National Bank notes-84 of #470 issue - floatation results

/IRBIS, Dec.8, 00/ - Today the National Bank of Kazakhstan (NBK) held the 470th 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 KZT800 mln. Size of satisfaction of non-competitive applications is 50% of specified amount. The auction was conducted with additional floatation that took place at the same day. Following are complete offering data. Type of the securities Notes-84 Notes-84 NSIN KZ9CK0203A18 KZ9CK2002A17 KASE trade code NTK470.084 NTK465.084 IRBIS registration number 470/N 465/N Par value, KZT 100.00 100.00 Issuance date Dec 08, 00 Nov 27, 00 Circulation start date Dec 08, 00 Nov 28, 00 Maturity date Mar 02, 01 Feb 20, 01 Days in circulation 84 84 Number of Primary agents 12 (+ 4) Demand, mln KZT 6,735.8 (+ 5,902.1) WA yield on demand, % APR 7.90 (- 1.26) Planned volume, mln KZT 800.0 (+ 100.0) Actual volume, mln KZT 6,103.1 (+ 5,583.5) Cut-off price, % of par value 98.22 ( 0) WA price, % of par value 98.22 ( 0) Maximum yield, % APR 7.85 ( 0) Weighted average yield, % APR 7.85 ( 0) Effective WA yield, % APR 8.09 ( 0) As it was expected, excessive liquidity resulted in very high demand for notes. It is worth to mention that the demand has never been so high on the single auction. The only exception is "non-market" floatation of MEKKAM-3 on Dec 31, 1998 (KZ43L0204990). It was a specific floatation and MOF redeemed it 5 days ahead of schedule. IRBIS analysts agreed that uncertainty of the forex market contributed to large volume of submitted bids. The National Bank adequately reacted and sterilised correspondent accounts of banks. The borrowing volume fixed at auction was also record breaking.