MEOKAM-36 of the Ministry of Finance of Kazakhstan issue #22 - complete offering results

/IRBIS, Jan 30, 01/ - Today the Ministry of Finance and the National Bank of Kazakhstan held the 22nd auction for MEOKAM-36 floatation (1,092 days). Announced volume of the issue is determined by the issuer at KZT400 mln. Size of satisfaction of noncompetitive applications is 50% of specified amount. Following are complete offering results and the comparison with previous similar auction. Type of the securities MEOKAM-36 MEOKAM-36 NSIN KZ53L2901A42 KZ53L2301A48 KASE trade code MOM036.022 MOM036.021 IRBIS registration number 22/36 21/36 Par value, KZT 1,000.00 1,000.00 Issuance date Jan.30, 01 Jan.25, 01 Payment day (till 11:00AM Almaty time) Feb.1, 01 Jan.26, 01 Circulation start date Feb.1, 01 Jan.26, 01 Maturity date Jan.19, 04 Jan.23, 04 Days in circulation 1,092 1,092 Coupon payments dates Aug.2, 01 July 27, 01 Jan.31, 02 Jan.25, 02 Aug.1, 02 July 26, 02 Jan.30, 03 Jan.24, 03 July 31, 03 July 25, 03 Jan.29, 04 Jan.23, 04 Planned volume, mln KZT 400.0 (- 100.0) Number of primary dealers 9 (- 1) Demand, mln KZT 1,605.1 (+ 1,354.0) Max. fixed yield on demand, % APR 60.00 ( 0) Actual volume, mln KZT 523.1 (+ 420.0) Set up fixed yield, % APR 16.85 (- 0.25) According to the Ministry of Finance (MOF) the non-residents made no applications. Based on the results of the auction, the liquidity of the market in tenge has been restored completely. Moreover, the Ministry of Finance has never received such a great demand at the offerings of his three-year bonds. In the opinions of IRBIS analysts, the reason is the schedule of issues. Current week is the first week when the Ministry of Finance offers only MEOKAM. Since the yields of MEOKAM-36 are higher than MEOKAM-24, with almost the same level of investment risk, free money of the investors was used to buy three-year papers. However, the Ministry of Finance used the demand mainly to lower the yields and exceeded the borrowing amount just slightly.