ANALYSIS: In November 2008 volume of GS trades on KASE, including offering, grew 31.4 % to KZT126.7 bn. ($1.1 bn.)

/IRBIS, Valeriy Khegay, January 21, 09/ - In December 2008 on Kazakhstan Stock Exchange (KASE) 264 deals were registered in government securities (GS) purchase and sale sector, including offering for the total of KZT126,679.3 m. (equivalent of $1,050.2 m.), that was 2.0 % of the total exchange turnover of the month (in November - 2.1 %). Relative to November 2008 the sector's turnover increased by 31.4 %. Relative to December 2007 it increased by 2.3 times. In December the Ministry of Finance carried out seven auctions on offering bonds. December 3 auction on offering government mid-term treasury obligations of Ministry of Finance of Republic of Kazakhstan MEOKAM-60 of 28th issue (KZK2KY050286, MOM060_0028; KZT1,000, 03.12.2008 - 03.12.2013, 30/360) was held in the KASE trade system. Coupon rate was the subject of trade. Initially, KZT9,000.0 m. was planned to be offered. Four primary dealers participated in the trades, having submitted 14 active bids. Total volume of active bids (volume of demand) made KZT3,150.0 m. at bond face value (35% from suggested volume of bonds). The yield varied from 8.50 % APR to 9.00 % APR, making in average weighted expression 8.68 % APR. By results of trade, the issuer set the rate of coupon at 8.70% APR and satisfied bids for the total of KZT2,450.0 m.(27.2 % from the suggested volume of bonds). December 10 auction on offering government long-term treasury obligations of Ministry of Finance of Republic of Kazakhstan MEUKAM-72 of the 3rd issue (KZKDKY060025, MUM072_0003; KZT1,000, 10.12.2008 - 10.12.2014, 30/360) was held in the KASE trade system. Coupon rate was the subject of trade. Initially, KZT10,000.0 m. was planned to be offered. Eight primary dealers participated in the trades, having submitted 17 active bids. The total volume of active bids (volume of demand) made KZT8,709.0 m. in debt nominal expression (87.1% from suggested volume of bonds). The yield varied from 8.70 % APR to 9.00 % APR, making in average weighted expression 8.77 % APR. By results of trade, the issuer set the rate of coupon at 8.75% APR and satisfied bids for the total of KZT8,159.0 m.(81.6 % from the suggested volume of bonds). December 12 auction on placement of government short-term treasury obligations of the Ministry of Finance of the Republic of Kazakhstan MEKKAM-9 of 13th issue (KZK1KM090138, MKM009_0013; KZT100; 12.12.2008 - 12.09.2009, actual/actual) was held. Bond price was the subject of trade. Initially KZT10,000.0 m. was planned to be offered. Three primary dealers participated in the trades, having submitted 8 active bids. The total volume of active bids (volume of demand) made KZT12,109.0 m. (127.7 % from the suggested volume). The yield in bids equaled 7.25 % APR. By results of trade, the issuer satisfied all submitted bids on KZT12 109.0 m. December 18 auction on placement of government short-term treasury obligations of the Ministry of Finance of the Republic of Kazakhstan MEKKAM-12 of 95th issue (KZK1KY010950, MKM012_0095; KZT100; 18.12.2008 - 18.12.2009, actual/actual) was held. Bond price was the subject of trade. Initially KZT10,000.0 m. was planned to be offered. Two primary dealers participated in the trades, having submitted 6 active bids. Total volume of active bids (volume of demand) made KZT11,441.9 m. (123.0 % from the suggested volume). The yield in bids equaled 7.50 % APR. By results of trade, the issuer satisfied all submitted bids on KZT11 441.9 m. December 23 auction on placement of government short-term treasury obligations of the Ministry of Finance of the Republic of Kazakhstan MEKKAM-6 of 186th issue (KZK1KM061865, MKM006_0186; KZT100; 23.12.2008 - 23.06.2009, actual/actual) was held. Bond price was the subject