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March 9, 1999
Primary Auctions
The Finance Ministry seems reluctant to raise the yield on T-bills. The average yield on 6-month securities has been held at 24.69% for five weeks in a row. Meanwhile, the demand for these papers has decreased. The latest auction held on 1 March, was undersubscribed and the placed volume—KZT 101.8m (USD 1.18m)—fell short of the planned KZT 400m.
Latest issues of 6-month T-bills
104 |
25.08.99 |
89.01 |
24.69 |
105 |
02.09.99 |
89.01 |
24.69 |
Compound Yields vs. Volumes at Primary Auctions of 6-month T-bills
The next day, the auction of 3-month T-bills was more successful. While the average yield rose only symbolically by 0.05% to 24%, the issuer managed to raise KZT 123.6m more than the targeted volume. The latter was increased by KZT 100m to KZT 700m (USD 8.15m) compared to the usual KZT 600m.
The result of the week that ended on 5 March was the following: the Finance Ministry raised KZT 925.3m with a planned volume of KZT 1,100m and it paid back KZT 1,387.9m. (IRBIS)
Latest issues of 3-month T-bills
226 |
27.05.99 |
94.35 |
23.95 |
227 |
06.06.99 |
94.34 |
24.00 |
Compound Yields vs. Volumes at Primary Auctions of 3-month T-bills
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