KASE made amendments to "Calculation of the deal amount and yields of bonds"

/IRBIS, March 27, 01/ - Due to an activation of the trades at the Kazakhstan Stock Exchange (KASE) upon putting out the quotations of MEIKAM, GB of the Ministry of Finance indexed towards the inflation, the Exchange on the basis of the Board's decision of March 26, 2001, made changes and amendments to the internal document "Calculation of the deal amount and yields of the bonds". "General definitions" section now contains the definition of MEIKAM as indexed state treasury bills. Moreover, it was specified that MEIKAM, both as NSB (national savings bonds), are quoted at the KASE in "dirty" prices (including accumulated interest), and yields to maturity of MEIKAM and NSB are not calculated in the trade system of the KASE. The need to put out the quotations of NSB and MEIKAM in "dirty" prices is explained by a floating coupons of these bonds. As the experience shows, no unified calculation method of the yields of these bonds has settled on the Kazakhstani market. Each participant is tend to predict the factors that affect the yields his own way. Therefore, the Exchange can not assume a responsibility to calculate accumulated interest for the deals made on secondary market based on the method that it considers justified, and leaves the participants with the right to determine this parameter of the deal by themselves.