REVIEW: KASE debt capital market in April 2009

/IRBIS, Dinara Mukasheva, May 8, 09/ - In April 2009 on Kazakhstan Stock Exchange (KASE) 638 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 KZT17.5 bn. or USD116.3 m. at the current rate effective on deals concluding dates. The stated amount is 40.1 % of monthly turnover of corporate securities market (in March 2009 - 52.8 %) and 0.9 % of total monthly exchange turnover (in March 1.5 %). The price background of corporate bonds market in April 2009 looked as follows: from 105 bonds denominations, included in deals on secondary market, with discount debt instruments of 94 denominations, with premium - 7, at face value - 4 were traded. ABDIb1 looked most re-purchased, weighted average net price of which made 115.2 %, re-sold - BTASb7 (23.3 %). Let us remind that in March 2009 deals are conducted with bonds of 122 denominations, 104 instruments were traded with discount, with premium - 16, at face value - 2. ASFIb15 looked most re-purchased, weighted average net price of which made 128.4 %, re-sold - BTAIb9 (20.6 %). Weighted average net price of corporate bonds on the secondary market fell to 73.2 % compared to 76.3 % in March 2009. For the month according to concluded deals bond's yield to maturity for buyer increased at 57 instruments (in March 2009 - at 89), decreased at 42 (in March - 24), yield of 2 instruments was nothing to compare with (in March - 1). Below are the tables, characterizing this segment of exchange market in April 2009. Tab. 1. Statistic characteristic of corporate bonds market on KASE in April of 2009 (indicators are given taking into account direct deals) -------------------------------------------------------------------------- Trend to -------------------- Indicator Apr. 2009 Mar. 2009 Apr.2008 ------------------------------------------- --------- ---------- --------- Trades volume, th., USD 116,262.9 -38.1 -38.4 Trades volume, m., KZT 17,514.3 -38.2 -22.9 including, on offerings, th. USD - - - including, on offerings, m. KZT - - - including, on STF RFCA, th. USD 9,735.8 15.4 times 3.2 times including, on STF RFCA, m. KZT 1,470.1 0.1 times 4.0 times Number of deals 638 -29.9 1.7 times Day average number of deals 29 -36.3 1.7 times Day average volume of deals, th. USD 5,284.7 -43.7 -38.4 Day average volume of deals, m. KZT 796.1 -43.8 -22.9 Number of instruments, 105 -13.9 +28.0 involved in deals Stake of nego deals (number), % 0.2 -0.2 -3.8 Stake of nego deals (volume), % 0.1 +0.05 +0.02 Participation of pension assets, % gross 18.1 -21.9 -0.9 Participation of physical entities, % gross 25.5 +17.8 +12.3 Participation of non residents, % gross 0.3 +0.3 -3.8 Number of exchange's members, 46 0 +4.5 who made deals Market concentration, %* 44.2 -15.2 -2.4 -------------------------------------------------------------------------- *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 Apr. 2009 Mar. 2009 Apr. 2008 -------------------------- ------------- ------------- ------------ Finance 59.9 65.8 86.8 Utilities sector 15.8 0.6 5.3 Information technologies 10.6 1.9 0.3 Main consumer sector 6.6 11.2 0.8 Energy 2.9 1.9 0.1 Industry 2.2 17.8 3.4 Discretionary consumer sector 1.4 0.6 0.3 Primary sector 0.6 0.2 2.9 Public health - 0.01 0.1 Telecommunication services - 0.02 - ------------------------------------------------------------------- *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 April 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 -------- -------- -------- ------- ------- --------- --------- 31.03.09 11,549.1 17.90 225.76 141.08 17,086.1 2,581.4 01.04.09 11,509.2 17.82 224.30 140.42 3,712.6 560.6 02.04.09 11,506.8 17.49 225.23 142.12 887.8 134.0 03.04.09 11,505.8 17.78 222.04 139.84 699.0 105.6 06.04.09 11,493.5 17.81 223.44 142.18 572.3 86.5 07.04.09 11,494.6 17.66 221.82 141.12 2,271.2 343.1 08.04.09 11,492.9 17.65 221.57 141.76 17,768.0 2,683.0 09.04.09 11,500.9 17.53 221.02 142.01 364.8 55.0 10.04.09 11,454.8 17.31 223.65 145.31 5,406.2 815.0 13.04.09 11,450.6 17.19 225.35 148.33 7,352.8 1,109.0 14.04.09 11,465.7 17.23 225.30 148.96 444.7 67.0 15.04.09 11,478.0 17.37 224.11 148.54 12,526.4 1,882.8 16.04.09 11,482.9 17.32 222.96 148.17 3,210.2 482.1 17.04.09 11,483.6 17.28 222.15 148.18 7,867.7 1,181.3 20.04.09 11,477.3 17.37 221.20 148.04 1,925.4 289.4 21.04.09 11,471.6 17.19 222.44 150.06 1,455.4 219.0 22.04.09 11,462.4 17.16 221.22 149.68 1,444.9 217.8 23.04.09 11,468.3 17.19 223.87 153.90 21,156.9 3,186.0 24.04.09 11,468.6 17.13 223.77 154.51 5,619.6 846.2 27.04.09 11,465.9 17.04 223.78 155.20 4,971.9 749.1 28.04.09 11,465.5 17.06 223.07 155.42 12,612.4 1,900.3 29.04.09 11,464.6 17.00 222.67 155.71 126.4 19.1 30.04.09 11,467.3 17.25 222.14 156.04 3,866.4 582.4 -------- -------- -------- ------- ------- --------- --------- Trend -81.7 -0.7 -3.6 +15.0 % -0.7 -3.7 -1.6 +10.6 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in April 2009 --------------------------------------------------------- Bonds: Instruments: Issuers: Category of ------------ ------------ ------------ admission number trend number trend number trend ------------------ ------ ----- ------ ----- ------ ----- Rated 33 +5 36 +5 10 -1 Incl. MTF KASE 33 +5 33 +5 10 -1 Incl. STF RFCA 3 0 3 0 1 0 ------------------ ------ ----- ------ ----- ------ ----- Non-rated first subcategory 228 -2 255 -2 39 0 Incl. MTF KASE 218 -2 218 -2 38 0 Incl. STF RFCA 37 0 37 0 8 0 ------------------ ------ ----- ------ ----- ------ ----- Non-rated second subcategory 58 -1 65 -2 53 0 Incl. MTF KASE 53 -1 53 -1 48 0 Incl. STF RFCA 12 -1 12 -1 12 -1 ------------------ ------ ----- ------ ----- ------ ----- Share 1 0 1 0 1 0 ------------------ ------ ----- ------ ----- ------ ----- Incl. MTF KASE - - - - - - ------------------ ------ ----- ------ ----- ------ ----- Incl. STF RFCA 1 0 1 0 1 0 ------------------ ------ ----- ------ ----- ------ ----- Total 318 +1 357 +1 100 -1 --------------------------------------------------------- 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 April 2009 (purchase and sale without consideration of nego deals) ---------------------------------------------------------------------- Yield to maturity for purchaser, % APR: ------------------------------------------ For last Code of At a last deal: 365 days: Volume of bond --------------- ------------ deals, Number on KASE min. max. yield trend, % min. max. th. USD of deals -------- ------ ------ ------ -------- ----- ------ --------- -------- aASFIb11 11.50 11.50 11.50 9.50 15.22 11.8 1 aASFIb5 46.50 46.50 46.50 +6.0 15.50 46.50 12.1 1 aASFIb9 32.00 32.00 32.00 20.00 32.00 4.4 1 ABDIb1 5.84 5.84 5.84 5.84 23.00 753.9 1 aBTTRb1 10.01 15.40 10.01 -5.2 10.01 26.80 161.0 15 AGKKb1 9.00 9.00 9.00 8.10 17.50 26.8 1 AKFIb1 1132.6 2641.4 1378.2 +872.8 9.00 2641.4 65.8 7 AKFIb2 13.00 13.00 13.00 13.00 13.00 2,371.3 2 aPDENb1 14.50 14.50 14.50 14.00 14.50 9,558.3 1 ASAVb1 11.00 11.00 11.00 9.50 11.00 331.2 1 ASAVb2 9.50 9.50 9.50 -16.5 9.50 26.00 55.4 1 ASBNb1 22.00 48.00 48.00 +27.0 20.00 65.00 74.1 5 ASBNb10 9.75 13.00 13.00 9.75 20.00 47.0 3 ASBNb14 10.00 12.00 10.00 >+0.001 8.00 25.00 40.5 3 ASBNb3 22.00 75.00 75.00 +55.0 20.00 75.00 76.3 12 ASBNe2 102.00 119.00 112.00 +10.0 13.20 119.00 85.4 26 ASFIb11 9.50 11.50 11.50 +1.9 9.48 16.00 62.9 5 ASFIb12 14.00 14.80 14.80 +0.8 9.61 14.80 833.3 6 ASFIb16 10.00 14.00 14.00 +4.0 9.97 17.90 2,477.5 6 ASFIb23 7.40 10.03 10.03 +0.04 7.40 12.00 83.1 5 ASFIb4 41.00 41.00 41.00 >+0.001 15.00 41.00 10.3 1 ASFIb5 44.60 49.44 49.44 +9.4 12.11 49.44 30.9 3 ASFIb6 24.00 24.00 24.00 15.00 24.00 11.6 1 ASFIb8 26.00 26.00 26.00 13.00 38.00 7.1 1 ASFIb9 30.00 34.00 34.00 +2.0 7.86 34.00 15.5 7 ASNDb2 15.00 16.00 15.00 >-0.001 15.00 16.00 6,880.0 2 ATFBb4 11.00 31.00 26.00 -4.0 8.00 31.00 232.6 10 ATFBb5 14.00 31.00 14.00 -16.0 11.00 31.00 219.8 4 ATFBb6 20.00 26.00 26.00 +6.0 7.00 30.00 30.2 3 ATFBe2 19.00 28.50 22.00 +1.0 6.00 28.50 2,618.9 51 ATFBe4 21.00 27.00 21.00 -7.0 7.00 30.00 163.1 15 BRKZe3 10.85 13.43 13.43 10.85 14.49 1,370.3 5 BTAIb1 91.00 93.00 93.00 +3.0 12.00 96.00 5.8 2 BTAIb10 58.00 60.00 60.00 -2.0 58.00 70.00 45.5 4 BTAIb16 38.00 40.00 40.00 >+0.001 13.50 70.00 9.2 2 BTAIb2 45.00 48.00 45.00 -4.0 15.00 69.00 10.1 3 BTAIb3 69.00 74.00 74.00 +5.0 14.50 74.00 10.9 4 BTAIb4 122.36 124.29 124.29 +1.6 15.50 124.29 33.5 7 BTAIb5 46.00 47.50 46.00 -2.0 14.00 70.00 11.2 4 BTAIb8 27.00 37.00 27.50 -6.5 15.00 70.00 54.8 12 BTAIb9 41.00 43.00 41.00 -2.0 37.00 70.00 396.9 3 BTASb2 36.00 36.00 36.00 >-0.001 14.00 36.00 11.3 1 BTASb3 44.09 46.00 44.09 +0.1 12.88 50.00 421.1 2 BTASb4 16.00 40.07 39.40 +21.4 16.00 44.00 1,576.1 5 BTASb5 32.00 32.00 32.00 -1.0 7.50 33.00 0.7 1 BTASb7 30.00 30.00 30.00 -0.5 7.00 31.00 0.7 1 BTASe3 112.66 129.48 123.28 +11.4 13.38 129.48 92.3 17 BTTRb1 9.20 15.23 10.00 -5.2 9.20 28.00 8,350.0 44 CCBNb12 15.00 15.00 15.00 11.00 15.00 12.0 1 CCBNb13 18.95 18.95 18.95 