ANALYSIS: In May of 2006 volume of corporate bonds purchase and sale deals on KASE increased by 34.0% to $347.4 m.
/IRBIS, Assel Omarova, Andrey Tsaluk, June 7, 06/ - In May of 2006 on Kazakhstan stock exchange (KASE) 342 deals were made in corporate bonds in all sectors of the market (excluding repo-transactions sector) for a total of KZT42,523.6 m. or $347.4 m. at the current rate effective on deals making dates. The stated amount is 65.6% of monthly turnover of corporate security market (in April of 2006 - 54.3%) and 3.4% from the exchange's whole monthly turnover (2.6%).
Analyzed month differs from the previous, first of all, with high issue activity of bonds issuers, mostly - KASE's listing companies. As it is seen from the tables, presented bellow, official list of stock exchange was expanded in May, including bonds of 13 titles. Unfortunately, differently from April, it did not give growth of offered bonds volume on KASE, as issuers, as before, give preferences to securities offering by subscription.
Meaningful increasing of secondary market's turnover, in the opinion of IRBIS analysts, was provoked by actions of several factors. As statistics, given below, demonstrates that the most traded liabilities in this sector were CCBNb13 and VITAb5, that is a tradition for the local market. Unsalable phenomena on shares market forwarded to overflow of some funds volume of institutional investors to corporate bonds market. Exceptionally high market liquidity on tenge forwarded stirring up of described market segment.
Securities of 45 titles were characterized with positive changes of weighted average dirty prices from the number of 73 bonds titles, involved in deals in May, with negative changes - 22. There was nothing to compare with prices of six new debt instruments. Growth leaders were (at 13.0%) US_JPM_e1, fall leaders (at 10.5%) - KIBNb1. Nine securities showed the growth of dirty day weighted average prices at 5% and more, whereas just five bonds were marked with meaningful prices fall. Bonds profitability to maturity for a buyer on conducted deals grew in May at 33 securities, decreased - at 34. Thus, the market seemed to be balanced and predictable in terms of prices.
Simultaneous growth of bonds dirty prices and profitability was interesting peculiarity of the month. It is explained by growing interest rates on most of liabilities, as their coupon size is indexed on inflation rate, level of which in annual expression, is increasing.
Index KASE_BY in May was tended to horizontal correction after 4-month growing. However, at the end of the month it was inclined to growth under effect of the similar factor - growing coupon rates. Noteworthy, KASE_BY indicator in the current year increased from 7.19 to 7.41.
The table, reflecting exchange market of corporate bonds on KASE in May of 2006, is given bellow.
Change of lists of corporate bonds, traded on KASE, in May of 2006
-----------------------------------------
Bonds: Issuers:
Category of ------------- -------------
admission number trend number trend
----------- ------ ----- ------ -----
A 162 +13 54 +2
B 11 0 10 0
----------- ------ ----- ------ -----
A+B 173 +13 64 +2
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Notes: "A" - official "A" listing category;
"B" - official "B" listing category; "A+B" -
official list; by the end of the month,
change for the month.
Statistical characteristics of corporate bond market on KASE in May of 2006
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Month:
-------------------- Trend
May April May 2006 to
Indicator 2006 2006 Apr. 2006
---------------------------------------- --------- --------- -----------
Trade volume, th. USD 347,373.6 259,159.4 +34.0%
Trade volume, m. KZT 42,523.6 32,671.0 +30.2%
incl. on offerings, th. USD 98.4 40,183.7 -99.8%
incl. on offerings, m. KZT 12.1 5,127.2 -99.8%
incl. secondary market deals, th. USD 347,275.3 218,975.7 +58.6%
incl. secondary market deals, m. KZT 42,511.5 27,543.8 +54.3%
Number of deals 342 242 +41.3%
incl. at offerings 1 13 -92.3%
incl. on secondary market 341 229 +48.9%
Number of instruments involved in deals 73 70 +4.3%
Stake of nego deals (number), % 9.9 9.9 0
Stake of nego deals (volume), % 11.5 13.4 -1.9 пп
Pension assets participation, % gross 33.2 32.1 +1.1 пп
Number of exchange's members, made deals 39 39 0
Market concentration, %* 52.0 53.1 -1.1 пп
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* percentage from total bond turnover, which falls to the stake of most
tradable securities (their number is 5% from total number of names of bonds,
included in KASE's trade lists, is shown)
Main indicators of KASE's corporate bond market in May of 2006
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Market.
