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September 21, 1998
Primary Auctions
The average yield on the latest auction of 6-month T-bills (held on September 14) was again 19.51%, a figure that the Ministry of Finance has held for three weeks now. However, the sales volume of KZT 202m (USD 3.8m) was almost half of that at the previous auction. It was also only about half of what the Ministry of Finance had planned to place this time (KZT 400m or USD 5.0m).
Latest issues of 6-month T-bills
79 |
25.02.99 |
91.33 |
18.99 |
80 |
04.03.99 |
91.11 |
19.51 |
81 |
11.03.99 |
91.11 |
19.51 |
82 |
18.03.99 |
91.11 |
19.51 |
Compound Yields vs. Volumes at Primary Auctions of 6-month T-bills
The results may imply that most primary dealers participated in the auction only to comply with the requirements of the Ministry of Finance. Banks that have the status of "primary dealer" are obliged to make a minimum volume of bids at auctions each month. However, as the situation in the money markets stabilises, the banks are expected to come back to the T-bill market.
Latest issues of 3-month T-bills
197 |
12.11.98 |
95.97 |
17.23 |
198 |
19.11.99 |
95.59 |
18.45 |
199 |
26.11.99 |
95.50 |
18.85 |
202 |
17.12.99 |
95.24 |
19.99 |
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