KAZKOMMERTSBANK OJSC continues developing organized market for promissory notes in Kazakhstan

/IRBIS, December 9, 03/ - Today at trade system of Kazakhstan Stock Exchange (KASE) in "Promissory notes" sector KAZKOMMERTSBANK OJSC (Almaty) set indicative quotations for purchase of common six-months promissory notes of four premium quality issuers: NC KTZh CJSC (Astana, note's code N_TMJL), NAC Kazatomprom (Almaty, N_KATP), Kazakhtelecom OJSC (Astana, N_KZTK) and KEGOK OJSC (Astana, N_ KEGC). Quotations have been set with yield-to-maturity of 11.64%APR on stated rate with the volume of KZT100.0 mn of face value of promissory notes on each trade code. As Yerlan Koishibayev, an employee of Kazkommertsbank OJSC working for Treasury Department, stated such quoting "has rather declarative nature and serves as an invitation to expand one's activity in this sector". In KAZKOMMERTSBANK OJSC's traders opinion the market of promissory notes of premium quality issuers has enormous perspectives, currently showing trend of Kazakhjstani enterprises' increasing interest in short-term financing instrument, which would be liquid at secondary market like promissory note. According to Mr. Koishibayev KAZKOMMERTSBANK OJSC provides full range of services on promissory notes operations and serves Promissory note programs of major Kazakhstani enterprises. To remind, trades in promissory notes at KASE were opened by the decision of Management Board of the exchange from March 4, 2002. At present, trades are held from 11.30 a.m. to 5.30 p.m. of Almaty time on working days by conclusion of direct deals method. That is, we are speaking about actual registration of deals at KASE and execution of settlements through the Exchange, rather trades itself. Since that time, only two deals on promissory notes were concluded at KASE. The first were made on March 13, 2002. The participants dealt with N_KATP. The volume of two concluded deals with 8 promissory notes amounted to KZT3,570,999.98. Another part of transactions was made on February 26, 2003 with promissory notes of Almaty Kus OJSC (Chapayevo settlement, Almaty oblast). The volume of a deal equaled to KZT14,635,999.99. On the basis of internal document of KASE "Rules of conclusion of promissory notes deals", approved by the decision of the Exchange's Council dated February 8, 2002, The List of payers on promissory notes currently includes Kazakhtelecom OJSC; NAC Kazatomprom; NC KTZh CJSC; KEGOK OJSC; SSOMPA OJSC (Rudny, Kostanai oblast, code - N_SSGP); Almaty Kus OJSC (code - N_ALKS). Banks, which are exchange's members on "B" category (the right to participate in trades in foreign currencies) and/or "K" (the right to participate in trades in GS), as well as non-banking organizations, which are exchange's member's of "Р" category (the right to participate in trades in corporate securities). Conditions of traders admittance to participate in trades is regulated by internal documents of KASE. [2003-12-09]