/KASE, November 12, 03/ - On November 12 of 2003 in Kazakhstan stock
exchange's (KASE) trade system there were held specialized trades on
primary floatation of indexed on tenge devaluation level bonds of
KazTransCom OJSC (Almaty) of the first issue (KZ2CKY07A834; KASE's
official "А" listing category, KZTCb1; KZT3,000 m; KZT1.0, July 25, 03 - July
25, 10, semi-annual coupon 8.0% APR, 30/360).
According to the issue terms, face value of bonds is indexed on devaluation
coefficientof tenge to US dollar (Kd), which is calculated as ratio of current
weighted average rate of US dollar to tenge (Xt), which has been determined
at the КАSE's morning session, relative to similar rate (Xo) on the date of
bonds circulation start (Kd=Xt / Xo, Xo=146.53). In case Xt is less than Xo,
Kd is assumed to be one.
The issuer, which acts at the specialized trades as seller, offered to market's
participants KZT1,500,000,000 bonds, what amounts to KZT1.5 b in face
value terms or 50% of registered issue volume.
A total of 7 KASE's members took part in trades, having submitted 16 limited
bids on behalf of themselves and their clients. By the moment of ending of
the time for bids presenting in the trade system there were 15 orders for
purchasing of 1,558,860,000 bonds for total amount of
KZT1,473,834,015.18. Thus, total demand at the trades was 103.9% of
announced floatation volume. Bonds' clean prices in the submitted bids
varied from 88.1566% (10.5000% APR) to 99.9811% (8.0000% APR).
Weighted average demand price was 99.5333%, what corresponds to
9.7486% APR yield. 47.4% of number of bonds in total demand volume fell
to the share of Kazakhstan pension funds, 33.4% - to the share of broker-
dealer companies, 19.2% - second tier banks.
According of results of the trade the issuer has satisfied 11 bids submitted
by KASE members for purchasing of 1,069,860,000 bonds for total amount
of KZT1,019,932,333.14 with the cut-off price equal to 91.5105% of bond's
indexed face value that corresponds to the yield of 9.7500% APR. The
highest floatation price was 99.9811% (8.0000% APR), weighted average
( 92.2955% (9.5802% APR).
According to results of the trade 47.2% of bonds have been purchased at the
expense of assets accumulated at pension funds, 48.1% - brokerage
companies, 4.7% - by second tier banks. KazTransCom OJSC floated 71.3%
of the announced floatation volume or 35.7% of the registered volume of
bonds issue.
The trades were held in compliance with the KASE's internal document
"Rules of conducting of specialized trades on securities floatation or
purchasing" (
http://www.kase.kz/geninfo/normbase/auction.asp) with
satisfying of non-cutoff limited bids at stated price having limit for non
competitive bids of 50%. Bids were submitted to the KASE's trade system
from 11:30 a.m. till 1:00 p.m. of Almaty time. All settlements on the trades
are to be made before 4:00 p.m. of Almaty time on November 12 of 2003
(exploring T+0 assumption). Accumulated interest on the bonds on
settlement date was 2.377778% of indexed face value).
[2003-11-12]