/KASE, August 12, 02/ - Kazakhstan stock exchange (KASE) informs that on
August 15, 2002 the specialized trades on primary floatation of East
Kazakhstan oblast bonds of the third issue will be held in the trade system
of KASE.
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 August 07 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 3
NSIN KZF2KY070035
KASE trade code 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 KZT15,410 - $100 at the rate of the
National Bank of Kazakhstan on the
date of primary floatation
Circulation start date August 17, 02
Maturity date (planned/actual) August 14, 09
Days in circulation 2,555 (7 years)
Type of coupon Semiannual
Coupon rate is a subject of trade
Coupon payments dates (planned/actual) 1 Feb 14, 03 / Feb 14, 03
2 Aug 16, 03 / Aug 18, 03
3 Feb 14, 04 / Feb 16, 04
4 Aug 15, 04 / Aug 16, 04
5 Feb 13, 05 / Feb 14, 05
6 Aug 15, 05 / Aug 15, 05
7 Feb 13, 06 / Feb 13, 06
8 Aug 15, 06 / Aug 15, 06
9 Feb 13, 07 / Feb 13, 07
10 Aug 15, 07 / Aug 15, 07
11 Feb 13, 08 / Feb 13, 08
12 Aug 14, 08 / Aug 14, 08
13 Feb 12, 09 / Feb 12, 09
14 Aug 14, 09 / Aug 14, 09
Register fixation term (coupon, repayment) 3 working days
Authorized issue volume, KZT 2,000,000,000.00
Calculation basis actual/365
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Date of specialized trades conducting August 15, 02
Time for applications presenting 9:00 - 13:00 AM ALT
Payment date (till 4:00 PM ALT) August 16, 02
Offering volume, KZT 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=154,05).
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 KZT15,410.
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 rate
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.
Planned floatation is the third attempt of the oblast to sell its seven-year
bonds. The first floatation was held in the trade system of KASE on July 24
of the current year. Bid exceeded offer more than twice, however the issuer
refused to float due to unacceptable price terms, stated by participants and
their clients. The second try was made on August 07. Demand exceeded
offer by KZT410.8 th. The issuer saw no possibility to close the deal even at
the minimum rate of 9.00% APR and refused to float at suggested price
parameters.
[2002-08-12]