National Bank notes-91 of #719 issue - floatation results

/IRBIS, October 4, 02/ - Today the National Bank of Kazakhstan (NBK) held the 719th auction for floatation of notes with KZT100 par value and 91-day circulation term. Size of satisfaction of noncompetitive applications is 50% of specified amount. The auction was conducted with additional floatation, realized during the day. Following are complete offering data and comparison with previous similar issue. ------------------------------------------------------------------- Type of the securities Notes-91 Notes-91 NSIN KZW1KD917196 KZW1KD917048 KASE trade code NTK719.091 NTK704.091 IRBIS registration number 719/N 704/N Par value, KZT 100.00 100.00 Offering date (auction) Oct 4, 02 Aug 29, 02 Settlement date Oct 4, 02 Aug 29, 02 Circulation start date Oct 4, 02 Aug 29, 02 Maturity date Jan 3, 03 Nov 28, 02 Days in circulation 91 days 91 days Planned volume, KZT m 500.0 ( 0) Number of participants - Primary agents 4 (- 5) Demand, KZT m 4,449.6 (+ 1,133.7) WA yield on demand, % APR 5.84 (- 0.13) Actual volume, KZT m 4,439.8 (+ 1,329.8) Cut-off price, KZT 98.56 ( 0) WA price, KZT 98.56 ( 0) Maximum yield, % APR 5.84 ( 0) Weighted average yield, % APR 5.84 ( 0) Effective WA yield, % APR 5.97 ( 0) ------------------------------------------------------------------- Relative to the previous successful offering of notes (KZW1KD497173, notes-49 dated October 2, 2002) demand increased by KZT2,752.8m (2.6 times), actual volume of satisfied bids - by KZT2,862.1m (2.8 times), bonds yield in effective expression rose from 5.67% APR to the figure shown in the table. In the opinion of IRBIS specialists, the very high volume for the notes was caused by two factors - high volume of correspondent accounts of banks, which sell their clients' currency, and desire of most investors to use short and liquid notes as the "instrument of expecting" of more attractive bonds, which may appear at domestic market in the nearest future. [2002-10-04]