/KASE, August 7, 03/ - On August 7 of 2003 specialized trades on primary
floatation of indexed on tenge devaluation level subordinate bonds of
Nurbank OJSC (Atyrau) of the second issue (KZ2CKY08A774, KASE's
official "А" listing category, NRBNb2; KZT4,000.0 m., KZT16,000, June 12,
03 - June 12, 11, semi-annual coupon 9.0% APR 30/360) were held in
Kazakhstan stock exchange's (KASE) trade system.
According to issue terms, face value of bonds is indexed on the coefficient of
tenge devaluation relative to US dollar (Kd), which is calculated as ratio of
the current weighted average rate of US dollar relative to tenge (Xt), which
was determined at KASE's morning session, to similar rate (Xo) on the date
of bonds circulation start (Kd = Xt/Xo, Хо=148.78). Bondholder is not
protected by bonds issue terms from tenge revaluation.
The issuer planned to offer 187,500 bonds during the trades that was
KZT3.0 bn. at the face value or 75% of the registered issue volume.
3 KASE's members took part in the trades, who had submitted 5 limited bids
on behalf of themselves and on behalf of their clients. By the moment of
ending of period of bids submitting, 3 orders for purchasing of 34,575 bonds
to the total amount of KZT554,970,500.06, were remained in the trade
system. Thus, total demand at the trades was 18.4% of announced floatation
volume. Bonds' clean prices in the submitted bids varied from 99.9790%
(9.0000% APR) to 100.0000% (8.9962% APR). Weighted average demand
price was 99.9943%, that corresponded to yield of bonds to maturity for a
purchaser equaling to 8.9972% APR on semi-annual basis.
According to results of the trade the issuer has satisfied all submitted
bids that resulted in floatation of 13.9% of the registered issue volume. At
that, 72.31% of bonds were bought by pension assets of accumulative
pension funds, 27.11% - by a second tier bank, 0.58% - by broker-dealer
company.
Trades were held in compliance with KASE's internal document "Rules of
conducting specialized trades on floatation of purchase of securities"
(
http://www.kase.kz/geninfo/normbase/auction.asp) with satisfaction of non-
cut-off limited bids at stated price. Bids were submitted to KASE's trade
system since 11:30 till 1:00 of Almaty time. All settlements concerning the
trade are to be made before 16:00 of Almaty time on August 7 of 2003 (by
the scheme T+0).
[2003-08-07]