MEOKAM-60 of the Ministry of Finance of Kazakhstan issue #4 - complete offering results

/IRBIS, July 16, 01/ - On July 16, 2001 the Ministry of Finance and the National Bank of Kazakhstan held the fourth auction for 5-year MEOKAM-60 floatation (1,825 days). Size of satisfaction of incompetitive applications is 50% of specified amount. Following are issue structure and complete offering results. ------------------------------------------------------------------------------ Type of the securities MEOKAM-60 MEOKAM-60 NSIN KZ55L1807A62 KZ55L0606A67 KASE trade code MOM060.004 MOM060.002 IRBIS registration number 04/60 02/60 Par value, KZT 1.000.00 1.000.00 Issuance date 16.07.01 04.06.01 Payment day 19.07.01 07.06.01 Circulation start date 20.07.01 08.06.01 Maturity date (nominal/actual) July 18.06./.July 18.06 June 06.06./.June 06.06 Days in circulation 1,825.days 1825.days Coupon payments dates (nominal/actual) 1 Jan 17.02./.Jan 17.02 Dec 06.01./.Dec 06.01 2 July 19.02./.July 19.02 June 07.02./.June 07.02 3 Jan 17.03./.Jan 17.03 Dec 06.02./.Dec 06.02 4 July 19.03./.July 21.03 June 07.03./.June 09.03 5 Jan 17.04./.Jan 19.04 Dec 06.03./.Dec 08.03 6 July 18.04./.July 19.04 June 06.04./.June 07.04 7 Jan 16.05./.Jan 17.05 Dec 05.04./.Dec 06.04 8 July 18.05./.July 18.05 June 06.05./.June 06.05 9 Jan 16.01.06./.Jan 16.06 Dec 05.05./.Dec 05.05 10 July 18.06./.July 18.06 June 06.06./.June 06.06 Planned volume, mln KZT 450.0 (.0) Number of primary dealers 9 (.0) Demand, mln KZT 691.1 (-.364.8) Max. fixed yield on demand, % APR 35.00 (+.10.00) Actual volume, mln KZT 66.1 (-.222.8) Set up fixed yield, % APR 8.20 (.0) ------------------------------------------------------------------------------ The Ministry of Finance informs that non-residents did not submit any bids at the auction. On the background of increased market liquidity, the demand for MEOKAM has been locally. Thereafter issuer constantly had obstacles in planned volume offering, though it does not fore to review reward rate. Finance ministry ignores sizable borrowings in domestic market, especially - expensive ones. According to IRBIS irrespective attitude of investors towards MEOKAM-60 is due to money accumulating process to buy first issue euronotes (XS0131688227, $100m, June 28. 01 - June 28. 04) of TuranAlem Finance B.V. (Rotterdam, the Netherlands). TuranAlem Securities (Almaty)LLP prepares circulation of euronotes in domestic market. Three years euronotes at "clear" denomination in US dollars and issued under complete guarantee of Bank TuranAlem OJSC (Almaty) own semiannual coupon rate 11.50% APR and doubtlessly are still more attractive securities in domestic market. Basing upon REUTERS data euronotes are still being quoted at 98,99% of nominal (at Mid Price) what makes profit relatively to repayment of about 11.8% APR.