value of Index Volume of Volume of
debt, KASE_BY, Index Index deals, deals,
Date USD m. % APR KASE_BP KASE_BC th. USD m. KZT
-------- -------- -------- ------- ------- --------- ---------
28.04.06 9,698.4 7.39 191.15 129.14 44,848.9 5,580.1
02.05.06 9,692.8 7.39 191.14 129.16 9,022.6 1,122.0
03.05.06 9,696.6 7.37 191.72 129.28 38,093.5 4,738.8
04.05.06 9,713.3 7.36 191.63 129.32 2,089.6 259.1
05.05.06 9,711.1 7.41 191.15 129.06 20,467.5 2,534.5
06.05.06 10,077.8 7.36 191.73 129.44 1,663.6 205.1
10.05.06 10,095.6 7.36 191.76 129.38 12,128.0 1,490.2
11.05.06 10,107.5 7.36 191.93 129.45 18,489.9 2,265.4
12.05.06 10,214.4 7.35 192.06 129.49 9,543.8 1,162.1
15.05.06 10,193.1 7.38 191.90 129.34 12,822.7 1,554.7
16.05.06 10,200.2 7.39 191.82 129.26 7,684.0 935.5
17.05.06 10,221.7 7.35 192.13 129.44 31,428.0 3,843.3
18.05.06 10,329.5 7.37 192.10 129.39 25,594.8 3,123.9
19.05.06 10,355.5 7.38 192.02 129.31 52,977.4 6,432.5
22.05.06 10,337.4 7.37 192.15 129.36 11,647.7 1,416.6
23.05.06 10,336.8 7.36 192.64 129.59 10,627.3 1,303.9
24.05.06 10,343.5 7.40 192.37 129.47 19,242.3 2,358.9
25.05.06 10,354.5 7.38 192.50 129.54 6,520.2 797.8
26.05.06 10,445.7 7.39 192.53 129.54 9,763.9 1,195.0
29.05.06 10,463.0 7.44 192.39 129.27 13,412.7 1,635.7
30.05.06 10,496.3 7.37 192.83 129.63 31,953.6 3,881.7
31.05.06 10,580.6 7.41 192.71 129.53 2,200.57 266.8
-------- -------- -------- ------- ------- --------- ---------
Trend +882.2 +0.01 +1.56 +0.39
+9.1% +0.16% +0.81% +0.30%
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Summary data by the results of bond trades on KASE in May of 2006 (purchase and sale, including primary offerings)
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Volume of deals:
Code Brief ------------------ Num- Market Price
of name of th. m. ber of share, change,
security Issuer USD KZT deals % %
--------- --------------------------- --------- -------- ------ ------ -------
CCBNb13 Bank CenterCredit JSC 34,741.1 4,221.7 8 10.00 X
VITAb5 VITA JSC 26,386.7 3,209.3 14 7.60 X
CSBNb4 Bank Caspian JSC 26,373.1 3,257.4 7 7.59 +3.68
US_JPM_e1 JPMorgan Chase Bank,
National Association 26,023.5 3,178.5 12 7.49 +12.97
KKGBb3 Kazkommertsbank JSC 19,704.9 2,442.2 10 5.67 -0.92
CSBNb6 Bank Caspian JSC 17,587.8 2,150.8 2 5.06 +2.80
TSSMb1 Transstroymost JSC 15,006.3 1,832.1 14 4.32 +0.81
ATFBb5 ATFBank JSC 14,926.9 1,819.6 8 4.30 +9.47
US_MER_e1 Merrill Lynch & Co., Inc 13,757.8 1,682.4 8 3.96 +4.83
BTASb3 Bank TuranAlem JSC 13,543.7 1,677.0 3 3.90 -2.72
EUBNb2 Eurasian bank JSC 12,519.7 1,533.9 2 3.60 +0.35
VTBNb3 Valut-Transit-Bank JSC 12,465.7 1,524.3 29 3.59 -0.43
CCBNb7 Bank CenterCredit JSC 10,651.6 1,300.1 12 3.07 -0.49
BTAIb8 Daughter mortgage
organization of joint stock
company Bank TuranAlem
BTA Mortgage JSC 8,290.0 1,011.6 8 2.39 -2.08
JGOKb2 Zhayremsk smelting and
processing enterprise JSC 8,088.2 1,006.0 5 2.33 +3.71
KZIKb12 Kazakhstan Mortgage
Company JSC 6,093.8 741.9 2 1.75 +4.19
KASTb1 Holding
KAZEXPORTTASTYK JSC 5,670.4 688.6 3 1.63 X
TSBNb3 Tsesnabank JSC 5,209.8 641.4 5 1.50 -2.02
KKGBb2 Kazkommertsbank JSC 4,850.9 600.6 2 1.40 -1.06
KIBNb1 Kazinvestbank JSC 4,755.8 577.3 2 1.37 -10.45
NRBNb4 Nurbank JSC 4,544.9 556.3 3 1.31 +0.70
HSBKb Halyk savings bank of
Kazakhstan JSC 4,278.9 521.0 3 1.23 +0.11
