/KASE, May 24, 02/ - Kazakhstan stock exchange (KASE) informs that on
May 28,2002 at KASE there will be held specialized trades on primary
floatation of inscribed coupon indexed bonds of National atomic company
Kazatomprom CJSC (NAC Kazatomprom, Almaty) of first issue (K
KZ2CKY05A523, official list of KASE securities under category "А", KZAPb1,
KZT2.3bn; KZT100; Apr 01,02 - Apr 01,07; semiannual coupon at 8.5%
The issuer intends to float at the trades bonds for amount of par value 300m
tenge (13.0% of announced volume of issue).
According to issue terms, par value of bonds is indexed at rate of tenge
devaluation (revaluation) to USD (Kd), which is calculated as a ratio of
current weighted average rate if USD to tenge (Xt) formed at morning
session of KASE to analogous rate (Xo) on date of circulation starts of bonds
(Kd=Xt/Xo, Хо=152.41); number of decimal figures and method of Kd round-
up is set by internal documents of KASE.
Specialized trades will be held in trades system of KASE from 11:30AM to
03:00PM ALT in the form of open trades. Difference of coming floatation
from usual trades at secondary exchange market is that the bonds will be
offered only by the issuer agent on floatation - Fondovyi Service CJSC
(Almaty) at acceptable for the issuer prices and the trades will be made
without levying commission fee of the exchange.
Bids for bonds purchase must be submitted by brokers in clean (without
accumulated interest) prices expressed in percents of indexed par value of
security with accuracy up to four decimal figures. At that broker must take
into consideration that accumulated interest is calculated on indexed par
value of bond. Number of financial instruments in a bid must correspond to
aggregate indexed par value of securities expressed in tenge. Bid volume is
calculated as a product of number of financial instruments and price with
accumulated interest divided by 100.
Acquired at specialized trades bonds must be paid till 04:00PM ALT on May
The bids can be submitted only by KASE members of category "P" (the right
to participate in trades with corporate securities included into official list
of the exchange securities). Investors may submit bids through these legal
entities. Complete list of KASE members of category "P" is published at the
exchange site in Internet: http://www.kase.kz/kasemembers/.
KASE draws attention to that the bonds can be acquired by pension assets
management companies (PAMC) at the expense of pension funds assets
since securities are in official list of KASE securities under category "A".
Let's remind that on May 24 NAC Kazatomprom made an attempt for
primary floatation of similar volume of bonds at specialized trades of KASE
with satisfaction of submitted bids at a single price - cut-off price. Demand
exceeded supply as much as 3.5 times. However, price parameters of
demand (weighted average yield of bonds to maturity calculated on the entire
demand accounted for 9.54% APR) were considered by the issuer as
unacceptable and he refused from floatation.