REVIEW: KASE debt capital market in March 2009

/IRBIS, Dinara Mukasheva, April 13, 09/ - In March 2009 on Kazakhstan Stock Exchange (KASE) 910 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 KZT28.3 bn. or USD187.9 m. at the current rate effective on deals concluding dates. The stated amount is 52.8 % of monthly turnover of corporate securities market (in February 2009 - 47.6 %) and 1.5 % of total monthly exchange turnover (in February 2.1 %). The price background of corporate bonds market in March 2009 looked as follows: from 122 bonds denominations, included in deals on secondary market, with discount debt instruments of 104 denominations, with premium - 16, at face value - 2 were traded. ASFIb15 looked most re-purchased, weighted average net price of which made 128.4 %, re-sold - BTAIb9 (20.6 %). Let us remind that in February 2009 deals are conducted with bonds of 132 denominations, 114 instruments were traded with discount, with premium - 15, at face value - 3. NRBNb6 as well looked most re- purchased, weighted average net price of which made 122.9 %, re-sold - TSSMb1 (37.1 %). Weighted average net price of corporate bonds on the secondary market fell to 76.3 % compared to 83.0 % in February, 2009. For the month according to concluded deals bond's yield to maturity for buyer increased at 89 instruments (in February 2009 - at 93), decreased at 24 (in February - 28), yield of 1 instrument was nothing to compare with (in February - 1). Below are the tables, characterizing this segment of exchange market in March 2009. Tab. 1. Statistic characteristic of corporate bonds market on KASE in March of 2009 (indicators are given taking into account direct deals) ----------------------------------------------------------------------------- Trend to ---------------------- Indicator March 2009 Feb. 2009 March 2008 ------------------------------------------- ---------- ----------- ---------- Trades volume, th., USD 187,862.2 -47.3 % 2.0 times Trades volume, m., KZT 28,353.3 -45.6 % 2.5 times including, on offerings, th. USD - - - including, on offerings, m. KZT - - - including, on STF RFCA, th. USD 633.0 0.04 times -55.9 % including, on STF RFCA, m. KZT 95.4 0.002 times -45.0 % Number of deals 910 -0.5 % 2.9 times Day average number of deals 46 -0.5 % 2.8 times Day average volume of deals, th. USD 9,393.11 -47.3 % 1.9 times Day average volume of deals, m. KZT 1,417.67 -45.6 % 2.3 times Number of instruments, 122 -7.6 % +40.2 % involved in deals Stake of nego deals (number), % 0.3 -0.1 pp -0.6 pp Stake of nego deals (volume), % 0.1 +0.1 pp -6.6 pp Participation of pension assets, % gross 39.9 +19.4 pp +18.9 pp Participation of physical entities, % gross 7.7 -2.2 pp -5.0 pp Participation of non residents, % gross - -* -** Number of exchange's members, 46 -6.1 pp +15.0 pp who made deals Market concentration, %*** 59.4 -0.2 pp +18.8 pp ----------------------------------------------------------------------------- * the stake of nonresidents in total volume of trades in February 2009 - 0.01 %; ** the stake of nonresidents in total volume of trades in March 2008 - 15.9 %; ***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 trades with corporate bonds on KASE* ------------------------------------------------------------------- Stake