/IRBIS, Nov.23, 00/ - The Ministry of Finance of Kazakhstan intends to determine the coupon rate of the national savings bonds (NSB) of the 13th issue (KZ4CL2308A12) at the MEKKAM-3 offering auction to be held on November 28. An employee of the Ministry of Finance informed the KASE today.

As the IRBIS informed previously, tomorrow the Ministry of Finance should start paying coupons to the holders of the NSB-13 at 11.99% APR for a total of KZT4,496,250. By the rules, coupon payments should be made within 10 banking days.

Based on these regulations, floating interest rate of the NSB for the next quarter of circulation (following is the quote) "is set equal to average yield of three-month state short-term treasury bills (GKO) at weighted average discounted price that settles at the auctions of the Ministry of Finance and the National Bank of Kazakhstan during corresponding quarter, including the first circulation week of the bonds - for the first quarter - and the weeks when the interests are paid, which are indicated in the item 3 of this Regulations for subsequent quarters when the interest is charged" (end of quote). In other words, the rate for the new circulation quarter should be determined by the results of the MEKKAM-3 offering, which is held in the first week of this quarter. This offering is planned by the Ministry of Finance on November 28.

Not so long ago (October 26, 00), the Ministry of Finance had paid coupon on NSB-12 at 11.99% APR. After that, the yield of NSB-12 for the next circulation quarter was set at 7.37% APR by the results of the 273rd issue of MEKKAM-3 (KZ43L1901A13) on October 26, 00.