NRBNb5 Nurbank JSC 4,075.1 500.0 1 1.17 X
BTASb1 Bank TuranAlem JSC 3,413.5 417.9 11 0.98 +6.22
HSBKb9 Halyk savings bank of
Kazakhstan JSC 3,312.7 405.9 4 0.95 -5.49
ASFIb5 Astana-Finance JSC 3,181.9 390.9 7 0.92 +0.48
ASFIb9 Astana-Finance JSC 3,148.0 382.5 5 0.91 X
ASBNb1 Alliance Bank JSC 3,115.5 378.9 3 0.90 +1.58
VTZLb1 Kazyuvelirprom JSC 2,754.4 336.8 1 0.79 -6.74
NFBNb1 NEFTEBANK JSC 2,498.3 310.3 2 0.72 -6.01
ASBNb4 Alliance Bank JSC 2,418.4 293.6 2 0.70 -2.83
ASFIb7 Astana-Finance JSC 1,976.4 242.0 16 0.57 +3.85
KZPSb1 Kazpost JSC 1,948.1 236.9 1 0.56 +3.72
VITAb4 VITA JSC 1,923.9 235.6 3 0.55 -3.40
CCBNb11 Bank CenterCredit JSC 1,753.2 214.4 2 0.50 +0.36
TSBNb1 Tsesnabank JSC 1,742.8 214.1 1 0.50 +2.64
BTASb2 Bank TuranAlem JSC 1,631.9 200.0 3 0.47 +8.33
HSBKb8 Halyk savings bank of
Kazakhstan JSC 1,322.2 162.0 3 0.38 +6.72
KZNHb2 Kazneftechim JSC 1,188.0 144.5 5 0.34 +1.21
VTBNb2 Valut-Transit-Bank JSC 950.2 116.5 2 0.27 +0.11
CCBNb4 Bank CenterCredit JSC 925.0 113.2 2 0.27 -1.01
ATFBb4 ATFBank JSC 888.3 108.6 4 0.26 -4.45
CCBNb10 Bank CenterCredit JSC 869.8 106.4 2 0.25 +0.39
BTAIb6 Daughter mortgage
organization of joint stock
company Bank TuranAlem
BTA Mortgage JSC 696.2 84.5 1 0.20 +4.54
PRKRb2 Product contract
corporation JSC 678.0 82.1 2 0.20 +0.28
HSBKb2 Halyk savings bank of
Kazakhstan JSC 600.5 73.0 6 0.17 -0.01
BTASb4 Bank TuranAlem JSC 512.2 63.3 6 0.15 -1.92
VTTHb1 ТЕХНО-LIFE JSC 439.1 53.7 1 0.13 -2.01
VTSKb2 Security corporation
Sary-Arka Sarbazy LLP 394.5 48.2 1 0.11 +1.88
ASFIb4 Astana-Finance JSC 332.4 40.6 2 0.10 -5.22
HSBKb3 Halyk savings bank of
Kazakhstan JSC 328.8 40.3 3 0.09 +2.19
ASBNb2 Alliance Bank JSC 326.8 39.7 1 0.09 +5.52
ATFBb2 ATFBank JSC 292.8 35.7 1 0.08 +0.37
TEBNb2 Temirbank JSC 291.5 35.6 13 0.08 +7.32
KATRb1 KazAgrotrade+ LLP 263.4 32.2 5 0.08 +4.34
KZASb2 KOSTANAY MINERALS JSC 252.5 31.2 6 0.07 +1.26
KASSb1 NGSK Kazstroyservice JSC 237.2 29.1 2 0.07 +1.36
KZTOe1 KazTransOil JSC 208.1 25.3 4 0.06 +0.79
ALKSb2 ALMATY KUS JSC 200.1 24.5 10 0.06 +2.82
ATFBb3 ATFBank JSC 137.5 16.8 2 0.04 +0.68
ZIG_b1 Zangar Invest Group JSC 102.2 12.4 1 0.03 +0.48
KZIKb13 Kazakhstan Mortgage
Company JSC 99.7 12.2 8 0.03 +0.21
UKPFb1 UST-KAMENOGORSK
BIRDS FABRIC JSC 99.0 12.1 4 0.03 +2.96
ATFBe5 ATFBank JSC 98.4 12.1 1 0.03 X
RGBRb3 RG Brands JSC 88.4 10.8 6 0.03 +6.21
ASBNb3 Alliance Bank JSC 64.9 7.9 5 0.02 -2.30
VTBNb1 Valut-Transit-Bank JSC 33.6 4.1 2 0.01 +1.49
KZIKb4 Kazakhstan Mortgage
Company JSC 28.1 3.4 1 0.01 -1.58
GLOTb1 GLOTUR JSC 23.9 3.0 2 0.01 +0.47
ROSAb1 ROSA JSC 17.8 2.2 1 0.01 +5.39
TXBNb3 TEXAKABANK JSC 9.9 1.2 1 0.003 -1.15
KZIKb2 Kazakhstan Mortgage
Company JSC 6.3 0.8 1 0.002 +4.96
TSBNb2 Tsesnabank JSC 0.8 0.1 1 <0.001 +2.90
--------- --------------------------- --------- -------- ------ ------ -------
73 347,373.6 42,523.6 342 100.0
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Comments: Securities were sorted in descending order based on the volumes of
deals expressed in U.S. dollars. Figure means ordinal number of bond issue.
Absence of figure (old coding) means this is the first issue. "X" - change of
price is not calculated, as this security got the first estimation on KASE in
the analyzed period.
[2006-06-07]