from total volume of trades(%) in: ---------------------------------------- Branch March 2009 Feb. 2009 March 2008 -------------------------- ------------- ------------ ------------- Finance 65.8 65.1 81.2 Industry 17.8 8.4 5.7 Main 0.6 consumer sector 11.2 20.8 Energy 1.9 3.6 4.9 Information technologies 1.9 0.04 0.1 Discretionary consumer sector 0.6 0.5 - Utilities sector 0.6 0.1 0.5 Primary sector 0.2 1.1 7.0 Telecommunication services 0.02 0.3 - Public health 0.01 0.02 0.03 ------------------------------------------------------------------- *branch classification of turnover structure was made in compliance with list of classification headings of Global Industry Classification Standard (GICS) Standard and Poor's Tab. 3. Main indicators of KASE corporate bond market in March 2009 -------------------------------------------------------------- Market. value of Index Volume of Volume of debt, KASE_BY, Index Index trade, deals, Date USD m. % APR KASE_BP KASE_BC th. USD m. KZT -------- -------- -------- ------- ------- --------- --------- 27.02.09 11,387.3 13.60 230.84 142.19 5,650.8 850.1 02.03.09 11,381.5 13.60 231.03 142.53 1,675.2 252.3 03.03.09 11,383.5 13.44 232.13 143.50 1,541.6 232.1 04.03.09 11,387.7 12.12 236.78 146.54 4,550.2 684.4 05.03.09 11,422.6 14.09 228.73 139.43 1,455.1 218.7 06.03.09 11,416.3 14.41 229.23 140.00 11,480.5 1,727.7 10.03.09 11,414.9 14.31 229.19 139.99 3,209.0 483.1 11.03.09 11,415.3 17.65 228.64 140.06 7,829.7 1,178.5 12.03.09 11,419.1 17.78 228.59 140.10 7,681.3 1,155.9 13.03.09 11,425.7 17.82 227.85 140.20 7,566.3 1,137.1 16.03.09 11,427.1 17.85 228.02 140.16 8,654.5 1,300.3 17.03.09 11,555.5 17.92 227.58 140.04 481.1 72.4 18.03.09 11,548.3 18.01 227.14 139.96 759.2 114.3 19.03.09 11,536.0 17.78 228.33 142.13 17,753.0 2,679.5 20.03.09 11,530.0 18.12 225.72 140.00 61,605.8 9,308.6 24.03.09 11,541.0 18.16 226.82 140.73 510.2 77.2 25.03.09 11,538.5 18.26 227.08 140.89 875.2 132.5 26.03.09 11,539.6 18.37 225.52 140.03 17,423.4 2,637.0 27.03.09 11,539.6 18.41 225.96 140.49 7,774.4 1,176.7 30.03.09 11,537.8 18.14 225.05 139.82 7,950.1 1,203.6 31.03.09 11,549.1 17.90 225.76 141.08 17,086.1 2,581.4 -------- -------- -------- ------- ------- --------- --------- Trend +161.8 +4.3 -5.1 -1.1 % +1.4 +31.6 -2.2 -0.8 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in March 2009 --------------------------------------------------------- Bonds: Instruments: Issuers: Category of ------------ ------------ ------------ admission number trend number trend number trend ------------------ ------ ----- ------ ----- ------ ----- Rated 28 +5 31 +5 11 0 Incl. MTF KASE 28 +6 28 +6 11 +1 Incl. STF RFCA 3 -1 3 -1 1 -1 ------------------ ------ ----- ------ ----- ------ ----- Non-rated first subcategory 230 +50 257 +50 39 +1 Incl. MTF KASE 220 +50 220 +50 38 +1 Incl. STF RFCA 37 0 37 0 8 0 ------------------ ------ ----- ------ ----- ------ ----- Non-rated second subcategory 59 -4 67 -3 53 -2 Incl. MTF KASE 54 -3 54 -3 48 -1 Incl. STF RFCA 13 0 13 0 13 0 ------------------ ------ ----- ------ ----- ------ ----- Share 1 0 1 0 1 0 ------------------ ------ ----- ------ ----- ------ ----- Incl. MTF KASE - - - - - - ------------------ ------ ----- ------ ----- ------ ----- Incl. STF RFCA 1 0 1 0 1 0 ------------------ ------ ----- ------ ----- ------ ----- Total 317 +52 356 +52 101 0 --------------------------------------------------------- Notes: MTF KASE - main trade floor 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. 