Complete results of MEKKAM-3 #280 offering

/IRBIS, March 27, 01/ - Today the Ministry of Finance (MOF) and the National Bank of Kazakhstan held 280th auction for MEKKAM-3 offering (91 days). Announced volume of the issue is determined at KZT100 mln. Size of satisfaction for non-competitive applications is 50% of specified amount. Following is the complete offering data and comparison with previous similar comparable auction: Type of the securities MEKKAM-3 MEKKAM-3 NSIN KZ43L2806A17 KZ43L2405A12 KASE trade code MKM003.280 MKM003.279 IRBIS registration number 280/3 279/3 Par value, KZT 100.00 100.00 Issuance date March 27, 01 Feb 20, 01 Circulation start date March 29, 01 Feb 22, 01 Maturity date June 28, 01 May 24, 01 Days in circulation 91 91 Planned volume, mln KZT 100.0 ( 0) Number of Primary dealers 10 (+ 1) Demand, mln KZT 617.0 (+ 5.8) WA yield on demand, % APR 6.55 (- 0.62) Actual volume, mln KZT 100.0 ( 0) Cut-off price, % of par value 98.65 (+ 0.22) WA price, % of par value 98.65 (+ 0.22) Maximum yield, % APR 5.47 (- 0.91) WA yield, % APR 5.47 (- 0.91) Effective WA yield, % APR 5.59 (- 0.95) The Ministry of Finance says no applications were submitted by non- residents. The Ministry of Finance conducted the next "indicative" auction for MEKKAM-3 offering. There were no special reasons for the floatation of the shortest securities, since coupon payments for NSB are far away. However, it is necessary to do so once in a month to create a market indicator of the bond return. Despite an upcoming coupon payment on euronotes, the issuer did not increase the borrowing amount of the MEKKAM-3, as it is against the principles of debt restructuring, that the Ministry adheres to on the primary market.