ANALYSIS: In February 2009 volume of GS trades on KASE, including offering, grew 40.8 % to KZT58.7 bn. ($397.2 m.)

/IRBIS, Valeriy Khegay, March 16, 09/ - In February 2009 on Kazakhstan Stock Exchange (KASE) 167 deals were registered in government securities (GS) purchase and sale sector, including offering for the total of KZT58,680.9 m. (equivalent of $397.2 m.), that was 2.1 % of the total exchange turnover of the month (in January - 1.8 %). Relative to January 2009 the sector's turnover increased by 40.8 %. Relative to February 2008 it decreased by 2.7 %. In February the Ministry of Finance carried out five auctions on offering bonds, one of which was annulled. February 11 auction on placement of government short-term treasury obligations of the Ministry of Finance of the Republic of Kazakhstan MEKKAM-12 of 98th issue (KZK1KY010984, MKM012_0098; KZT100; 11.02.2009 - 11.02.2010, actual/actual) was held. Bond price was the subject of trade. Initially KZT5,000.0 m. was planned to be offered. Four primary dealers participated in the trades, having submitted 7 active bids. The total volume of active bids (volume of demand) made KZT7,393.6 m. (159.0 % from the suggested volume). The yield in bids varied from 7.50 % APR to 9.00 % APR, making in weighted average expression 7.55 % APR. By results of trade, the issuer made cut-off price at 93.0233 % (7.50 % APR) and satisfied submitted bids on KZT7 136.7 m. (153.4 % from the suggested volume of bonds). February 18 auction on offering government mid-term treasury obligations of Ministry of Finance of Republic of Kazakhstan MEOKAM-60 of 30th issue (KZK2KY050302, MOM060_0030; KZT1 000, 18.02.2009 - 18.02.2014, 30/360) was held in the KASE trade system. Coupon rate was the subject of trade. Initially, KZT5,000.0 m. was planned to be offered. 11 primary dealers participated in the trades, having submitted 16 active bids. Total volume of active bids (volume of demand) made KZT5,250.0 m. at bond face value (105.0% from suggested volume of bonds). The yield varied from 8.50 % APR to 9.50 % APR, making in average weighted expression 8.77 % APR. By results of trade, the issuer set the rate of coupon at 8.70% APR and satisfied bids for the total of KZT4,200.0 m.(84.0 % from the suggested volume of bonds). February 25 auction on offering government long-term treasury obligations of Ministry of Finance of Republic of Kazakhstan MEUKAM-84 of the 3rd issue (KZKDKY070032, MUM084_0003; KZT1 000, 25.02.2009 - 25.02.2016, 30/360) was held in the KASE trade system. Coupon rate was the subject of trade. Initially, KZT5,000.0 m. was planned to be offered. Eight primary dealers participated in the trades, having submitted 15 active bids. The total volume of active bids (volume of demand) made KZT13,100.0 m. in debt nominal expression (262.0 % from suggested volume of bonds). The yield varied from 7.50 % APR to 9.50 % APR, making in average weighted expression 9.22 % APR. By results of trade, the issuer set the rate of coupon at 8.75% APR and satisfied bids for the total of KZT3,600.0 m.(72.0 % from the suggested volume of bonds). February 26 the auction on offering of government long-term savings treasury obligations of the Ministry of Finance of the Republic of Kazakhstan MEUJKAM-180 of 6th issue (KZKAKY150068, MUJ180_0006; KZT1 000, 26.02.2009 - 26.02.2024, 30/360) was held in KASE trade system. Fixed coupon was the subject of trade. Initially, KZT10,000.0 m. was planned to be offered. 9 primary dealers participated in the trades, having submitted 17 active bids. Total volume of active bids (volume of demand) made KZT19,677.0 m. at bonds` face value (196.8% from suggested volume of bonds). The rate of fixed coupon in bids varied from 0.01 % APR to 1.50 % APR, making in average weighted expression 0.26 % APR. By results of trade, the issuer set the rate at 0.01 % APR, having satisfied bids at KZT15,677.0 m. (156.8 % from the suggested volume of bonds). Statistical indicators of GS secondary market in February 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 - 11.8% (82.5%) of the market ----------------------------------------------------------------------------- Less than 8 5.80 5.80 5.80 5.80 49.9 1 8 - 14 2.50 7.00 2.50 5.95 2,255.9 5 15 - 28 5.70 6.06 5.70 5.73 547.9 2 182 - 364 7.50 7.50 7.50 7.50 465.6 1 -------------- --------- --------- -------- -------- --------------- -------- Total 3,319.3 9 (7,306.0) (20) -------------- --------- --------- -------- -------- --------------- -------- Coupon GS (KZT): MEOKAM, MUIKAM, MEUKAM - 88.2% (17.5%) of the market ----------------------------------------------------------------------------- less than 730 7.15 14.50 7.90 9.78 7,631.1 42 731 - 1095 7.80 9.00 7.80 8.80 1,260.1 6 1096 - 1460 8.49 8.49 8.49 8.49 25.2 1 1461 - 1825 5.50 8.70 8.30 8.36 3,197.7 18 1826 - 2190 5.15 8.75 5.50 6.58 6,843.4 27 More than 2191 5.50 9.00 8.75 6.92 5,790.2 20 -------------- --------- --------- -------- -------- --------------- -------- 24,747.8 114 Total (25,560.3) (120) -------------- --------- --------- -------- -------- --------------- -------- 28,067.1 123 GRANDTOTAL (32,866.3) (140) ----------------------------------------------------------------------------- The stake of exchange turnover in total volume of purchase and sale deals of Kazakhstan GS secondary market in February made 40.6% (in January - 92.5 %). [2009-03-16]