/KASE, May 26, 03/ - Kazakhstan stock exchange (KASE) informs that on
May 28 of 2003 in KASE's Trade system specialized trades on primary
additional floatation of municipal bonds of Atyrau oblast of the fourth issue
will be held.
The securities' issuer is domestic executive body (akimat) of Atyrau oblast.
The issuer's financial consultant is TuranAlem Securities LLP (Almaty).
Juridical consultant of the issuer and the issue is White & Case LLP
(Almaty). The issuer's financial agent is Kazakhstan stock exchange CJSC
(Almaty). Register on bonds is maintained by Central depository of securities
CJSC (Almaty). Status of bonds' market-maker at KASE has been assigned
to TuranAlem Securities LLP.
At present the issuer has long-term rating Ba2 on borrowings in domestic
and foreign currencies from rating agency Moody's Investors Service.
The bonds have been admitted for circulation at the stock exchange by the
decision of KASE's Council dated May 8 of 2003.
During primary floatation of bonds, which was held at KASE on May 14, the
issuer floated 23,530,000 bonds with the yield 8.50% APR to the amount of
KZT2,353,000,000.00 that was 69.2% of the planned issue volume.
Below are the issue's parameters, which have been announced by the issuer
and his financial consultants, and also main parameters of the additional
floatation.
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Type of security inscribed coupon bond indexed on
changing of the rate of KZT relative
to USD
Ordinal number of the issue 4
NIN KZЕ4KY050046
KASE trade code ART060.004
Issue currency KZ tenge
Servicing currency KZ tenge
Type of indexation face value on changing of the rate
of KZT to USD of the National Bank
of Kazakhstan
Par value KZT100
Circulation starting date May 16, 03 (accumulated interest
charging)
Maturity date (planned / actual) May 13, 08
Circulation term 1,825 days (5 years)
Type of coupon semi-annual
Coupon rate (interest rate) 8.50% APR
Dates of coupon payments (planned/actual) 1 Nov 13, 03 / Nov 13, 03
2 May 14, 04 / May 14, 04
3 Nov 12, 04 / Nov 12, 04
4 May 14, 05 / May 16, 05
5 Nov 12, 05 / Nov 14, 05
6 May 14, 06 / May 15, 06
7 Nov 12, 06 / Nov 13, 06
8 May 14, 07 / May 14, 07
9 Nov 12, 07 / Nov 12, 07
10 May 13, 08 / May 13, 08
Register fixation term at coupon payment 2 working days
Register fixation term at redemption 3 working days
Announced issue volume, KZT 3,400,000,000.00
Settlement basis Actual/365
Rate on circulation starting date (USD/KZT) 151.40
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Date of specialized trade conducting May 28, 03
Time for bids submitting to the trades 10:00a.m. - 1:00p.m. ALT
Payment date (till 4:00 p.m. ALT) May 29, 03 (Т+1)
Floatation volume, KZT 1,047,000,000.00
Accumulated interest on settlements date 0.326027% of the face value
Rate on additional floatation date (USD/KZT) 150.80
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Indexed par value is calculated as product of the par value shown in the
table (in KZT), and devaluation/revaluation rate coefficient (Kd), which is
calculated as ratio of official US dollar rate set by the National Bank of
Kazakhstan towards KZ tenge (Xt) on current date, to similar rate (Xo) on
bonds' circulation starting date (Kd=Xt/Xo, Хо=151.40).
Interest rate charging on bonds starts since the date, which follows the day
of money transfer by the financial agent for the bonds, which were
purchased by buyers at primary floatation to the issuer's account (May 16,
03), and is made during the whole circulation term, including maturity day.
The issuer has the right for prescheduled redemption of bonds with
interest payment for the time of their actual being in circulation in the next
period of interest rate charging.
Bonds are offered at prices, which are shown in submitted bids, in presence
of fixed coupon interest rate. Subject of haggling is clean price, which is
entered into KASE's trade system without accumulated interest in
percentage towards indexed face value with accuracy of four decimal
figures. Number of bonds in bid is to be equal to total indexed face value of
securities in tenge, which is divisible by indexed face value of one bond.
Satisfying of bids for bonds purchasing is made by the issuer by the results
of specialized trades after conducting of cutting-off procedure with the step
of one ten-thousandth of the price. Bids, in which prices are less than
cutting-off price, are cut off. All bids, which are submitted at the price that
is equal or more than cutting-off price, are satisfied at the shown in the bid
price. The issuer may satisfy all or a part of bids, in which prices are equal
to cutting-off price. In this case bids are satisfied in submitted order.
Only limited (competitive) bids are admitted to the specialized trades.
Bids may be submitted only by KASE members of "К" category (the right to
participate in trades in government securities, which are admitted for
circulation at the stock exchange). Investors may present bids through
broker-dealer companies, which are KASE members of this category. The
full list of KASE members of "К" category has been published in the stock
exchange's site in the Internet (
http://www.kase.kz/kasemembers/).
Municipal debt liabilities may be bought by pension assets management
companies (PAMC) at the expense of pension funds' assets only in
presence of necessary permission of the National Bank of Kazakhstan,
which is given for each separate issue. At present KASE has not the
corresponding document concerning bonds of Atyrau oblast of the fourth
issue. The decision, which the National Bank makes about it will be
announced later.
[2003-05-26]