5. Summary data on deals with corporate bonds on KASE in March 2009 (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 --------------- -------------- trades, Number on KASE min. max. yield trend, % min. max. th. USD of deals -------- ----- ------ ------ -------- ----- -------- --------- -------- aAESOb1 12.00 15.00 15.00 0 12.00 15.00 94.9 6 aASFIb4 33.00 39.00 39.00 +18.0 21.00 39.00 43.1 4 aASFIb5 40.50 40.50 40.50 +21.0 15.50 46.50 8.8 1 aBTTRb1 15.23 26.80 15.23 -9.8 12.87 26.80 444.9 36 aCBH_b1 19.04 21.00 21.00 17.00 21.00 28.6 2 aCCBNb14 20.00 20.00 20.00 +2.0 13.00 20.00 9.1 1 AKFIb1 12.00 505.40 505.40 9.00 2 641.37 1,224.6 3 ALVZb1 24.67 24.67 24.67 24.67 24.67 2,658.2 1 ASAVb2 26.00 26.00 26.00 +2.0 9.50 26.00 7.0 1 ASBNb1 20.00 20.97 20.97 +1.0 20.00 32.00 1,188.6 2 ASBNb14 10.00 25.00 10.00 +2.0 8.00 25.00 17,534.7 10 ASBNb3 20.00 20.00 20.00 20.00 22.00 21.8 2 ASBNb6 24.50 26.50 26.50 +4.0 18.50 50.00 31.7 2 ASBNe2 64.00 102.00 102.00 +38.0 13.20 112.00 113.1 20 ASFIb11 9.63 9.63 9.63 9.48 16.00 13,446.9 3 ASFIb12 14.00 14.00 14.00 9.61 14.00 174.0 2 ASFIb15 8.50 8.50 8.50 0 8.50 17.00 10.4 1 ASFIb16 9.98 17.90 10.00 0 9.97 17.90 22,096.2 8 ASFIb23 9.99 9.99 9.99 9.99 12.00 1,890.2 1 ASFIb4 31.00 41.00 41.00 +11.9 15.00 41.00 59.3 7 ASFIb5 38.50 44.50 40.05 +3.6 12.11 46.80 654.0 5 ASFIb9 32.00 32.00 32.00 +4.0 7.86 32.00 2.0 1 ASNDb2 15.00 15.00 15.00 0 15.00 16.00 8,983.1 2 ATFBb4 15.00 31.00 30.00 +16.0 8.00 31.00 196.6 15 ATFBb5 13.00 30.00 30.00 +17.0 11.00 31.00 246.0 18 ATFBb6 14.00 30.00 20.00 +10.0 7.00 30.00 15,122.0 22 ATFBe2 20.00 26.00 21.00 -2.0 6.00 28.50 170.2 12 ATFBe4 14.00 30.00 28.00 -0.3 7.00 30.00 2,406.2 21 aZERDb1 9.50 9.50 9.50 9.00 10.00 6.7 1 BTAIb1 89.00 93.00 90.00 +46.0 12.00 93.00 30.5 12 BTAIb10 62.00 70.00 62.00 62.00 70.00 60.3 5 BTAIb11 15.62 70.00 19.50 15.62 70.00 68.6 22 BTAIb12 20.50 78.00 22.00 7.43 78.00 38.2 19 BTAIb13 24.00 78.00 25.00 24.00 78.00 36.7 14 BTAIb14 41.17 70.00 70.00 9.50 70.00 2.5 3 BTAIb16 30.00 70.00 40.00 13.50 70.00 40.2 16 BTAIb2 47.00 69.00 49.00 +20.0 15.00 69.00 21.0 7 BTAIb3 27.45 69.00 69.00 14.50 74.00 46.5 15 BTAIb4 52.96 122.73 122.73 +52.7 15.50 123.20 327.6 36 BTAIb5 43.00 70.00 48.00 14.00 70.00 27.6 15 BTAIb6 76.00 78.00 76.00 15.50 78.00 28.0 6 BTAIb7 58.00 77.00 58.00 58.00 77.00 7.4 3 BTAIb8 24.52 70.00 34.00 15.00 70.00 43.6 19 BTAIb9 37.00 70.00 43.00 37.00 70.00 25.9 16 BTASb2 25.00 36.00 36.00 14.00 36.00 72.0 6 BTASb3 12.88 50.00 44.00 12.88 50.00 1,053.7 12 BTASb4 18.04 44.00 18.04 -18.6 16.00 44.00 297.0 6 BTASb5 33.00 33.00 33.00 +23.5 6.50 33.00 4.1 1 BTASb7 8.49 31.00 30.50 +19.5 7.00 31.00 850.9 4 BTASb9 11.00 12.50 12.00 -3.0 9.00 17.66 5,085.5 6 BTASe3 92.07 122.26 111.86 +11.9 13.38 129.48 444.4 47 BTTRb1 15.23 28.00 15.23 -7.8 9.20 28.00 395.4 35 CCBNb14 20.00 20.00 20.00 +1.0 10.00 20.00 9.0 1 CCBNb6 16.50 16.50 16.50 -0.5 13.50 17.00 10.3 1 CCBNb9 22.00 22.00 22.00 +2.0 13.00 22.00 7.5 1 CSBNb2 16.00 16.00 16.00 0 13.00 16.00 2,381.7 1 CSBNb3 16.00 16.00 16.00 0 10.00 16.00 