/IRBIS, Natalya Khoroshevskaya, Andrey Tsalyuk, January 13, 07/ - In
January 2006 at Kazakhstan stock exchange (KASE) 246 deals were made
in corporate bonds in all sectors of the market (excluding repo-transactions
sector) for a total of KZT30,408.0 m. or USD241.9 m. at the current rate
effective on dates of concluding deals. The stated amount is 53.9% of
monthly turnover of market of corporate securities (in December 2006 -
26.2%) and 1.0% of exchange's monthly turnover (1.1%).
Statistic characteristic of corporate bonds market on KASE
in December and November of 2006
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Month:
------------------- Trend
January December Jan 2007
Indicator 2007 2006 compared to
Dec 2006
------------------------------------------- --------- --------- -----------
Trades volume, th., USD 241,858.1 242,336.5 -0.2%
Trades volume, m., KZT 30,408.0 30,977.3 -1.8%
including, on offerings, th. USD 0 0 X
including, on offerings, m. KZT 0 0 X
including, on secondary market 241,858.1 242,336.5 -0.2%
deals, th. USD
including, on secondary market 30,408.0 30,977.3 -1.8%
deals, m. KZT
Number of deals 246 394 -37.6%
Number of instruments, 70 78 -9.1%
involved in deals
Stake of nego deals (number), % 5.3 10.9 -5.6пп
Stake of nego deals (volume), % 12.2 9.5 +2.7пп
Participation of pension assets, % gross 14.1 18.2 -4.1пп
Participation of physical entities, % gross 9.6 26.0 -16.4пп
Number of exchange's members, 39 38 +2.6%
who made deals
Market concentration, %* 53.2 32.2 +21.0пп
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*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)
January at the exchange market of corporate bonds slightly differed from
December. The statistics given in the table allows marking out some
peculiarities of the month:
substantial growth of market concentration - participants primarily
worked with ASFIb7, BTASb7, TEBNb11, 47% of the exchange
turnover comes to these bonds' share;
continuation of fall of participation share of pension assets at the
exchange corporate bond market, which in the analyzed month
decreased to 14.1% (in 2006 - 25.7% with minimum - 16.4% in
January);
considerable decline of activity of physical entities in the given
market segment.
In terms of price the market still looks sufficiently balanced. Dynamics of
weighted average net prices is described by the following statistics.
In the analyzed month out of 70 bonds denominations, involved in deals at
the secondary market, 38 denominations were traded lower than the nominal
value; 32 were traded with premium. BTASb4 looked the most
overpurchased (their weighted average net price for the month totaled
116.81% of the face value), the most oversold - NRBNb5 (90.17%). In
December deals at the secondary market were carried out with bonds of 78
denominations, securities of 36 denominations were traded with discount, 42
- with premium. KRZHb1 looked most overpurchased (120.28%), most
oversold - ASNDb1 (92.31%).
The weighted average net price of corporate bonds at the secondary market
in January totaled 101.24%, in December - 100.13%.
In January on concluded deals the yield to maturity for a buyer of 31
corporate bonds increased, of 25 decreased. There was nothing to compare
with the yield of four new securities. In December the corresponding
indicators are 31,40 and 7.
Dynamics of indexes of KASE_B* series, provided in the following table of
main indicators of the market, was notable for the fact that yield index in the
third ten-day period of January broke through the two-month horizontal
channel and fixed in the area of 7.70% APR. it was caused by an adequate
yield growth on quotations BTASb7 - bonds, which had the largest influence
upon index in view of issue volume (KZT125 bn.). As it was specified above,
these securities in the analyzed month were in the field of trades' attention.
Only in the open market of KASE 10 deals for a total of $28.8 m. were closed
with them.
Price indexed of corporate bonds worked through a small correction
downwards.
Tables, which additionally characterize the exchange market of corporate
bonds in January, are given below.
