National Bank's notes-189 of #844th issue - floatation results

/IRBIS, August 7, 03/ - Today the National Bank of Kazakhstan (NBK) held the 844th auction for floatation of notes with KZT100 par value and 189-day circulation term. Size of satisfaction of noncompetitive bids is 50% of specified amount. The auction was conducted with additional floatation, realized during the day. Following are complete results of offering and comparison with previous comparable issue. ----------------------------------------------------------------- Type of the securities Notes-189 Notes-189 NIN KZW1KW278440 KZW1KW278358 KASE trade code NTK844.189 NTK835.189 IRBIS registration number 844/n 835/n Par value, KZT 100,00 100,00 Time basis actual/365 actual/365 Offering date (auction) Aug 7, 03 July 16, 03 Settlement date Aug 7, 03 July 16, 03 Circulation start date Aug 7, 03 July 16, 03 Maturity date Feb 12, 04 Jan 21, 04 Days in circulation 189 day 189 day Planned volume, KZT m 500.0 500.0 Number of participants - Primary agents 11 (+ 1) Demand, KZT m 4,298.8 (- 4,601.7) WA yield on demand, % APR 5.24 (- 0.20) Actual volume, KZT m 3,276.7 (- 5,351.2) Cut-off price, KZT 97.43 (+ 0.16) WA price, KZT 97.43 (+ 0.16) Maximum yield, % APR 5.09 (- 0.33) Weighted average yield, % APR 5.09 (- 0.33) Effective WA yield, % APR 5.09 (- 0.33) ----------------------------------------------------------------- Relative to the previous successful notes offering (KZW1KW268433, notes- 182 dated August 5, 03) demand decreased by KZT11,993.2 m (3.4 times), actual volume of satisfied bids - by KZT7,334.4 m (3.2 times), bonds' yield in effective expression decreased from 5.28% APR to the figure shown in the table. In the opinion of IRBIS, the significant decrease of demand volume in this situation is indicative. On one hand, it can be considered as market's reaction to falling of notes' yield, on the other hand - as the result of growing problems of banks concerning short-term liquidity, that as the whole is proved by growth of the shortest money's cost (in the end of the day rates of repo "overnight" at KASE rose today to 9.0% APR). [2003-08-07]