MEOKAM-48 of the Ministry of Finance of Kazakhstan issue #08 - complete offering results

/IRBIS, Aug 13, 01/ - Today the Ministry of Finance and the National Bank of Kazakhstan held eighth auction for offering of MEOKAM-48 (1,460 days). Size of satisfaction of incompetitive applications is 50% of specified amount. Following is structure of issue with complete offering results and comparison with previous similar issue. ---------------------------------------------------------------------- Type of the securities MEOKAM-48 MEOKAM-48 NSIN KZK2KY040089 KZK2KY040071 KASE trade code MOM048.008 MOM048.007 IRBIS registration number 08/48 07/48 Par value, KZT 1,000.00 1,000.00 Issuance date Aug 13, 01 Aug 07, 01 Payment date Aug 16, 01 Aug 09, 01 Circulation date Aug 17, 01 Aug 10, 01 Maturity date Aug 15, 05 Aug 08, 05 Days in circulation 1460 days 1460 days Coupon payments dates (nominal / actual) 1 Feb 14, 02/ Feb 07, 02/ Feb 14, 02 Feb 07, 02 2 Aug 16, 02/ Aug 09, 02/ Aug 16, 02 Aug 09, 02 3 Feb 14, 03/ Feb 07, 03/ Feb 14, 03 Feb 07, 03 4 Aug 16, 03/ Aug 09, 03/ Aug 18, 03 Aug 11, 03 5 Feb 14, 04/ Feb 07, 04/ Feb16, 04 Feb 09, 04 6 Aug 15, 04/ Aug 08, 04/ Aug 16, 04 Aug 09, 04 7 Feb 13, 05/ Feb 06, 05/ Feb 14, 05 Feb 07, 05 8 Aug 15, 05/ Aug 08, 05/ Aug 15, 05 Aug 08, 05 Planned volume, KZT m 300.0 ( 0) Number of primary dealers 9 (- 3) Demand, KZT m 450.1 (- 449.9) Max. fixed yield on demand, 20.00 ( 0) % APR Actual volume, KZT m 170.1 (- 129.9) Set up fixed yield, % APR 7.85 (- 0.13) ---------------------------------------------------------------------- The Ministry of Finance (MOF) informs that non-residents have submitted no applications on the auction. The decline of bid does not perplex The Ministry of finance at the processing of information submitted to the auction. Results of the auction testify about the increased interest of issuer in the reduction of profit, but not the planned indicator of attraction. It is notable that according to the information of the National bank the level of inflation by the end of June 2001 totaled - 9.0% and declined down to - 8.5%,by the end of July (during last twelve months). It is out of any dispute that current level of inflation is lower, now. However the presented information enable us to suppose about the real profit of current MEOKAM, which is close to zero and as for investors the only thing they have to do is to rely upon further increase of prices on the secondary market.