ANALYSIS: In October 2006 turnover of purchase-sale sector of corporate bonds increased by 59.5% to $269.0 m.

/IRBIS, Natalya Khoroshevskaya, November 10, 06/ - In October 2006 on Kazakhstan stock exchange (KASE) 266 deals were made in corporate bonds in all sectors of the market (excluding repo-transactions sector) for a total of KZT34,325.1 m. or USD269.0 m. at the current rate effective on dates of concluding deals. The stated amount is 55.9% of monthly turnover of market of corporate securities (in September 2006 - 51.6%) and 1.2% of exchange's monthly turnover (1.0%). Statistic characteristic of corporate bonds market on KASE in October and September of 2006 -------------------------------------------------------------------------- Month: -------------------- Trend October September Oct 2006 against Indicator 2006 2006 Sep 2006 ---------------------------------- --------- --------- ---------------- Trades volume, th., USD 269,037.5 168,629.3 +59.5% Trades volume, m., KZT 34,325.1 21,337.3 +60.9% including, on offerings, th. USD 6,330.8 6,923.9 -8.6% including, on offerings, m. KZT 808.3 875.0 -7.6% including, on secondary market 262,706.7 161,705.4 +62.5% deals, th. USD including, on secondary market 33,516.9 20,462.2 +63.8% deals, m. KZT Number of deals 266 242 +9.9% Number of instruments, 74 77 -3.9% involved in deals Stake of nego deals (number), % 0.4 6.2 -5.8 пп Stake of nego deals (volume), % 4.2 1.7 +2.6 пп Part of pension assets, % on gross 28.2 23.9 +4.3 пп Number of exchange's members, 37 31 +19.4% of those, who made deals Market concentration, %* 33.9 69.3 -35.4 пп -------------------------------------------------------------------------- * it is specified the percentage out of total turnover of corporate bonds, which are numbered by the most traded securities (their quantity is 5% out of the total quantity of titles of corporate bonds, included in trading list of KASE) As one can see from the data given in tables, fall of turnover in this sector was caused by the activation of the secondary market, running against the background of some decline of offering volume and reduction of the quantity of instruments involved in deals. It is worth noting also the quite low indicator of market concentration in October - 33.9% of turnover came to series 23 deals on bonds of four denominations. At the initial market of KASE only one deal was conducted, enclosed in frameworks of re-offering of KZ2C0Y05C168 bonds (KASE's official "A" listing category, ALMXb1, KZT1, KZT8.0 bn.; August 22, 06 - August 22, 11; annual coupon 8.00% APR; 30/360) of Holding group ALMEX (Almaty) for the amount mentioned in the table. Out of 74 bond denominations, involved in October deals, securities of 45 denominations were characterized by the positive change of weighted average dirty prices, 26 by negative. There was nothing to compare with prices of three new loan instruments. DTJLb1 have become the growth leaders (by 22.9%), KKGBb5 - fall leaders (by 11.6%). 5 securities showed the growth of weighted average day dirty prices by 5% and more, whereas six bonds were described by the substantial fall of prices. Dynamics of weighted average net prices is described by the following statistics. In the analyzed month out of 74 bond denominations, involved in deals at the secondary market, 37 denominations were traded lower than the nominal value; the same quantity was traded with premium. DTJLb1 look more repurchased (its weighted average net price as 124,91% of the face value), BTAIb12 (90.19%) - more resold. In September deals at the secondary market were carried out with bonds of 77 denominations, securities of 35 denominations were traded with discount, with premium - 41. BTASb3 (114.41%) looked more