/IRBIS, Vitaliy Tomskiy, August 13, 08/ - In July 2008 on Kazakhstan Stock
Exchange (KASE) 452 deals were made with corporate bonds in all sectors
of the market, including deals, performed on the special trading floor of the
Regional financial center of Almay (STF RFCA) for a total of KZT63.9 bn. or
USD532.0 m. at the current rate effective on deals concluding dates. The
stated amount is 75.8 % of monthly turnover of corporate securities market
(in June - 44.9%) and 1.8 % of monthly exchange turnover (1.6 %).
July was characterized by growth of total volume of concluded deals by 1.5
times relative to June for internal bond market. Activity in this sector of
exchange trade continued growing on turbulence of equity instrument
markets, observed since the beginning of current year.
High inflation is still the main affecting factor of Kazakhstan debt capital
market (20.0 % in annual expression). High inflation pushes up yields and
interest rates. Disposition of executive subject to savings is decreasing. In
situation when Kazakhstan banks are forced to improve deposit base
because of closed external capital markets, they have to increase interest
rates. As a result, funding value for banks are growing and they charge it in
"demanded yield" on assets, including granted credits and bonds. (Tab.5).
At the same time, oil and metal growing (one of the main reasons of global
inflation processes) provides favorable situation on monetary market and
increase attractiveness of local bonds for nonresidents (in July nonresidents
on purchase made 52.79 %).
The price background of corporate bonds market in July looked as follows:
from 102 bonds denominations, included in deals on secondary market, with
discount were traded debt instruments of 85 denominations, with premium -
17. ASFIb15looked most re-purchased, weighted average price of which
made 129.0 %, re-sold - aASFIb11 (64.6 %). Let us remind that in June
deals are conducted with bonds of 99 denominations, with discount were
traded 78 instruments, with premium - 21. KDTSb1 looked most re-
purchased, weighted average price of which made 126.4 %, re-sold -
BTASb7 (61.6 %).
Weighted average net price of corporate bonds on the secondary market
grew to 94.5 % compared to 93.6 % in June. For the month according to
conclude deals bond's yield to maturity for buyer increased at 55 instruments
(in June - at 46), decreased at 34 (45), yield of 1 instrument was nothing to
compare with (3).
Below are the tables, characterizing this segment of exchange market in July
2008.
Tab. 1. Statistic characteristic of corporate bonds market on KASE
in July of 2008 (indicators are given taking into account direct deals)
-----------------------------------------------------------------------------
Month:
---------------------- Trend
July To June To July
Indicator 2008 2008 2007
---------------------------------------- --------- ----------- ------------
Trades volume, th., USD 532,028.5 +45.0 % +99.0 %
Trades volume, m., KZT 63,947.5 +41.4 % +94.6 %
including, on offerings, th. USD - Х Х
including, on offerings, m. KZT - Х Х
including, on STF RFCA, th. USD 273,914.0 238.0 times 1079.5 times
including, on STF RFCA, m. KZT 32,918.9 239.9 times 1064.5 times
Number of deals 452 +45.9 % +84.7 %
Day average number of deals 20 +40.4 % +84.7 %
Day average volume of deals, th. USD 24,132.6 +38.1 % +160.6 %
Day average volume of deals, m. KZT 2,900.6 +37.5 % +155.0 %
Number of instruments, 103 +4.0 % +71.7 %
involved in deals
Stake of nego deals (number), % 1.5 +0.6 pp -0.1 pp
Stake of nego deals (volume), % 0.2 +0.1 pp -0.4 pp
Participation of pension assets, % gross 7.1 -7.2 pp -4.8 pp
Participation of physical entities, %
gross 6.9 -4.7 pp -3.5 pp
Participation of non residents, % gross 29.1 +26.5 pp +29.1 pp
Number of exchange's members, 40 -7.0 % +17.6 %
who made deals
Market concentration, %* 65.4 +0.2 pp +3.1 pp
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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 deals)
Tab. 2. Branch characteristic
of corporate bonds market on KASE*
------------------------------------------------------------------
Stake from total market volume (%) in:
------------ ----------- -----------
Branch July 2008 June 2008 July 2007
-------------------------- ------------ ----------- -----------
Finance 86.5 86.1 88.6
Industry 4.6 6.7 6.8
Utilities sector 3.8 4.6 Х
Information technologies 0.4 1.0 Х
Discretionary 0.3 0.6 Х
consumer sector
Main 0.4 0.4 2.9
consumer sector
Energy 0.1 0.33 1.3
Primary sector 3.7 0.30 0.07
Public health 0.3 0.1 0.2
Telecommunication services Х Х 0.11
------------------------------------------------------------------
*branch classification of turnover structure was made in compliance with
list of classification headings of Global lndustry Classification Standard
(GICS) Standart and Poor's
Tab.3 Change of lists of corporate bonds,
traded on KASE, in July 2008
---------------------------------------------------------
Bonds: Issuers:
Category of ------------- Instruments -------------
admission number trend number trend number trend
------------ ------ ----- ------ ----- ------ -----
A 206 +1 206 +1 63 0
B 31 +1 31 +1 30 +1
------------ ------ ----- ------ ----- ------ -----
A+B 237 +2 237 +2 93 +1
------------ ------ ----- ------ ----- ------ -----
STF RFCA 59 +6 59 +6 24 +1
A+B+STF RFCA 248 +7 296 +8 99 +2
---------------------------------------------------------
Notes: "A", "B" - categories of the official list of KASE;
"STF RFCA" - the official list of STF RFCA in connection with launch of STF
RFCA for the security (bond) of one denomination, two exchange
instruments, differing with the code, with conditions of trades holding and
payment making, can go with.
