Kazakhstan government bonds are stable, traders do not anticipate changes

/REUTERS, Almaty, Olzhas Auyezov, January 16, 04/ - According to traders, who anticipate price stability in the nearest months in regards to government securities, those prices remained virtually unchanged in the last week against a background of cash shortage, caused by tax payments. The Ministry of Kazakhstan floated 6-year bonds for KZT2.9 bn with yield of 6.10% APR, which had not changed in comparison with previous auction a month before. "Investors have no funds and because of taxes, too, - Kazkommertsbank's trader said. According to him, managers of pension funds by working at secondary market turned out to be the most active players. Traders do not anticipate significant changes in the nearest future. "The market is sort of dead, while changes are unlikely to happen within several next months", - a trader from ATFBank believes. "I guess, yields (of bonds issued by the Ministry of finance) will remain at the same level, but maturities are going to be increased; securities with 10 to 15 years will be offered, - Kazkommertsbank's trader agreed with him. [2004-01-16]