478.9 1 CSBNb4 18.00 20.00 20.00 +2.5 10.50 20.00 56.3 5 CSBNb5 19.50 21.50 21.50 +2.5 13.00 21.50 56.9 6 CSBNb7 11.00 12.50 12.50 -12.5 11.00 24.98 2,573.2 6 CTECb1 13.50 14.00 13.50 -2.0 13.25 15.50 32,818.1 4 DTJLb1 35.00 43.00 40.80 +7.8 8.47 43.00 556.5 8 ELDSb1 32.79 32.79 32.79 11.00 32.79 15.8 1 EUBNb3 15.00 25.00 23.00 +4.0 3.19 27.87 3,801.4 19 EUBNb4 11.00 13.00 12.00 +1.0 9.03 18.00 3,986.2 16 EUBNb5 9.50 9.50 9.50 0 9.50 14.20 305.9 2 EXBNb2 14.00 22.00 14.00 -2.0 12.00 22.00 743.6 29 GLOTb2 78.50 99.12 93.25 +4.1 13.00 101.85 3,569.5 3 HSBKb10 14.50 14.50 14.50 0 8.20 20.00 8.4 1 HSBKb12 16.50 18.50 18.50 15.00 20.00 82.9 2 HSBKb7 18.50 18.50 18.50 0 11.00 19.50 8.0 1 HSBKb9 18.50 18.50 18.50 0 7.72 20.00 6.9 1 HSBKe1 17.00 22.00 17.00 -3.0 12.00 22.00 127.5 5 KAFIb1 14.00 14.35 14.27 10.00 15.83 1,707.2 7 KASTb2 21.00 23.00 23.00 10.00 23.00 39.9 4 KATRb2 20.00 20.00 20.00 0 17.00 20.03 7,569.4 2 KAZIb2 18.80 25.00 25.00 +9.2 10.50 35.00 43.4 4 KDTSb1 26.00 37.77 37.77 +24.4 11.00 53.82 42.8 3 KIBNb3 12.00 14.00 14.00 12.00 18.00 49.6 3 KKAGb1 28.00 30.00 29.00 +12.0 12.50 35.00 69.9 5 KKAGb2 11.00 22.00 11.00 -4.0 9.50 29.80 327.9 6 KKAGb3 19.00 23.00 23.00 +6.0 11.00 23.00 56.9 5 KKGBb2 30.48 32.03 30.48 +1.9 -9.40 32.03 30.7 4 KKGBe4 29.58 29.58 29.58 +2.5 10.28 29.58 6.0 1 KKGBe6 25.50 31.05 28.42 +2.0 8.05 34.39 425.3 27 KRZHb1 50.00 82.00 82.00 6.80 114.96 69.5 8 KZIKb3 16.50 16.50 16.50 +2.0 13.00 26.00 34.2 1 KZIKb4 22.00 26.50 26.50 +6.0 14.00 26.50 82.2 6 KZIKb5 16.00 17.51 17.51 +2.5 10.05 17.51 39.1 4 KZIKb6 16.50 16.50 16.50 14.00 18.20 16.3 1 KZIKb7 15.00 15.50 15.00 11.50 18.28 197.0 4 KZIKb8 14.90 16.50 16.50 10.50 26.00 38.7 3 KZNHb2 29.61 62.00 34.22 -12.8 14.00 62.00 1,013.8 30 KZTCb1 17.51 17.51 17.51 +1.1 13.00 17.51 31.3 2 MREKb2 25.00 29.00 27.00 +3.0 14.00 29.00 98.3 8 MREKb5 12.50 12.50 12.50 0 12.00 14.00 34.7 2 NRBNb5 21.00 21.00 21.00 +1.0 12.00 22.00 806.6 2 NRBNb6 7.54 8.00 8.00 0 7.54 14.00 1,088.5 30 ORDBb2 80.00 80.00 80.00 +2.0 7.00 80.00 9.5 2 ORDKb1 11.98 14.00 14.00 +2.0 11.95 16.00 46.6 2 PRKRb2 11.00 11.00 11.00 11.00 11.00 12.4 1 RESCb1 12.00 18.00 12.00 0 11.50 18.00 9,503.1 4 RGBRb4 23.00 23.00 23.00 +2.0 6.31 23.00 6.7 1 RGBRb6 9.00 9.01 9.01 0 9.00 14.00 10,492.7 4 RMXRb1 23.04 23.04 23.04 12.00 23.04 996.8 1 SATCb1 9.99 15.00 10.00 -6.0 9.99 16.00 2,496.9 11 TEBNb13 9.00 13.00 13.00 -2.0 9.00 15.00 53.6 3 TEBNb16 11.00 27.00 27.00 +16.0 8.50 27.00 216.2 17 TEBNb3 19.00 27.00 27.00 +8.0 12.00 27.00 75.3 7 TEBNb6 30.00 30.00 30.00 0 10.50 32.00 11.8 2 TEBNb9 11.00 13.00 13.00 +4.0 8.90 13.00 29.9 2 TSBNb2 22.00 23.00 23.00 +2.0 15.00 23.00 17.7 2 TSBNb4 27.00 27.00 27.00 +1.0 15.99 28.00 9.5 1 TSNAb1 22.00 53.00 22.00 10.00 53.00 39.1 3 TXBNb2 28.00 29.00 28.00 0 12.00 29.00 66.9 6 TXBNb3 15.00 15.00 15.00 +1.0 12.00 15.00 11.8 1 UKPFb2 15.00 15.00 15.00 15.00 15.00 77.4 2 VITAb4 40.00 50.00 50.00 +14.0 12.71 50.00 34.5 4 VITAb5 55.00 57.00 57.00 +27.4 12.10 57.00 45.7 8 ZERDb1 9.00 10.00 9.00 -1.0 9.00 14.00 73.0 3 -------- ----- ------ ------ -------- ----- -------- --------- -------- 120 187,731.2 908 ----------------------------------------------------------------------- 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 - February 2009. [2009-04-13]