KASE delisted bonds of Kazakhstan Temir Joly NSE and RENATA LLP due to their redemption

/IRBIS, June 25, 01/ - By the decision of the Board of Kazakhstan Stock Exchange following bonds are to be excluded from the stock exchange listing from June 25: - discount registered bonds of Kazakhstan Temir Zholy NSE of the first emission (KZ2CLALN6A19, category "A" of the official listing, TMJLb, June 23, 2000-June 23, 2001, $15m) - coupon registered bonds of RENATA LLP (Almaty region) of the first emission (KZ2C3AJK6A19, second admission level of the Non-listing securities sector, RENTb; $10; June 21, 00-June 21, 01; annual coupon - 18.0%; $0.280m) The bonds of Kazakhstan Temir Joly NSE (natural monopoly on railroad transportation) were admitted in the official listing on June 23, 2000. A total of 43 deals has been made over bonds for $21.3m (234.5 thousand bonds), including 32 deals in the purchase-sale sector - $7.8m (84.5 thousand bonds). Yield to maturity (dollar terms) varied from 6.00 to 11.50% APR. The yield of a last deal was 6.36%. Only single repo-opening deal has been made over bonds for KZT7.1m (500 bonds). The initial public offering of bonds has been made at two auctions. Weighted average rate equaled 11.4889% APR (dollar terms). Actual yield in tenge (bonds are serviced in tenge) estimated by IRBIS equals 14.5112% APR. So far, the company has not released any official information concerning redemption. Yet, it was disclosed that Bank TuranAlem OJSC, which had been servicing bonds floatation, executed all necessary settlements. The bonds of RENATA LLP (consumer goods production, retail and wholesale trade) have been traded at KASE since July 31, 2000. No a single deal has been made over bonds. The last time bonds were quoted in the trade system on April 11, 20001 at 100.33595% (net price). This equals to 15.00% of the yield. No bid quotations have been registered. According to the National Securities Commission, the offering report was registered on November 02, 2000. KASE does not have information on actual repayment of bonds (there are no such requirements under the second admission level). However, there is an information (unconfirmed by official documents) that bonds have been fully repurchased by the issuer on the secondary OTC market. Actual yield of bonds in tenge estimated by IRBIS (considering coupon rate, real exchange rates of US dollar) equals 21.27% APR. At present, the total capitalization of the stock exchange corporate bonds market equals $268.3m. The listing includes 16 bonds of 15 issuers, of which under category "A" - 15 bonds of 14 issuers.