/KASE, August 05, 02/ - Kazakhstan stock exchange (KASE) informs that on
August 07, 2002 the specialized trades on primary floatation of East
Kazakhstan oblast bonds of the second and the third issues will be held in the
trade system of KASE.
This is a second trial of the oblast to offer its bonds of the mentioned
issues. The first floatation was conducted on July 24 of the current year in
the trade system of KASE. Bid exceeded offer more than twice, but the issuer
refused to float due to unacceptable price terms, stated by participants and
their clients.
Issuer of securities is the local executive body (akimat) of East Kazakhstan
oblast. Financial consultant of the issuer - TuranAlem Securities LLP (Almaty).
Legal advisor of the issues and the issuer - White&Case LLP (Almaty).
Financial agent of the issuer - Kazakhstan stock exchange CJSC (Almaty).
Register maintenance on bonds is carried out by Central securities depositary
CJSC (Almaty). Market-maker status of bonds at KASE was given to
TuranAlem Securities LLP.
As for the date of bonds floatation the issuer and its securities have no
credit ratings of international rating agencies.
Bonds are admitted to circulation at the Exchange by the decision of KASE
Board dated July 22, 2002 on the grounds of the Stock exchange council
decision dated July 19, 2002.
Following are issue parameters, announced by the issuer and its financial
consultants, and also main floatation parameters.
--------------------------------------------------------------------------------
Type of securities Inscribed coupon bond,
indexed to fluctuations
of tenge rate to dollar
Issue ordinal number 2 3
NSIN KZF2KY030021 KZF2KY070035
KASE trade code VKU036.002 VKU084.003
IRBIS registration number 2/36VKU 3/84VKU
Issue currency Kazakhstan tenge
Servicing currency Kazakhstan tenge
Type of indexation Par value to tenge rate
to US dollar of the National
Bank of Kazakhstan
Par value KZT15,405 - $100 at the National
Bank of Kazakhstan on the date
of primary floatation
Circulation start date August 10, 02 August 10, 02
Maturity date (planned/actual) Aug 08,05/ Aug 07,09/
Aug 08,05 Aug 07,09
Days in circulation 1,095 (3 years) 2,555 (7 years)
Type of coupon semiannual semiannual
Coupon rate Is a subject to a haggle
Coupon payments dates (planned/actual) 1 Feb07,03/Feb07,03 Feb07,03/Feb23,03
2 Aug09,03/Aug11,03 Aug09,03/Aug25,03
3 Feb07,04/Feb09,04 Feb07,04/Feb06,04
4 Aug08,04/Aug09,04 Aug08,04/Aug11,04
5 Feb06,05/Feb07,05 Feb06,05/Feb09,05
6 Aug08,05/Aug08,05 Aug08,05/Aug09,05
7 Feb06,06/Feb07,06
8 Aug08,06/Aug08,06
9 Feb06,07/Feb06,07
10 Aug08,07/Aug08,07
11 Feb06,08/Feb06,08
12 Aug07,08/Aug07,08
13 Feb05,09/Feb05,09
14 Aug07,09/Aug07,09
Register fixation term (coupon, repayment) 3 workdays 3 workdays
Authorized issue volume, KZT m 700,000,000.00 2,000,000,000.00
Calculation basis actual/365 actual/365
Date of specialized trades conducting August 07, 02
Time for applications presenting 9:00 - 12:00 AM ALT
Payment date (till 4:00 PM ALT) August 09, 02
Offering volume, KZT 390,000,000.00 310,000,000.00
--------------------------------------------------------------------------------
Indexed par value is calculated as a product of nominal price, mentioned in the
table (in KZT) and devaluation/revaluation temp coefficient (Kd), which in its
turn calculated as a ratio of dollar official rate, determined by the National
Bank of Kazakhstan in tenge (Xt) on the current date to a similar rate (Xo) on
the date of circulation start (Kd=Xt/Xo, Хо=153,70).
Interest accrual on bonds begins from the day next to the date of money
transfer by financial agent and is made during the whole circulation period,
including maturity day. The issuer has a right to execute the
before-the-appointed-time settlement with payment of interest for the time of
actual presence in circulation in the next period of the interest accrual.
The bonds are offered by an auction at par value. The subject of the trade is
coupon rate, which enters into KASE trade system as a price in percentage to
par value in the annual expression. Number of bonds is stated in their par
value and has to be divisible to KZT15,405.
Satisfaction of applications on bonds acquisition is carried out by results of
specialized trades after making a procedure of cutting with one-hundredth step
of rate figure. Those applications are cut, whose yield exceeds the rate,
chosen by the issuer as a cut-off rate. All applications submitted at the rat
equal or less than cut-off rate will be satisfied at one yield, which is equal
to cut-off rate. The issuer might satisfy all or a part of applications, whose
rates are equal to cut-off rate. In this case the applications are satisfied in
the order of presenting.
Only limited (competitive) applications are allowed to participate during
the specialized trades.
Applications can be submitted only by KASE members of "K": category (the right
to participate in trades in government securities, admitted to circulation at
KASE). Investors can present applications through broker dealer companies,
which are KASE members of this category. A complete list of "K" category
KASE members is shown in the Exchange site in Internet
(
http://www.kase.kz/kasemembers/).
Municipal debt can be acquired by pension assets management companies
(PAMC) at the expense of pension funds accounts only with presence of
corresponding permission of the National Bank of Kazakhstan, which gives a
right for every issue. Till present, KASE has no appropriate document regarding
East Kazakhstan bonds of the second and the third issues. It will be informed
later about the decision of the NBK.
[2002-08-05]