Doszhan temir zholy JSC (DTZ) (Kazakhstan) offered the 2nd tranche of its KZ2CKY23B672 infrastructure bonds by subscription for a total of KZT2.6 bn.

21.03.06 16:20
/IRBIS, Andrey Tsalyuk, March 21, 05/ - As was said before, since March 3 till March 6 of 2006 Doszhan temir zholy JSC (DTZ) (Almaty, the Issuer) through the mediation of underwriter - First Investment JSC (Almaty) held offering of the second tranche of its infrastructure bonds, registered under KZ2CKY23B672 national identification number (KZT1,000, KZT30.0 bn., August 2, 05 - August 2, 28, annual coupon indexed on inflation rate, 8.25% for the current period, 30/360). The issuer planned to offer by subscription bonds for total face value of KZT3.2 bn. (3,200,000 bonds). The issuer's underwriter accepted bids for bonds purchase from 09:00 of Almaty time (ALT) on March 3 till 18:00 ALT on March 6 of 2006. Date of accepted bids satisfaction is March 7 of 2006. Securities buyer had to transfer money to the Issuer's settlement account for securities purchased by him till 18:00 ALT on March 10 of 2006. At that, accumulated interest was to be calculated for the whole period of bonds circulation since their circulation start date, excluding settlement date by the results of subscription. Stake of satisfying bids with competitive offers was 70%. The offering was made at bonds' yield to maturity for a buyer, expressed as percentage per annum with the accuracy of two decimal figures. Precisely this indicator was the subject of the trade. The issuer planned to satisfy all bids, yields in which would be lower than cut-off yields, and also all or a part of bids, yield sin which would be equal to this value. The Issuer's underwriter has said to IRBIS that bonds were offered among accumulative pension funds of Kazakhstan. Demand of investors of this category considerably exceeded declared for subscription volume of infrastructure bonds. "With the purpose of provision of attractive yield for pension funds investment, and optimization of the Issuer's expenses concerned with coupon payment, norm of yield was set at 8.35% APR. Volume of satisfied bids was 2,600,000,000 (two billion and six hundred million tenge at the face value)", - the underwriter's message says. Detailed information on the offering is absent. We're reminding that issuer of the offered bonds was registered by Agency of the Republic of Kazakhstan on regulation and supervision of financial market and financial organizations on July 25 of 2005. One can see specification of the issue and other information, concerned with the bonds, from the Issuer's underwriter. Results of analysis of the Issuer's financial condition, made by ATFBank JSC (Almaty) in accordance with the Agreement on representation of bondholders' interests, are available on KASE's web-site at http://www.kase.kz/mix/analys_dtj.pdf Bonds, which the matter concerns, were already offered on Kazakhstan market within the first tranche by holding over-the-counter auction on September 7 of 2005. Then the Issuer offered to market participants bonds for total face value of KZT1.0 bn., that was 3.33% from the planned issue volume. During that offering there was determined coupon rate of bonds (8.25% APR), and the Issuer satisfied bids for purchase of 850,000 securities for total amount of borrowing totaling KZT856,764,999.10. Bids were satisfied at dirty price as at September 8 of 2005 at the rate of 107.79585225% (8.25% APR to maturity). [2005-03-21]