The KASE has reportedly added to the Listing A international bonds issued by the Netherlands-registered company Kazkommerts International B.V. and guaranteed by Kazkommertsbank. The volume of issue totals USD 100m and the coupon is 11.25%. The notes are due on 8 May 2001. Kazkommerts International was established by Kazkommertsbank on 1 October 1997 under the legislation of the Netherlands. The founder owns 100% of the company's authorised capital. (IRBIS)

The demand for 6-month T-bills reportedly increased at the latest auction on 1 February. The Finance Minister raised KZT 359.9m (USD 4.23m) of the planned KZT400m (USD 4.7m). There was a symbolic decrease in the average yield to 24.69%.

The 223^rd auction of 3-month T-bills on the following day was 1.4 times oversubscribed. The issuer, however, chose to underplace the issue rather than to give in to participants and raise the yield. It placed KZT 470.9m (USD 5.54m) of a planned volume of KZT 600m (USD 7.06). The average yield was 0.05% less than a week ago.

As a result of the two auctions, the Finance Ministry raised KZT 830.9m. The planned volume was KZT 1,000m and the repayment totalled KZT 1,464.2m.

According to Reuters, in January 1999 the Finance Ministry placed KZT 4.3bn (USD 50m) worth of T-bills. As investors' fears of inflation and Tenge devaluation grew, yields on government papers increased and investors switched more to short-term papers. Of the above total, 3-month papers account for 60.7% and 6-month papers for 39.3%. The average yield on 3-month T-bills rose to 24.0% from 23.68%. The yield on 6-month T-bills rose to 24.72%. Non-residents have not participated in auctions since last September.