Tab. 4. Main indicators of KASE's corporate bond market in July 2008
--------------------------------------------------------------------
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
-------- -------- -------- ------- ------- --------- ---------
30.06.08 11,954.4 9.89 279.22 169.97 24,230.7 2,925.9
01.07.08 11,959.3 9.91 278.98 169.78 7,977.7 962.5
02.07.08 11,962.7 9.89 279.51 170.15 7,515.5 906.2
03.07.08 11,963.7 9.89 279.97 170.44 9,164.9 1,104.9
04.07.08 11,964.7 9.93 279.72 170.22 1,176.6 141.8
08.07.08 11,967.6 9.87 282.28 171.90 7,543.7 908.9
09.07.08 11,972.5 9.84 281.52 171.38 2,322.6 279.6
10.07.08 11,981.3 9.80 283.03 172.49 81,188.2 9,758.8
11.07.08 11,980.9 9.88 282.12 171.79 24,806.7 2,982.0
14.07.08 12,177.9 9.90 283.46 172.70 27,194.5 3,268.8
15.07.08 12,185.0 9.99 283.95 172.95 27,182.9 3,263.6
16.07.08 12,195.5 9.95 283.31 172.52 17,322.8 2,079.6
17.07.08 12,190.9 9.75 284.41 173.33 99,776.2 11,987.1
18.07.08 12,188.4 9.89 285.69 174.21 14,627.6 1,758.1
21.07.08 12,187.8 9.96 283.47 172.53 919.8 110.6
22.07.08 12,189.6 10.07 283.15 172.17 10,476.9 1,259.1
23.07.08 12,190.7 9.92 283.63 172.58 11,439.4 1,374.6
24.07.08 12,189.1 10.55 279.05 169.22 12,803.4 1,538.8
25.07.08 12,189.8 10.50 281.56 171.00 55.1 6.6
28.07.08 12,189.2 10.00 282.74 171.70 4,105.7 493.4
29.07.08 12,189.2 10.05 278.55 168.60 6,621.6 795.8
30.07.08 12,188.7 9.98 279.21 169.10 142,321.8 17,105.7
31.07.08 12,189.2 10.01 278.16 168.35 14,374.1 1,727.5
-------- -------- -------- ------- ------- --------- ---------
Trend +234.3 +0.1 -0.003 -0.9
% +2.0 +0.9 <0.1 -0.5
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Tab. 5. Summary data on the results of bond trades on KASE in July 2008
(purchase and sale without consideration of nego deals)
-----------------------------------------------------------------------------
Yield to maturity for purchaser, % APR:
---------------------------------------------
For
Code of At a last deal: last 365 days: Volume of
bond --------------- -------------- deals, Number
on KASE min. max. yield Trend, % min. max. th. USD Of deals
--------- ----- ----- ----- -------- ------ ------ --------- --------
aASAVb2 11.03 11.03 11.03 11.03 11.03 18.1 1
aASFIb11 15.22 15.22 15.22 +5.72 9.50 15.22 2,829.1 1
aASFIb17 9.10 9.10 9.10 9.10 9.10 177,351.6 11
aASFIb18 7.95 7.95 7.95 7.95 7.95 67,652.3 4
aASFIb20 8.14 8.14 8.14 8.14 8.14 12,039.0 1
aASFIb21 8.14 8.14 8.14 8.14 8.14 10,034.4 1
