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November 16, 1998
Primary Auctions
The average yield on 6-month T-bills increased to 21.51% at the 89th auction on 9 November. The auction was undersubscribed, as was last week's auction, and the traded volume totalled just one-tenth of the planned amount, or KZT 400m (USD 4.9m).
Latest issues of 6-month T-bills
88 |
06.05.99 |
90.85 |
20.14 |
89 |
13.05.99 |
90.29 |
21.51 |
Compound Yields vs. Volumes at Primary Auctions of 6-month T-bills
At the latest auction
of 3-month T-bills held on 10 November, the average yield rose to 21.81%. The traded
volume was slashed to KZT 400m from KZT 485m (USD 5.9m) a week ago.
Latest issues of 3-month T-bills
209 |
04.02.99 |
94.90 |
21.50 |
210 |
11.02.99 |
94.83 |
21.81 |
Compound Yields vs. Volumes at Primary Auctions of 3-month T-bills
The latest T-bills auctions were held after the Finance Ministry had raised the refinancing rate (see above). However, the results of both auctions show that the new refinancing rate is not yet "working" in this market and the market players are still seeking higher yields. Their expectations were 30.76% for 'the six' and 24.45% for 'the three'.
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