100 par value and 84 day
circulation term. Announced volume of the issue is set by the issuer at
KZT700 mln. Size of satisfaction of non-competitive applications is 50% 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-84
NSIN KZ9CK0401A18
KASE trade code NTK445.084
IRBIS registration number 445/N
Par value, KZT 100.00
Issuance date Oct 11, 00
Circulation start date Oct 12, 00
Maturity date Jan 04, 01
Days in circulation 84
Number of Primary agents 10
Demand, mln KZT 2,332.4
WA yield on demand, % APR 7.99
Planned volume, mln KZT 700.0
Actual volume, mln KZT 1,506.7
Cut-off price, % of par value 98.21
WA price, % of par value 98.21
Maximum yield, % APR 7.90
Weighted average yield, % APR 7.90
Effective WA yield, % APR 8.14
It is a first issue of notes with 84 days to maturity. Nevertheless, demand was
high and exceeded planned volume more than three times. It is notably that
today, the investors have to pay KZT950 mln for MEOKAM-24 and
MEKKAM-12 floated on Monday and Tuesday together with present notes
floatation. This fact did not affect demand parameters thus displaying excess
of free funds on the banks' accounts.
At the same time, payments made to NBK and the Finance ministry in the
size of KZT2.5 bln brought some pressure on the forex market. After present
auction, dollar off-exchange quotations feel down fixing decrease in demand
for the US dollar. Evening quotations of "overnight" interbank tenge
denominated deposits were the same as in morning (1.5-2.5/4.5% APR). In
the KASE repo sector real rates of borrowing rose today to 3.68% from 2.0%
at a previous day. Volume of repo opening operations varied for different
terms from KZT209.1 mln to KZT49.3 mln. The present situation indicates
that NBK's efforts in sterilisation of banks accounts are effective.