aASFIb3 14.00 14.00 14.00 14.00 14.00 85.9 1
aASFIb5 15.50 15.50 15.50 15.50 15.50 348.6 4
aBTTRb1 15.99 18.00 18.00 +2.00 9.08 18.39 60.4 3
aCCBNb14 16.00 17.00 16.00 11.00 17.00 24.1 2
AGKKb1 12.00 16.00 12.00 -3.00 8.10 16.00 99.4 6
aMAG_b1 12.00 11.85 12.26 432.7 1
aPDENb1 14.00 14.00 14.00 14.00 14.00 2,735.2 1
ASAVb2 11.00 16.00 15.00 9.00 16.00 1,602.0 13
ASBNb10 9.75 9.75 9.75 -3.25 9.75 13.20 59.5 3
ASFIb12 13.00 13.00 13.00 +1.00 8.43 13.00 12.1 1
ASFIb15 8.50 8.50 8.50 -3.00 8.50 15.00 11.0 1
ASFIb3 12.00 15.00 15.00 +4.00 6.00 15.00 72.0 4
ASFIb5 15.50 15.50 15.50 +1.00 11.90 15.50 922.8 1
ASFIb6 16.00 16.00 16.00 +1.00 10.00 16.00 3.7 1
ATFBb3 11.50 11.50 11.50 -0.80 7.01 14.00 83.6 1
ATFBb4 12.20 14.50 12.50 -2.00 7.00 15.00 3,457.0 14
ATFBb5 11.00 12.30 12.30 9.95 12.50 4,006.2 2
BTAIb1 14.00 14.00 14.00 7.10 14.00 59.5 1
BTAIb12 7.50 7.50 7.50 +0.05 7.45 7.50 1,671.7 1
BTAIb4 17.00 18.50 18.00 +0.50 8.90 106.15 1,271.5 13
BTAIb5 16.00 16.00 16.00 0 9.24 101.34 55.9 1
BTAIb8 15.00 15.00 15.00 11.50 15.01 28.3 1
BTASb4 16.80 19.50 17.22 +0.22 10.50 47.47 4,318.8 11
BTASb7 7.60 8.60 7.60 -1.00 6.73 14.00 31,709.7 18
BTASb9 11.00 11.00 11.00 0 11.00 11.00 20,778.5 5
BTTRb1 15.00 19.21 15.30 -0.70 6.99 19.70 15,884.3 14
CACMb1 16.75 17.45 17.45 9.75 17.71 26.8 2
CCBNb10 10.50 12.00 12.00 7.50 12.00 127.0 2
CCBNb11 12.00 12.00 12.00 7.50 12.00 107.6 1
CCBNb12 11.00 11.00 11.00 7.50 11.00 22.0 1
CCBNb13 12.00 12.00 12.00 12.00 12.00 8.0 1
CCBNb14 12.18 16.00 12.98 -4.02 7.50 18.00 12,755.7 16
CCBNb15 9.50 12.00 12.00 9.20 12.00 108.2 2
CCBNb16 7.00 11.80 11.80 7.00 12.00 3,557.3 13
CCBNb19 11.00 11.00 11.00 11.00 11.00 50,413.4 6
CCBNb2 14.02 14.02 14.02 +0.22 10.00 106.23 42.0 1
CCBNb3 13.00 20.93 20.93 +7.93 8.58 20.93 260.2 2
CCBNb4 13.00 13.00 13.00 7.50 14.88 253.6 1
CCBNb6 13.50 14.70 14.70 -1.30 7.50 16.00 1,997.4 5
CCBNb7 13.00 13.00 13.00 0 7.50 16.30 199.1 2
CCBNb8 13.00 13.00 13.00 9.66 13.00 78.5 2
CCBNb9 13.00 14.50 14.50 7.50 14.50 184.1 3
CSBNb2 13.00 13.00 13.00 9.48 15.22 14.2 1
CSBNb3 11.50 11.50 11.50 9.30 12.00 1,664.8 1
CSBNb4 13.50 13.50 13.50 +0.50 9.80 13.50 166.5 1
CSBNb5 13.00 15.00 15.00 9.10 15.00 1,830.1 6
CSBNb6 11.75 15.50 15.50 -0.60 9.40 16.10 2,696.7 5
DNTLb1 12.00 12.00 12.00 0 11.96 12.30 1,345.5 8
DTJLb1 8.47 11.50 9.70 +1.20 7.00 22.70 17,505.9 55
EUBNb4 11.50 13.00 11.50 -2.50 9.00 18.00 4,484.7 9
EXBNb1 8.62 14.00 13.00 +4.37 8.62 22.00 7,682.4 12
