MEOKAM-48 of Ministry of Finance of Kazakhstan of the 30th issue - results of offering

/IRBIS, November 18, 02/ - Today the Ministry of Finance (MOF) and the National Bank of Kazakhstan held the 30th auction for MEOKAM-48 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 KZK2KY040303 KZK2KY040295 KASE trade code MOM048.030 MOM048.029 IRBIS registration number 30/48 29/48 Par value, KZT 1,000.00 1,000.00 Offering date (auction) Nov 18,02 Nov 12,02 Payment date Nov 20,02 Nov 13,02 Circulation start date Nov 21,02 Nov 14,02 Maturity date (planned / actual) Nov 19,06/Nov 20,06 Nov 12,06/Nov 13,06 Days in circulation 1460 days 1460 days Coupon payments dates (planned / actual) 1 May 21,03/May 21,03 May 14,03/May 14,03 2 Nov 20,03/Nov 20,03 Nov 13,03/Nov 13,03 3 May 20,04/May 20,04 May 13,04/May 13,04 4 Nov 19, 04/Nov 19,04 Nov 13, 04/Nov 12,04 5 May 20,05/May 20,05 May 13,05/May 13,05 6 Nov 19,05/Nov 21,05 Nov 12,05/Nov 14,05 7 May 20,06/May 22,06 May 13,06/May 15,06 8 Nov 19,06/Nov 20,06 Nov 12,06/Nov 13,06 Planned volume. KZT m 2,000.0 (+ 500.0) Number of participants - Primary dealers 7 (- 5) Demand. KZT m 1,871.0 (- 1,866.2) Maximum yield on demand, % APR 15.00 ( 0) Actual volume, KZT m 350.0 (- 2,426.2) 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 #55, KZK2KY030551, interest rate 7.40% APR) demand fell by KZT4,946.3 m (3.6 times), actual floatation volume of floatation - by KZT3,143.8 m (10.0 times). In the opinion of IRBIS specialists decrease of demand for МЕОКАМ was caused by two factors: falling of short-term liquidity at the market that was caused by budget payments, and floatation of bonds of Kazakhstan Mortgage Company CJSC (Almaty), which seem to be for Kazakhstan investors rather interesting. It should be noted that as regards prices demand for МЕОКАМ has become significantly more strict. [2002-11-18]