/KASE, March 15, 02, official press release of the exchange/ - From March
18 through April 19, 2002 at Kazakhstan stock exchange (KASE)
specialized trades on first floatation of first issue inscribed coupon indexed
non-subordinated bonds of SB Alfa-Bank OJSC (KZ2CKY06A497; official list
of securities of KASE category "А", ALBNb1; 1.5bn tenge; 15,000 tenge; Feb
28,02 - Feb 28,08; semiannual coupon at 9.0% APR).
According to bonds issue terms, their par value is indexed at devaluation
(revaluation) rate of Kazakhstan tenge to USD (Kd), which is calculated as a
ratio of current weighted average exchange rate of USD (Xt) during morning
session of KASE to analogous rate (Xo) on a date of circulation starting
(Kd=Xt/Xo, Хо=152,12); number of decimals and method of round-up of Kd
is set by internal documents of KASE.
Another feature of bonds is their coupon rate, which is floating. During first
18 months of bonds circulation its amount will account for 9.0% in annual
calculation from indexed par value of security. In the following 18-month
periods of circulation interest rate will be determined by a decision of the
Board of the issuer and announced by it not later than 20 calendar days prior
to the end of each 18-month period of circulation. At hat the rate in any case
cannot be lower than LIBOR rate on 12-month bank deposits in USD on the
date of announcement of new interest rate.
Specialized trades will be held in the trade system of KASE in the form of
open trades by main method of the exchange. A difference of held floatation
from usual trades at secondary exchange market is that only the issuer's
agent on floatation will offer the bonds - KIB ASSET MANAGEMENT Ltd LLP
(Almaty) and the trades will be held without levying of commissions of
the exchange.
Bids to trade system of the exchange for the bonds acquisition can be
submitted from 11:30AM to 5:00PM of Almaty time (ALT) on working days
apart from Friday, on Fridays - from 11:30AM to 3:00PM. The bonds
purchased during floatation should be paid by the buyers till 4:00PM ALT
on each Friday. There will be additional announcement about the trade and
settlements regime on pre-holiday day March 21.
Bids for bonds acquisition should be submitted by brokers in clean (without
accumulated interest) prices in percents to indexed face value with accuracy
at four decimals. At that a broker should take into account that accumulated
interest is accrued on indexed par value of the bond. Number of financial
instruments in a bid should correspond to aggregate indexed par value of
securities in tenge. Volume of a bid is calculated as a product of number of
financial instruments and a price with taking into account accumulated
interest divided by 1000.
Bids can be submitted only by members of the exchange 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 in Internet.
KASE emphasizes that pension assets management companies at the
expense of pension assets can buy the bonds since they are included into
official list of securities of the exchange under category "A".