EXBNb2 13.00 13.50 13.50 0 12.00 21.00 2,868.6 3
GLOTb2 13.30 13.30 13.30 -0.70 7.00 15.00 2,059.8 2
HSBKb4 8.06 9.00 8.06 +0.06 7.00 10.80 711.2 3
JGOKb2 6.81 12.20 9.68 -0.32 6.81 12.20 18,300.9 5
KAFIb1 12.00 13.00 13.00 +1.00 6.75 13.00 378.7 5
KASSb1 9.50 9.50 9.50 -1.50 9.50 11.00 166.2 1
KASTb2 10.50 10.80 10.80 -0.29 9.99 12.00 297.6 3
KAZIb1 14.30 14.60 14.30 11.00 16.40 1,856.4 6
KAZIb2 14.00 14.00 14.00 +0.05 10.50 14.00 563.2 3
KDTSb1 11.50 11.50 11.50 +0.50 11.00 12.50 26.3 2
KKGBb2 26.21 26.21 26.21 12.52 26.21 9.8 1
KKGBb4 12.00 12.50 12.50 +0.50 9.00 12.50 1,449.2 2
KSMKb2 9.00 24.15 16.00 +7.23 8.77 24.15 2,128.0 5
KZASb2 8.70 8.70 8.70 +0.04 8.66 8.70 1,293.7 1
KZIKb10 14.10 14.50 14.50 -0.50 6.50 15.00 709.0 5
KZIKb11 13.80 13.80 13.80 8.00 13.80 509.6 1
KZIKb3 18.60 18.60 18.60 0 7.88 18.60 94.4 1
KZIKb7 17.60 17.60 17.60 7.99 17.60 15.9 1
KZIKb8 14.05 15.80 15.80 +0.80 7.00 16.00 10,145.3 9
KZNHb2 15.00 15.00 15.00 0 11.50 16.00 81.4 1
MREKb2 16.00 16.00 16.00 +1.00 11.00 17.00 18.4 1
MREKb3 9.00 9.00 9.00 0 9.00 9.00 99.1 1
MREKb4 9.00 9.00 9.00 8.00 9.00 670.7 2
MREKb5 12.00 12.01 12.01 12.00 14.00 599.2 2
NFBNb1 13.00 20.06 13.50 -6.00 9.51 20.06 4,143.9 5
NRBNb4 14.50 14.50 14.50 0 9.00 19.50 1,839.1 5
NRBNb6 9.00 9.00 9.00 9.00 14.00 124.2 1
ORDBb2 13.00 13.00 13.00 -0.03 12.00 13.56 319.3 1
ORDKb1 12.00 14.00 12.00 0 11.99 15.03 30.4 4
ORNKb1 23.60 29.00 29.00 +5.50 10.00 29.00 30.2 3
RGBRb4 13.00 13.00 13.00 8.00 15.00 532.3 2
RGBRb6 9.00 9.00 9.00 9.00 14.00 770.4 3
ROSAb2 13.50 13.50 13.50 9.50 13.50 8.8 1
TEBNb2 13.00 13.00 13.00 +0.10 6.00 17.00 14.9 1
TEBNb3 14.00 14.00 14.00 9.00 14.02 725.7 1
TEBNb5 13.00 13.00 13.00 0 9.00 13.50 28.6 1
TSBNb3 12.50 14.05 14.05 10.00 14.05 663.5 4
TSBNb4 17.00 17.00 17.00 0 8.50 17.50 32.6 3
TSNAb1 10.70 10.70 10.70 10.22 11.00 9.6 1
TSSMb1 1.00 18.00 11.30 -6.70 1.00 18.00 1,128.2 13
TXBNb2 13.00 13.50 13.00 +0.30 10.00 13.50 4,237.8 3
TXBNb3 13.00 14.50 13.00 7.00 14.50 3,393.9 13
US_MER_e1 21.94 21.94 21.94 8.00 22.59 34.6 1
VITAb4 17.00 19.00 19.00 -1.00 11.45 29.00 35.4 3
VITAb5 16.00 19.00 16.00 -5.89 10.00 29.00 511.6 7
--------- ----- ----- ----- -------- ------ ------ --------- --------
102 530,917.6 443
-----------------------------------------------------------------------------
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 - June 2008. The full list of codes of issuers
is available at
http://www.kase.kz/instruments/nzb_code.htm.
[2008-08-13]