National Bank notes-56 of #614 issue - floatation results

/IRBIS, Jan 04, 02/ - Today the National Bank of Kazakhstan (NBK) held the 614th auction for floatation of notes with KZT100 par value and 56 day circulation term. Size of satisfaction of noncompetitive applications is 60% of specified amount. The auction was conducted with additional offering realized during the day. Following are complete offering data and comparison with previous similar issue. Type of the securities Notes-56 Notes-56 NSIN KZW1KD566142 KZW1KD565870 KASE trade code NTK614.056 NTK587.056 IRBIS registration number 614/N 587/N Par value, KZT 100.00 100.00 Offering date (auction) Jan 04, 02 Oct 31, 01 Settlement date Jan 04, 02 Nov 01, 01 Circulation start date Jan 05, 02 Nov 02, 01 Maturity date Mar 01, 02 Dec 27, 01 Days in circulation 56 56 Planned volume, KZT m 500.0 ( 0) Number of Primary agents 13 (+ 6) Demand, KZT m 1,604.0 (+1,361.1) WA yield on demand, % APR 8.09 (+ 1.72) Actual volume, KZT m 1,158.8 (+ 1,148.8) Cut-off price, % of par value 99.17 (- 0.01) WA price, % of par value 99.17 (- 0.01) Maximum yield, % APR 5.44 (+ 0.07) Weighted average yield, % APR 5.44 (+ 0.07) Effective WA yield, % APR 5.56 (+ 0.07) Relative to previous successful floatation of notes (KZW1KD276122, notes- 27 dated Dec 29, 01) demand declined by KZT741.8m (1.5 times), actual volume of satisfied applications - by KZT993.4m (1.9 times), bonds yield in effective terms increased from 5.55% APR up to the value shown in the table. It seems that the National bank tries to pick up as more as possible on notes. However, money market looks still competitive taking into account current value of shortest money including - from the National bank itself.