/KASE, Mar 04, 02, official press release of exchange/ - On March 05,2002
at Kazakhstan Stock Exchange (KASE) there will be held specialized trades
on initial offering of first issue inscribed coupon indexed non-
subordinated bonds of Development Bank of Kazakhstan CJSC
(Astana) (KZ2CUY03A396; official list of the KASE securities of category
"A", BRKZb1; KZT1,000; KZT4.5bn; Feb 15,02 - Feb 15,07, semiannual
coupon at 8.5% APR) issued unsecured.
According to bonds issue terms, their par value is indexed at the change of
the exchange rate of Kazakhstan tenge to USD. Indexation mechanism is a
multiplication of par value of security by devaluation/revaluation temp ratio
(Kd), which is calculated as a ratio of current weighted average exchange
rate of USD (Xt) during day session of KASE on a deal making date to
analogous rate (151.96 tenge per dollar) on a date of circulation starting
(February 15,2002). That is Kd=Xt/151.96.
Specialized trades will be held in the trade system of KASE from 11:30AM to
5:00PM of Almaty time. The bonds purchased at the auction should be paid
by the buyers until 4:00PM Almaty time on March 06, 2002.
The issuer plans to offer at the auction KZT1.5bn of debt in par value.
Competitive bids (limited in KASE terminology) as well as non-competitive
(market in KASE terminology) are admitted to the auction. Volume of non-
competitive bids satisfaction is stated in the amount of 70% of actually
satisfied demand.
Bonds are offered at a price. "Clean" price of the bonds (without
accumulated interest) should be expressed in the bids, in percents to
indexed face value with accuracy at fur decimals. Since parameter XT will
be determined only after 11:00 ALT February 05 accumulated interest as
well as parameter Kd in this message are given (in all settlements connected
with these bonds the time basis of 30/360 is used, the first accrual date is
Feb 15, 02.
Total non-indexed face value of the securities in the currency of the issue
should be indicated as the quantity of financial instruments in the bid. The
volume of submitted bids at the auction will be determined as the product of
the quantity of financial instruments and the price with indexed accumulated
interest divided by 100.
The bids for purchase (including market ones, i.e. non-competitive) - at cut-
off price. The issuer will satisfy all the bids, where the price is greater than
the cut-off price, as well as all or part of the bids, where the price is equal to
cut-off price. In last case the bids submitted to the trade system of the KASE
earlier will have superiority. Cut-off incremental is one ten thousandth of the
price.
The payments for the bonds acquired at specialized trades should be made
as an equivalent of total volume of satisfied bids in tenge.
Bids can be made only by members of KASE of category "P" (right to
participate in trades in corporate securities, which are admitted to official list
of the Exchange). Investors may submit bids through these legal entities.
Complete list of KASE members holding category "P" is published on
(
http://www.kase.kz/kasemembers/) web site of the Exchange.
The offered bonds according to effecting standard acts can be bought at the
expense of pension assets of non-state accumulative pension funds.