On 24 March the Finance Ministry and the National Bank of Kazakhstan held the first auction of inflation-adjusted 12-month T-bills (MEIKAM-12). The average yield was 7.0% and the fixed coupon was set by the Finance Minister at 18%. The auction was 2.67 times oversubscribed. The issuer, therefore, placed what it planned—KZT 200m (USD 2.29m), at an acceptable price. These securities will pay half of the inflation adjusted coupon of 18% on a half-year basis as well as compensation for inflation twice a year. The 7.0% yield will be paid at maturity on 23 March 2000.

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The latest auction of 3-month T-bills was held on 23 March. The planned placement volume was KZT 700m (some USD 8m). The results of the auction did not differ much from those realised a week ago. The average yield stayed at 24.0%. The issuer raised KZT 1,166.8m (USD 13.38m). (IRBIS)