repurchased, TEBNb2 (91.85%) - more resold. The weighted average net price of corporate bonds at the secondary market in October totaled 100.78%, in September - 99.94%. In October on concluded deals earnings yield of called bonds for a bearer of 41 corporate bonds increased, decreased of 29. There was nothing to compare with the yield of three securities. In September the yield increased of 46, decreased of 25 instruments. Tables, which additionally characterize the exchange market of corporate bonds in October, are given below. Change of lists of corporate bonds, traded on KASE, in October of 2006 ----------------------------------------- Bonds: Issuers: Category of ------------- ------------- admission number trend number trend ----------- ------ ----- ------ ----- A 176 -2 58 0 B 15 +4 12 +2 ----------- ------ ----- ------ ----- A+B 191 +2 70 +2 ----------------------------------------- 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. Main indicators of KASE's corporate bond market in September of 2006 -------------------------------------------------------------------- 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 -------- -------- -------- ------- ------- --------- --------- 29.09.06 12,362.1 7.16 198.27 130.22 9,576.4 1,218.3 02.10.06 12,361.3 7.15 198.40 130.24 112.8 14.1 03.10.06 12,393.5 7.15 198.50 130.28 118.3 14.9 04.10.06 12,387.9 7.14 198.57 130.31 4,978.8 625.9 05.10.06 12,375.3 7.17 198.40 130.15 7,302.9 918.3 06.10.06 12,384.1 7.14 198.75 130.37 3,030.4 381.4 09.10.06 12,385.8 7.14 199.20 130.43 27,873.8 3,507.6 10.10.06 12,376.6 7.24 198.20 129.75 965.5 121.6 11.10.06 12,373.3 7.09 199.50 130.74 12,649.6 1,594.7 12.10.06 12,426.5 7.15 199.15 130.49 154.4 19.5 13.10.06 12,414.6 7.15 199.17 130.45 3,895.7 491.4 16.10.06 12,445.8 7.21 199.12 130.07 4,226.2 533.1 17.10.06 12,440.7 7.16 199.35 130.49 55.5 7.0 18.10.06 12,440.3 7.18 199.16 130.32 12,074.6 1,526.0 19.10.06 12,597.0 7.42 197.54 129.17 6,945.3 878.4 20.10.06 12,597.2 7.23 198.76 129.92 1,287.3 162.9 23.10.06 12,558.1 7.44 197.52 129.03 2,884.4 365.5 24.10.06 12,587.4 7.22 198.93 129.96 4,210.9 534.0 26.10.06 12,627.2 7.21 199.05 129.99 15,065.4 1,911.8 27.10.06 12,630.0 7.21 199.08 130.00 6,412.1 814.5 30.10.06 12,634.6 7.41 197.96 129.16 44,808.9 5,696.1 31.10.06 12,636.6 7.20 199.42 130.15 9,576.4 1,218.3 -------- -------- -------- ------- ------- --------- --------- Trend +274.5 +0.04 +1.15 -0.07 , , +2.2 +0.58 +0.58 -0.05 , , -------------------------------------------------------------------- Summary data on the results of bond trades on KASE in October of 2006 (purchase and sale, including offerings) ------------------------------------------------------------------------------- Volume of deals: Code Brief ------------------ Num- Market Price of name of an th. m. ber of share, change, security Issuer USD KZT deals % % -------- ----------------------------- --------- -------- ------ ------ ------- KKGBb4 Kazkommertsbank JSC 39,299.5 5,023.2 3 14.63 +0.58 BTASb7 Bank TuranAlem JSC 25,078.6 3,206.3 5 9.34 +1.54 ATFBb5 ATFBank JSC 14,008.0 1,787.4 10 5.21 +4.51 HSBKb10 Halyk savings bank of Kazakhstan JSC 12,941.3 1,651.7 5 4.81 -4.12 PRKRb2 Food contract corporation JSC 12,085.3 1,540.1 1 4.49 -1.63 VITAb5 VITA JSC 11,401.9 1,450.8 2 4.23 +1.22 KKGBb2 Kazkommertsbank JSC 9,607.2 1,224.3 1 3.57 -0.12 ASFIb7 Astana-Finance JSC 9,190.1 1,169.9 13 3.41 +7.72 NRBNb3 Nurbank JSC 8,748.7 1,114.7 14 3.25 +0.73 NRBNb4 Nurbank JSC 7,169.2 912.2 2 2.66 +0.54 EUBNb3 Eurasian bank JSC 7,168.0 914.7 3 2.66 -3.58 CSBNb5 BANK CASPIAN JSC 6,960.0 885.6 1 2.58 +1.80 ASBNb7 Alliance Bank JSC 6,396.9 817.6 6 2.38 X ALMXb1 Holding group ALMEX JSC 6,330.8 808.3 1 2.35 +0.45 CSBNb3 BANK CASPIAN JSC 6,237.8 793.7 1 2.31 -3.07 DTJLb1 Doszhan temir zholy (DTZ) JSC 6,083.8 777.2 2 2.26 +22.89 CSBNb4 BANK CASPIAN JSC 5,608.6 713.6 1 2.08 +3.17 HSBKb2 Halyk savings bank of Kazakhstan JSC 5,410.8 691.5 12 2.01 -2.07 NRBNb5 Nurbank JSC 4,178.0 531.6 1 1.55 +2.36 VITAb4 VITA JSC 3,933.4 500.7 2 1.46 +2.15 ASFIb4 Astana-Finance JSC 3,476.1 444.4 1 1.29 +11.95 TSSMb1 Transstroymost JSC 3,413.0 435.8 4 1.27 -4.75 ROSAb2 ROSA JSC 3,399.4 434.3 2 1.27 +0.52 KKGBb3 Kazkommertsbank JSC 3,271.2 416.2 4 1.21 +0.05 NRBNb2 Nurbank JSC 3,148.0 401.2 1 1.17 +0.17 ASFIb9 Astana-finance JSC 2,973.7 379.0 1 1.10 -0.21 CSBNb6 BANK CASPIAN JSC 2,820.6 360.4 10 1.05 +1.74 CCBNb4 Bank CenterCredit JSC 2,545.1 323.8 1 0.94 +1.90 TSBNb5 Tsesnabank JSC 2,520.5 322.3 2 0.94 +0.90 KKGBb5 Kazkommertsbank JSC 2,383.5 304.6 3 0.89 -11.58 TSBNb2 Tsesnabank JSC 2,292.9 291.8 5 0.85 -2.12 TSBNb3 Tsesnabank JSC 2,194.4 279.2 1 0.81 +0.10 BTASb5 Bank TuranAlem JSC 1,911.1 244.1 3 0.71 +10.33 NFBNb1 NEFTEBANK JSC 1,782.3 227.7 3 0.66 -1.21 HSBKb11 Halyk savings bank of Kazakhstan JSC 1,611.3 205.3 3 0.60 -1.10 BTAIb12 Daughter mortgage organization of joint stock company Bank TuranAlem BTA Ipoteka JSC 1,587.1 202.9 1 0.59 X KZIKb12 Kazakhstan Mortgage Company JSC 1,556.3 198.8 2 0.58 -2.38 HSBKb3 Halyk savings bank of Kazakhstan JSC 1,512.0 192.7 1 0.56 +1.54 ORNKb1 Ornek XXI JSC 1,414.3 180.0 4 0.52 +0.79 ASFIb5 Astana-finance JSC 1,407.4 179.8 18 0.52 +0.37 ATFBb4 ATFBank JSC 1,294.8 165.5 1 0.48 +1.28 BTASb4 Bank TuranAlem JSC 1,131.9 144.6 9 0.42 +0.83 HSBKb5 Halyk savings bank of Kazakhstan JSC 1,012.0 129.3 1 0.38 +1.28 BTAIb4 Daughter mortgage organization of joint stock company Bank TuranAlem BTA Ipoteka JSC 957.0 122.3 5 0.36 +0.94 CACMb1 Central Asia Cement JSC 931.8 119.1 5 0.35 +0.85 PDESb1 PAVLODARENERGO- 929.3 118.7 1 0.35 +3.53 SERVICE JSC KZALb1 Mining and smelting concern Kazakhaltyn JSC 875.6 111.9 3 0.33 +0.38 CCBNb13 Bank CenterCredit JSC 854.6 108.9 1 0.32 +0.05 CCBNb2 Bank CenterCredit JSC 814.2 104.0 1 0.30 -0.13 KZNHb2 Kazneftekhim JSC 714.3 91.3 8 0.27 -1.39 FRMPb1 Development fund of small entrepreneurship JSC 644.0 82.3 1 0.24 +0.34 HSBKb Halyk savings bank of Kazakhstan JSC 463.8 59.2 2 0.17 +0.32 TXBNb2 TEXAKABANK JSC 448.5 57.3 3 0.17 +6.08 VTBNb3 Valyut-Transit-Bank JSC 430.4 54.9 12 0.16 -0.24 KZAPb1 NAC Kazatomprom JSC 286.4 36.5 2 0.11 -2.35 VTBNb4 Valyut-Transit-Bank JSC 262.5 33.5 10 0.10 -1.86 TSBNb1 Tsesnabank JSC 249.4 31.9 1 0.09 +0.53 KKAGb1 Kazakhstan Kagazy JSC 225.9 28.9 4 0.08 +0.21 CCBNb3 Bank CenterCredit JSC 218.5 27.9 1 0.08 +2.33 UKPFb1 Ust-Kamenogorsk poultry fabric JSC 218.4 27.9 4 0.08 -0.20 BTASb1 Bank TuranAlem JSC 207.2 26.5 4 0.08 +0.96 KATRb1 KazAgroTrade+ LLP 166.4 21.2 5 0.06 +0.61 KZIKb7 Kazakhstan Mortgage Company JSC 114.9 14.6 1 0.04 -6.19 TEBNb2 Temirbank JSC 108.7 13.9 8 0.04 +1.72 KZIKb3 Kazakhstan Mortgage Company JSC 90.8 11.6 2 0.03 -6.31 KZIKb6 Kazakhstan Mortgage Company JSC 82.6 10.5 1 0.03 -6.40 CSBNb2 BANK CASPIAN JSC 78.3 10.0 3 0.03 +2.82 CHFMb1 Khimfarm JSC 36.9 4.7 2 0.01 -8.16 KASTb2 Holding KAZEXPORTASTYK JSC 35.5 4.5 3 0.01 X KZIKb4 Kazakhstan Mortgage Company JSC 33.2 4.2 1 0.01 -5.77 VTBNb2 Valyut-Transit-Bank JSC 16.1 2.0 2 0.01 -3.07 BTAIb8 Daughter mortgage organization of joint stock company Bank TuranAlem BTA Ipoteka JSC 15.9 2.0 1 0.01 +3.01 ASBNb4 Alliance Bank JSC 15.4 2.0 1 0.01 +0.02 BTAIb1 Daughter mortgage organization of joint stock company Bank TuranAlem BTA Ipoteka JSC 14.1 1.8 1 0.01 -0.30 -------- ----------------------------- --------- -------- ------ ------ ------- 74 269,037.5 34,325.1 266 100.00 ------------------------------------------------------------------------------- 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. [2006-11-10]