12.00 18.95 329.4 1 CCBNb15 9.50 9.50 9.50 9.50 12.00 357.8 1 CCBNb20 9.00 15.00 13.00 9.00 15.00 7,488.8 11 CCBNb7 20.00 20.00 20.00 12.00 20.00 8.7 1 CSBNb4 20.50 21.50 21.50 +1.5 10.50 21.50 44.5 4 CSBNb5 21.50 22.00 22.00 +0.5 13.00 22.00 21.6 2 CSBNb7 13.00 13.50 13.50 +1.0 11.00 24.98 30.5 2 DTJLb1 35.50 41.00 38.00 -2.8 8.47 47.01 1,314.2 4 EUBNb3 23.01 25.00 23.01 +0.01 3.19 32.00 2,100.8 3 EUBNb4 11.00 11.00 11.00 -1.0 10.00 14.00 29.6 1 EXBNb2 14.00 18.00 18.00 +4.0 12.00 22.00 875.8 5 GLOTb2 7.57 102.16 7.63 -85.6 7.57 102.16 12,348.6 5 HSBKb3 14.00 18.50 18.50 11.00 18.50 75.2 6 HSBKb4 16.00 17.00 16.00 7.00 19.00 35.6 4 HSBKb7 19.50 19.50 19.50 +1.0 11.00 19.50 0.4 1 HSBKe1 13.00 92.00 20.03 +3.0 12.00 92.00 9,770.9 33 KAFIb1 15.83 15.83 15.83 +1.6 10.00 16.00 2,412.8 1 KASTb2 11.00 14.00 14.00 -9.0 10.00 23.00 258.1 2 KATRb2 18.00 20.00 18.00 -2.0 17.00 20.03 1,675.7 3 KAZIb2 27.50 35.00 35.00 +10.0 13.50 35.00 35.3 4 KDTSb1 46.54 53.82 53.82 +16.0 11.00 71.87 19.1 2 KKAGb1 30.10 65.00 56.00 +27.0 12.50 65.00 621.0 45 KKAGb2 15.00 15.00 15.00 +4.0 9.50 29.80 12.0 1 KKAGb3 11.00 16.50 16.50 -6.5 11.00 23.00 46.2 2 KKGBe4 26.67 28.52 27.51 -2.1 10.28 29.58 32.1 6 KKGBe5 24.83 24.83 24.83 9.37 27.19 7.3 1 KKGBe6 21.70 33.30 33.30 +4.9 8.05 34.39 1,414.4 34 KRZHb1 90.00 114.96 90.00 +8.0 6.80 114.96 239.8 34 KSMKb1 46.30 46.30 46.30 9.00 46.30 358.5 1 KSMKb2 12.81 49.20 40.00 8.77 49.20 837.8 3 KZIKb2 23.50 26.00 26.00 14.00 26.00 12.4 2 KZIKb3 26.00 26.00 26.00 +9.5 13.00 26.00 2.3 1 KZIKb4 26.00 26.00 26.00 -0.5 14.00 26.50 1.4 1 KZIKb8 18.50 26.00 18.50 +2.0 12.00 26.00 61.3 8 KZNHb2 25.42 25.42 25.42 -8.8 14.00 62.00 123.6 1 LOGCb1 14.30 50.30 14.30 10.30 50.30 2.2 2 MREKb2 25.00 26.00 25.00 -2.0 14.00 29.00 27.3 2 NFBNb1 13.47 30.00 13.47 9.10 30.00 10,242.9 4 NRBNb7 9.00 14.00 9.00 9.00 15.00 3,506.3 5 OILAb1 14.78 14.78 14.78 14.78 21.00 35.1 1 ORDBb2 11.09 80.00 80.00 >-0.001 7.00 80.00 1,096.7 4 ORDKb1 11.99 14.00 11.99 -2.0 11.95 16.00 244.2 7 RESCb1 12.00 16.50 12.00 >+0.001 11.50 18.00 9,412.0 3 RGBRb4 14.50 23.00 14.50 -8.5 6.31 23.00 432.8 2 RGBRb6 8.06 14.00 8.06 -0.9 8.06 14.00 4,666.4 4 RMXRb1 13.42 25.00 20.00 -3.0 12.00 25.00 522.7 5 SATCb1 10.00 10.00 10.00 >-0.001 9.99 16.00 2,143.1 2 TEBNb16 27.00 27.00 27.00 >+0.001 8.50 27.00 0.7 1 TEBNb6 32.00 32.00 32.00 +2.0 10.50 32.00 0.7 1 TSBNb4 28.00 28.00 28.00 +1.0 16.00 29.00 9.5 1 TSBNb5 35.00 37.00 37.00 14.00 40.00 6.2 2 TSBNb7 7.50 15.50 9.50 7.50 16.50 94.2 9 TSSMb1 27.61 63.60 27.61 1.00 99.56 1.2 3 TXBNb2 18.00 26.50 20.55 -7.5 12.00 29.00 263.5 10 TXBNb3 16.00 17.00 17.00 +2.0 12.00 17.00 23.1 2 UKPFb2 15.00 15.00 15.00 >-0.001 15.00 16.00 36.6 1 VITAb5 22.85 57.00 55.00 -2.0 15.52 57.00 602.8 12 -------- ------ ------ ------ -------- ----- ------ --------- -------- 106 116,138.2 638 ---------------------------------------------------------------------- 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 - March 2009. [2009-05-08]