National Bank notes-77 of #592 issue - floatation results

/IRBIS, Nov 12, 01/ - Today the National Bank of Kazakhstan (NBK) held the 592nd auction for floatation of notes with KZT100 par value and 77 day circulation term. Size of satisfaction of noncompetitive applications is 60% of specified amount. The auction was conducted with additional floatation, realized during the day. Following are complete offering data and comparison with previous similar issue. Type of the securities Notes-77 Notes-77 NSIN KZW1KD775925 KZW1KD775891 KASE trade code NTK592.077 NTK589.077 IRBIS registration number 592/N 589/N Par value, KZT 100.00 100.00 Offering date (auction) Nov 12,01 Nov 02,01 Settlement date Nov 13,01 Nov 02,01 Circulation start date Nov 14,01 Nov 03,01 Maturity date Jan 29,02 Jan 18,02 Days in circulation 77 days 77 days Planned volume, KZT m 500.0 ( 0) Number of Primary agents 5 (- 6) Demand, KZT m 1,280.3 (- 99.0) WA yield on demand, % APR 5.94 (+ 0.15) Actual volume, KZT m 1,177.0 (+ 12.0) Cut-off price, % of par value 98.80 ( 0) WA price, % of par value 98.80 ( 0) Maximum yield, % APR 5.74 ( 0) Weighted average yield, % APR 5.74 ( 0) Effective WA yield, % APR 5.87 ( 0) Relative to last floatation of notes (KZW1KD775925, notes-63 from Nov 09,01) demand decreased by 626.3m tenge (1.5 times), actual volume of satisfied bids increased by 530.5m tenge (1.5 times), yield in effective expression has risen from 5.54 to value given in the table. Despite that at the interbank market the lack of free money is still being felt, demand for notes is held at high levels. This shows a heterogeneous liquidity of banks. Besides, a refuse of the Ministry of finance from MEKAM issue next week will make pension funds invest part of their assets into notes. It allows expect a rise of the given bids volume on next two auctions. The National Bank worked out the auction according to usual scheme, satisfying existing demand and not changing yield of own bonds. There were no any undertaken actions in direction of monetary regulation.