/KASE, August 6, 02, resent in accordance with errors in the dates of coupon
payments/ - 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 the second attempt 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 depositary
of securities CJSC (Almaty). Market-maker status of bonds at KASE was
given to TuranAlem Securities LLP.
On the date of bonds floatation the issuer and its securities have no credit
ratings of the world rating agencies.
Bonds have been 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. As dates of bonds
circulation starting, coupon payments and redemption were attached by
issue terms to the date of primary floatation conducting, parameters
announced at public offering on July 24 have been annulled by the issuer.
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Type of securities Inscribed coupon bond,
indexed to fluctuations
of KZT rate to USD
Issue ordinal number 2 3
NSIN KZF2KY030021 KZF2KY070035
KASE trade code VKU036.002 VKU084.003
Issue currency Kazakhstan tenge
Servicing currency Kazakhstan tenge
Type of indexation Par value at tenge rate of exchange
to US dollar of the National
Bank of Kazakhstan
Par value KZT15,405 - $100 at the rate of the
National Bank of Kazakhstan on the
date of primary floatation
Circulation start date August 10, 02 August 10, 02
Maturity date (planned/actual) Aug08,05/Aug08,05 Aug07,09/Aug07,09
Days in circulation 1,095 (3 years) 2,555 (7 years)
Type of coupon Semiannual Semiannual
Coupon rate Is a subject of the haggling
Coupon payments dates (planned/actual) 1 Feb07,03/Feb07,03 Feb07,03/Feb07,03
2 Aug09,03/Aug11,03 Aug09,03/Aug11,03
3 Feb07,04/Feb09,04 Feb07,04/Feb09,04
4 Aug08,04/Aug09,04 Aug08,04/Aug09,04
5 Feb06,05/Feb07,05 Feb06,05/Feb07,05
6 Aug08,05/Aug08,05 Aug08,05/Aug08,05
7 Feb06,06/Feb06,06
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 working days 3 working days
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
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Indexed par value is calculated as a product of face value, mentioned in the
table (in KZT) and devaluation/revaluation temp coefficient (Kd), which, in its
turn, is 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 prescheduled
bonds redemption 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 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 must 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 may satisfy all or a part of applications, whose
rates are equal to cut-off rate. In this case the applications are satisfied in
the submitted order.
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 promissory notes can be purchased 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 is given for each issue. By the moment KASE has no
appropriate document regarding East Kazakhstan oblast's bonds of the
second and the third issues. The decision of the National Bank of
Kazakhstan regarding it will be announced later.
[2002-08-06]