MEOKAM-48 of Ministry of Finance of Kazakhstan of the 29th issue - results of offering

/IRBIS, November 12, 02/ - Today the Ministry of Finance (MOF) and the National Bank of Kazakhstan held the 29th auction for MEOKAM offering (1460 days). Size of satisfaction for noncompetitive applications is 30% of specified amount. Following is the issue structure, results of bonds offering and comparison with previous similar comparable issue: ------------------------------------------------------------------------------------ Type of the securities МЕОКАМ-48 МЕОКАМ-48 NSIN KZK2KY040295 KZK2KY040261 KASE trade code MOM048.029 MOM048.026 IRBIS registration number 29/48 26/48 Par value, KZT 1,000.00 1,000.00 Offering date (auction) Nov 12,02 Sep 30,02 Payment date Nov 13,02 Oct 3,02 Circulation start date Nov 14,02 Oct 4,02 Maturity date (planned / actual) Nov 12,06/Nov 13,06 Oct 2,06/Oct 2,06 Days in circulation 1460 days 1460 days Coupon payments dates (planned / actual) 1 May 14,03/May 14,03 Apr 3,03/ Apr 3,03 2 Nov 13,03/Nov 13,03 Oct 3,03/Oct 3,03 3 May 13,04/May 13,04 Apr 2,04/Apr 2,04 4 Nov 13, 04/Nov 12,04 Oct 2,04/Oct 2,04 5 May 13,05/May 13,05 Apr 2,05/Apr 2,05 6 Nov 12,05/Nov 14,05 Oct 2,05/Oct 2,05 7 May 13,06/May 15,06 Apr 2,06/Apr 2,06 8 Nov 12,06/Nov 13,06 Oct 2,06/Oct 2,06 Planned volume. KZT m 1,500.0 (+ 500.0) Number of participants - Primary dealers 12 ( 0) Demand. KZT m 3,737.2 (- 2,582.2) Maximum yield on demand, % APR 15.00 (+ 5.00) Actual volume, KZT m 2,776.2 (+ 2,086.2) Fixed rate, % APR 8.00 ( 0) ------------------------------------------------------------------------------------ According to information of the Ministry of finance, there were no applications to the auction submitted by non-residents. Relative to previous successful floatation of МЕОКАМ (МЕОКАМ-36 #54, KZK2KY030544, interest rate 7.99% APR) demand fell by KZT62.8 m (1.7%), actual floatation volume rose by KZT956.2 m (52.5%). In this market's sector, as well as while floatation of National Bank's notes, nothing new occurred. A large volume of free tenge, which are in investors; possession, forms a large-volume and soft, by its price, demand for any Government bonds. Ministry of finance now seem to be fulfilling National Bank's functions. Being out of need, it issues new bonds connecting "excessive money", i.e. regulates money and at the same time restructures its debt towards making it longer and as cheaper as possible. It is notable that the Ministry of finance can use its high demand in order to decrease yield of MEKAM as quickly as possible. However it is not being done. In al probability, a model of balanced rates on instruments of different length is being realized. [2002-11-12]