National Bank notes-84 of #626 issue - floatation results

/IRBIS, Jan 31, 02/ - Today the National Bank of Kazakhstan (NBK) held the 625th auction for floatation of notes with KZT100 par value and 84 day circulation term. Size of satisfaction of noncompetitive applications is 50% of specified amount. Auction was conducted with extra floatation, realized during the day. Following are complete offering data and comparison with previous similar issue. --------------------------------------------------------- Type of the securities Notes-84 Notes-84 NSIN KZW1KD846262 KZW1KD846221 KASE trade code NTK626.084 NTK622.084 IRBIS registration number 626/N 622/N Par value, KZT 100.00 100.00 Offering date (auction) Jan 31,02 Jan 22,02 Settlement date Feb 01,02 Jan 23,02 Circulation start date Feb 02,02 Jan 24,02 Maturity date Apr 26,02 Apr 17,02 Days in circulation 84 84 Planned volume, KZT m 500.0 ( 0) Number of Primary agents 11 (+ 4) Demand, KZT m 3,379.5 (+ 2,167.9) WA yield on demand, % APR 6.51 (- 0.8) Actual volume, KZT m 2,865.8 (+ 1,848.7) Cut-off price, % of par value 98.64 ( 0) WA price, % of par value 98.64 ( 0) Maximum yield, % APR 5.97 ( 0) Weighted average yield, % APR 5.97 ( 0) Effective WA yield, % APR 6.10 ( 0) --------------------------------------------------------- Relative to previous floatation of notes (KZW1KD706250, notes-70 dated Jan 29, 2002) demand increased by KZT2,215.8m (2.9 times), actual volume of satisfied bids - by KZT2,192.4m (4.3 times), and bonds yields in effective terms increased from 5.57% APR to the value shown in the table. Auction is characterized by high demand. Such huge demand the National Bank hasn't received since March 30 of last year. The issuer hasn't refused from adequate big attraction, although notes yield remained at the same level. Therefore it can't be said about active sterilization of the market. Investors just float the money at offered terms. IRBIS specialists do not exclude a high level of monopolization of demand that means a possibility of huge bids package apply by only one or two investors.