Change of lists of corporate bonds,
traded on KASE, in January 2007
-------------------------------------
Bonds: Issuers:
Category of ------------ ------------
admission number trend number trend
----------- ------ ----- ------ -----
A 181 -3 61 0
B 19 +1 18 +1
----------- ------ ----- ------ -----
A+B 200 -2 79 +1
-------------------------------------
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 January 2007
--------------------------------------------------------------
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
-------- -------- -------- ------- ------- --------- ---------
29.12.06 12,892.7 7.41 201.65 129.61 19,389.0 2,462.4
03.01.07 12,927.7 7.20 202.48 130.60 282.4 35.8
04.01.07 12,924.6 7.20 202.54 130.60 1,634.8 206.9
05.01.07 12,953.5 7.19 202.68 130.68 4,771.3 601.6
08.01.07 12,960.2 7.21 202.53 130.49 4,509.2 567.1
09.01.07 12,979.9 7.21 202.60 130.52 4,492.3 563.6
10.01.07 12,989.1 7.41 201.25 129.59 66,248.3 8,294.3
11.01.07 12,994.8 7.21 202.74 130.55 7,540.9 946.7
12.01.07 13,008.2 7.18 203.07 130.78 4,866.8 611.0
15.01.07 13,021.6 7.43 201.71 129.77 3,000.2 375.9
16.01.07 12,964.9 7.23 203.10 130.67 3,870.8 484.9
17.01.07 12,967.7 7.23 203.15 130.68 5,188.3 649.4
18.01.07 12,977.0 7.24 203.05 130.58 4,988.0 623.5
19.01.07 12,984.6 7.23 203.24 130.69 2,931.0 366.0
22.01.07 12,962.2 7.23 203.36 130.69 2,049.8 256.8
23.01.07 12,938.8 7.24 203.27 130.60 978.0 122.9
24.01.07 12,940.7 7.23 203.44 130.67 8,228.1 1,034.4
25.01.07 12,940.4 7.84 199.89 128.28 25,045.7 3,149.5
26.01.07 12,921.7 7.82 200.14 128.43 55,122.9 6,958.2
29.01.07 12,911.9 7.85 199.90 128.17 5,662.5 714.0
30.01.07 12,845.3 7.66 201.06 128.91 13,825.2 1,745.3
31.01.07 12,825.0 7.68 200.85 128.74 16,621.5 2,100.3
-------- -------- -------- ------- ------- --------- ---------
Trend -67.7 +0.3 -0.8 -0.9
-0.5% +3.6% -0.4% -0.7%
--------------------------------------------------------------
Summary data on the results of bond trades on KASE in January 2007
(purchase and sale, including offerings, without consideration of nego deals)
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Yield to maturity for purchaser, % APR:
----------------------------------------
Code of At a last deal: For last Volume of
bond --------------- ----------- deals, Number
on KASE min. max. yield Trend, % min. max. th. USD Of deals
------- ------ ----- ------ -------- ----- ----- --------- --------
ALMXb1 8.00 8.00 8.00 8.00 8.00 2,851.3 1
ASBNb3 9.80 9.80 9.80 +0.66 7.50 9.85 25.5 1
ASFIb3 8.60 8.60 8.60 8.60 8.60 120.1 1
ASFIb5 11.00 11.50 11.50 +0.02 8.73 11.50 221.9 3
ASFIb6 9.50 11.00 11.00 8.50 11.94 7,646.3 3
ASFIb7 8.50 11.00 8.50 -1.80 8.50 11.00 53,077.8 14
ASNDb1 8.90 8.90 8.90 -2.10 8.90 11.00 4,027.0 1
ATFBb5 8.50 9.28 8.50 7.55 9.28 1,493.1 7
BTAIb1 10.00 10.00 10.00 +0.75 8.50 10.00 61.8 2
BTAIb11 8.50 8.50 8.50 8.30 8.50 3,303.1 2
BTAIb12 8.50 8.50 8.50 8.49 8.50 3,729.3 5
BTAIb3 10.10 10.10 10.10 7.70 10.10 15.6 1
BTAIb4 8.80 8.80 8.80 +0.04 8.20 10.00 420.0 1
BTAIb5 10.00 10.00 10.00 +1.22 8.45 10.00 67.2 1
BTAIb7 10.00 10.00 10.00 8.60 10.00 15.5 1
