/Cbonds, October 27, 06/ - Information Agency Cbonds at the first time is
publishing the double rating of underwriters of corporate bonds. The need in
creation of the new rating is caused by strong level of dispersal between
volumes of registered issues of corporate bonds and amount of really offered
papers. Very often it happens that issue is passing the listing procedure
of Kazakhstan stock exchange (KASE), but directly the offering of bonds takes
place after long time, or not in the whole volume or does not take place.
This situation did not let Cbonds to reflect in the traditional ratings the
real arrangement of forces of professional participants on Kazakhstan markets.
The new rating of investment banks shows what volume of bonds one or other
underwriter really had offered on the primary market for the given period. At
that, there are considering issues, which had passed the listing as in
the given period, as on last years. At the moment to the rating are included
9 companies, provided data about amount of offered bonds of their client
for three quarters.
So for 9 months of the current year 43 issues of bonds of 29 issuers had passed
the listing on Kazakhstan stock exchange (KASE). In 38 issues, as underwriters
had taken part 17 professional market participants. The leader of the rating by
the volumes of registered issues still is TuranAlem Securities JSC. The passed
the listing on June 26 seventh issue of Bank TuranAlem (mother bank of
the company) to the huge sum for Kazakhstan market - KZT125 bn. (more than
$1 bn.) - had provided the company TuranAlem Securities the leadership in
the traditional rating for the whole year. But it must be considered the fact
that at the present time bonds of seventh issue of Bank TuranAlem are not
offered and the new rating doesn't consider this issue.
It is desirable to note that gradually the official bonds' list of KASE is
diluted by companies of non-financial sector, moreover the demand for bonds
of these companies in growing. By the totals of year we are expected to see
absolutely other correlation of issues of financial and corporate sectors, then
it was in year 2005. As the practice shows, non-financial organizations
starting to enter the debt market, are more often addressing to services
of professional participants, which do not enter to big banking groups.
As a whole let's note that arrangement of forces in the ratings of underwriters
on registered and real volumes is strongly differed. It happens original
rotation of the first lines of the rating. By the totals of year Cbonds will
make the conclusion about who is the real leader of the market.
Table 1. Rating of underwriters of corporate bonds of Kazakhstan according
to volumes of issues, having passed the listing for 3 quarters of year 2006.
-----------------------------------------------------------------------------
Volume Number Number
Posi- Investment m. of of
tion Bank KZT issuers issues Issues
----- ------------------ ------- ------- ------ -----------------------------
1 TuranAlem 139,145 5 6 Astana Gas Service, 2011-1;
Securities Bank TuranAlem, 2036-7;
NSBC KazStroyService, 2011-1;
Food Contract Corporation
2013-2;
Tsesnabank, 2011-4;
Tsesnabank, 2014-5
2 BCC Invest 28,000 5 5 Vita, 2013-5;
Aktobemunay-finance, 2009-1;
Bank CenterCredit, 2016-13;
BTA Ipoteka, 2016-11;
Holding KAZEXPORTASTYK,
2011-1
3 Central-Asian 20,600 3 3 Eurasian bank, 2013-3;
Trust Company Zhayremskiy OMPC, 2013-2;
TNC Kazcrome, 2011-1
4 Astana-finance 20,145 2 5 Astana Gas Service, 2011-1;
Astana-finance, 2016-10;
Astana-finance, 2011-8;
Astana-finance, 2021-9;
Astana-finance, 2016-11
5 Halyk Finance 13,000 2 2 Food contract corporation
2013-2;
Holding group ALMEKS,
2011-1
6 Alliance bank 12,000 1 2 Alliance bank, 2013-7;
Alliance bank, 2009-6
7 Kazkommertsbank 11,000 2 2 Food contract corporation
корпорация, 2013-2;
Holding KAZEXPORTASTYK,
2011-2
8 Alliance Capital 10,000 3 4 Alliance Leasing, 2011-1;
Kazakhstan Kagazy, 2013-3;
Kazakhstan Kagazy, 2011-2;
Kzatsi, 2009-1
9 Perviy Brokerskiy 9,500 1 3 Temirbank, 2012-8;
Dom Temirbank, 2015-7;
Temirbank, 2009-9
10 Almaty Investment 8,250 2 2 MAG, 2009-1;
Management Transstroymost, 2011-1
11 IFH RESMI 6,500 2 2 RG Brands, 2011-4;
Kazakhstan mortgage company
2007-14
12 MONEY EXPERTS 5,000 1 1 Nurbank, 2016-5
13 REAL-INVEST.kz 4,800 2 2 Danabank, 2011-2;
Rosa, 2011-2
14 Derbes Securities 4,540 2 2 Corporation Tsesna, 2009-1;
Tsesnabank, 2009-3
15 Halyk Bank 4,000 1 1 Halyk ank of Kazakhstan,
of Kazakhstan 2016-11
16 Centras Securities 2,500 1 1 Tsesnabank, 2009-3
17 Danabank 1000 1 1 Danabank, 2011-1
----- ------------------ ------- ------- ------ -----------------------------
299,980
-----------------------------------------------------------------------------
Table 2. Ratng of underwriters of corporate bonds of Kazakhstan
on volumes of bonds' issues, offered for 3 quarters of year 2006.
------------------------------------------------------------------------
Volume Number Number
Posi- Investment m. of of
tion Bank KZT issuers issues Issues
----- ----------------- ------ ------- ------ --------------------------
1 Kazkommerts 12,000 4 4 Kazakhstan Kagazy, 2013-3;
Securities Food contract corporation
2013-2; Small business
development fund 2010-1;
Holding KAZEXPORTASTYK
2011-2
2 TuranAlem 10,818 5 5 BTA Ipoteka, 2013-8;
Securities NSBC KazStroyService,
2011-1; Food contract
corporation 2013-2;
Transstroymost, 2011-1;
Tsesnabank, 2014-5
3 Almaty Investment 8,360 5 5 BTA ORIX Leasing, 2008-1;
Management Karagandy Zharyk, 2010-1;
Neftebank, 2012-1;
Ornel XXI, 2010-1;
Transstroymost, 2011-1
4 Alliance bank 6,690 3 4 Alliance Leasing, 2011-1;
Kazakhstan Kagazy, 2011-2;
Kazakhstan Kagazy, 2013-3;
Kzatsi, 2009-1
5 REAL-Invest.kz 4,800 3 3 Danabank, 2011-2;
Rosa, 2011-2;
Tsesnabank, 2012-2
6 Money Experts 3,674 1 1 Nurbank, 2016-5
7 Perviy Brokerskiy 2,635 1 3 Temirbank, 2015-7;
Dom Temirbank, 2012-8;
Temirbank, 2009-9
8 IFH RESMI 1,809 2 2 RG Brands, 2011-4;
Kazakhstan mortgage
company, 2007-14
9 Kazkommerts 375 1 1
Invest Kazinvestbank, 2012-1
----- ----------------- ------ ------- ------ --------------------------
51,161
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Rating is published at the site of Information Agency Cbonds at the adress:
http://cbonds.info/underwriters/ib-rating_2006-3.phtml
[2006-10-27]