of trade. Initially KZT6,000.0 m. was planned to be offered. Three primary dealers participated in the trades, having submitted 6 active bids. Total volume of active bids (volume of demand) made KZT9,861.4 m. (170.1 % from the suggested volume). The yield in bids equaled 7.00 % APR. By results of trade, the issuer satisfied all submitted bids on KZT9 861.4 m. December 24 the auction on offering of government long-term savings treasury obligations of the Ministry of Finance of the Republic of Kazakhstan MEUJKAM-168 of 1st issue (KZKAKY140010, MUJ168_0001; KZT1 000, 24.12.2008 - 24.12.2022, 30/360) was held in KASE trade system. Fixed coupon was the subject of trade. Initially, KZT15,000.0 m. was planned to be offered. Four primary dealers participated in the trades, having submitted 11 active bids. Total volume of active bids (volume of demand) made KZT13,750.0 m. at bonds` face value (91.7% from suggested volume of bonds). The rate of fixed coupon in bids varied from 0.01 % APR to 3.00 % APR, making in average weighted expression 1.46 % APR. By results of trade, the issuer set the rate at 0.50 % APR, having satisfied bids at KZT8,500.0 m. (56.7 % from the suggested volume of bonds). December 26 auction on placement of government short-term treasury obligations of the Ministry of Finance of the Republic of Kazakhstan MEKKAM-12 of 95th issue (KZK1KY010950, MKM012_0095; KZT100; 18.12.2008 - 18.12.2009, actual/actual) was held. Bond price was the subject of trade. Initially KZT3,800.0 m. was planned to be offered. One primary dealers participated in the trades, having submitted 2 active bids. Total volume of active bids (volume of demand) made KZT3,540.3 m. (100 % from the suggested volume). The yield in bids equaled 7.50 % APR. By results of trade, the issuer satisfied all submitted bids on KZT3 540.3 m. Statistical indicators of GS secondary market in December are given in the table (in parentheses - comparative indicators of the previous month). ----------------------------------------------------------------------------- Yield to maturity for the buyer, %APR Term ------------------------------------- Volume, m. KZT Number till maturity min max last WA at market price of deals -------------- --------- --------- -------- -------- --------------- -------- Discounted GS (KZT): MEKKAM, National Bank's notes - 82.5% (57.9%) of the market ----------------------------------------------------------------------------- 8 - 14 3.20 10.00 3.20 7.32 1,440.0 4 15 - 28 5.70 5.70 5.70 5.70 2,091.8 4 29 - 36 5.80 6.50 6.50 5.81 17,066.8 44 37 - 42 6.15 6.15 6.15 6.15 248.2 1 43 - 56 6.30 6.60 6.60 6.40 3,797.3 9 64 - 91 6.15 6.77 6.15 6.75 3,435.5 3 92 - 181 6.98 9.00 7.50 7.01 5,956.5 9 182 - 364 7.20 12.11 7.47 7.57 24,229.9 32 -------------- --------- --------- -------- -------- --------------- -------- Total 58,266.1 106 (29,683.4) (76) -------------- --------- --------- -------- -------- --------------- -------- Coupon GS (KZT): MEOKAM, MUIKAM, MEUKAM - 17.5% (42.1%) of the market ----------------------------------------------------------------------------- less than 730 7.00 10.70 7.97 8.02 2,076.5 20 731 - 1095 8.05 8.54 8.08 8.22 1,173.4 11 1096 - 1460 8.45 8.45 8.45 8.45 200.9 2 1461 - 1825 5.50 8.60 7.90 7.99 2,148.9 11 1826 - 2190 3.25 12.50 7.90 6.56 6,403.2 56 More than 2191 5.50 5.50 5.50 5.50 348.7 4 -------------- --------- --------- -------- -------- --------------- -------- Total 12,351.7 104 (21,591.2) (134) -------------- --------- --------- -------- -------- --------------- -------- GRANDTOTAL 70,617.8 210 (51,274.6) (210) ----------------------------------------------------------------------------- The stake of exchange turnover in total volume of purchase and sale deals of Kazakhstan GS secondary market in December made 99.8% (in November - 100 %).r [2009-01-21]