BTAIb8 9.50 10.50 10.50 8.20 10.50 45.9 2
BTASb1 10.84 11.00 10.84 +1.84 6.50 11.50 54.0 2
BTASb2 9.50 10.00 10.00 +0.50 7.90 11.20 98.1 2
BTASb4 7.50 7.50 7.50 -2.42 7.00 10.13 12.7 1
BTASb7 7.00 7.50 7.50 +0.50 6.85 7.50 28,849.7 10
CCBNb10 7.89 7.89 7.89 -0.01 7.89 8.25 1,834.6 2
CCBNb13 8.30 8.30 8.30 8.20 8.30 2,192.6 3
CCBNb14 8.50 8.50 8.50 8.50 8.50 2,113.8 1
CHFMb1 4.50 5.50 5.50 -1.00 4.50 10.00 43.1 3
CSBNb4 9.70 9.75 9.75 +0.05 8.75 9.87 91.9 2
CSBNb6 9.50 9.60 9.60 8.50 9.60 371.0 2
EUBNb3 8.20 8.20 8.20 0 8.00 8.20 6,650.3 2
GLOTb1 9.00 10.00 9.00 -1.00 9.00 10.00 786.6 2
HSBKb 11.00 12.00 11.00 -0.60 7.00 12.00 74.2 3
HSBKb10 7.49 7.49 7.49 0 6.10 8.46 4,250.2 2
HSBKb2 3.00 8.00 9.10 3.00 10.50 1,836.7 18
KASSb1 9.47 9.47 9.47 0 8.80 9.50 54.2 1
KASTb2 8.40 8.50 8.40 -1.78 8.40 10.20 494.1 2
KATRb1 12.00 13.00 12.00 0 10.00 13.00 6,090.1 12
KAZIb1 11.00 11.00 11.00 0 10.70 11.00 244.1 1
KIBNb1 11.50 12.87 11.64 +0.14 11.00 12.87 6,354.8 3
KKAGb1 12.00 12.00 12.00 +1.00 9.50 12.30 163.5 1
KKAGb3 9.20 9.20 9.20 -0.05 9.20 9.25 3,314.2 3
KKGBb2 9.92 9.92 9.92 +2.42 6.25 9.92 9,397.4 1
KKGBb3 7.50 7.51 7.51 5.10 9.00 59.3 4
KKGBb4 6.00 7.00 7.00 6.00 8.00 81.0 5
KONDb1 9.00 9.00 9.00 -0.20 9.00 9.20 5,961.1 1
KZASb2 8.70 8.70 8.70 0 8.00 8.90 332.3 2
KZIKb14 5.50 5.50 5.50 +2.00 3.00 5.50 32.2 2
KZNHb2 10.80 12.00 10.82 -1.18 9.50 13.50 2,290.4 15
MREKb1 8.50 8.50 8.50 0 8.50 8.75 89.6 6
MREKb2 9.05 9.05 9.05 0 8.75 9.05 271.0 1
MREKb3 9.50 9.50 9.50 0 9.50 9.50 1,544.2 1
NFBNb1 10.68 10.69 10.69 10.00 11.77 2,597.5 2
NRBNb2 9.00 9.62 9.62 +1.42 7.99 9.62 5,536.6 2
NRBNb3 8.15 8.15 8.15 -0.05 8.10 8.70 40.3 1
NRBNb4 8.35 8.45 8.45 +0.10 7.80 8.45 131.1 7
NRBNb5 8.30 9.10 9.10 +0.80 8.30 9.10 3,244.4 8
ORDBb2 11.50 12.53 12.53 +0.03 10.00 12.53 5,266.9 7
ORDKB1 12.00 12.00 12.00 12.00 12.00 127.1 3
ORNKb1 10.64 10.64 10.64 +0.64 9.80 12.00 582.2 1
RGBRb3 8.10 8.10 8.10 8.00 8.10 13.6 1
ROSAb1 10.00 14.00 14.00 10.00 14.00 102.4 7
TEBNb10 8.00 8.00 8.00 8.00 8.00 4,161.1 1
TEBNb11 8.50 8.76 8.71 +0.21 8.50 8.76 17,415.4 5
TEBNb2 16.00 16.00 16.00 0 13.50 16.50 6.8 1
TEBNb3 9.00 9.00 9.00 0 9.00 9.00 219.7 1
TSBNb1 9.20 9.60 9.60 +0.10 9.20 10.50 980.8 4
TSBNb4 9.02 10.20 10.20 +0.21 9.02 10.20 5,348.5 3
TSBNb5 10.00 10.00 10.00 0 10.00 10.52 238.0 2
TSBNb6 10.20 10.20 10.20 10.20 10.20 2,241.2 1
TXBNb3 8.70 8.70 8.70 -1.84 8.50 10.54 538.2 3
UKPFb1 12.00 13.00 12.08 +0.08 9.99 13.00 300.8 10
VITAb5 9.40 9.40 9.40 9.12 9.60 144.8 1
------- ------ ----- ------ -------- ----- ----- --------- --------
69 212,392.1 233
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Comments: Securities were sorted in alphabetical order according to codes of
bonds. Trends are given in percentage points (1pp = 100 basis points) relative to
the last deal of previous month - December 2006. In the code of bond by the number
is noted the number of bonds' issue. In case of number absence (old quotation) is
meant the first emission. The full list of codes of issuers is available at
http://www.kase.kz/instruments/nzb_code.htm.
[2007-02-13]