REVIEW: The market of government securities on KASE in April 2009

/IRBIS, Dinara Mukasheva, May 12, 09/ - In April 2009 on Kazakhstan Stock Exchange (KASE) 350 deals were registered in government securities (GS) purchase and sale sector, including offering for the total of KZT65,495.4 m. (equivalent of $434.9 m.), that was 3.2 % of the total exchange turnover of the month (in March - 4.3 %). Relative to March 2009 the sector's turnover increased on 3 times. Relative to April 2008 it decreased by 2.4 %. In April the Ministry of Finance carried out six auctions on offering bonds, one of which was annulled. April 01 auction on offering government long-term treasury obligations of Ministry of Finance of Republic of Kazakhstan MEUKAM-72 of the 4th issue KZKDKY060041, MUM072_0004; 1 000 тенге, 01.04.09 - 01.04.15, 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. 16 primary dealers participated in the trades, having submitted 34active bids. The total volume of active bids (volume of demand) made KZT14,704.0 m. in debt nominal expression (294.1 % from suggested volume of bonds). The yield varied from 7.80 % APR to 8.75 % APR, making in average weighted expression 8.43 % APR. By results of trade, the issuer set the rate of coupon at 8.20 % APR and satisfied bids for the total of KZT3,720.0 m.(74.4 % from the suggested volume of bonds). April 08 auction on offering government mid-term treasury obligations of Ministry of Finance of Republic of Kazakhstan MEOKAM-36 of 72th issue (KZK2KY030726, MOM036_0072; 1 000 тенге, 08.04.09 - 08.04.12, 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. 14 primary dealers participated in the trades, having submitted 25 active bids. Total volume of active bids (volume of demand) made KZT18,507.0 m. at bond face value (370.1% from suggested volume of bonds). The yield varied from 7.50 % APR to 8.50 % APR, making in average weighted expression 8.09 % APR. By results of trade, the issuer set the rate of coupon at 8.00% APR and satisfied bids for the total of KZT13,447.0 m.(268.9 % from the suggested volume of bonds). April 15 auction on offering government long-term treasury obligations of Ministry of Finance of Republic of Kazakhstan MEUKAM-120 of the 2nd issue (KZKDKY100029, MUM120_0002; 1 000 тенге, 15.04.09 - 15.04.19, 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 28 active bids. The total volume of active bids (volume of demand) made KZT11,545.0 m. in debt nominal expression (230.9 % from suggested volume of bonds). The yield varied from 8.00 % APR to 9.00 % APR, making in average weighted expression 8.23 % APR. By results of trade, the issuer set the rate of coupon at 8.20% APR and satisfied bids for the total of KZT7,745.0 m.(154.9 % from the suggested volume of bonds). April 22 the auction on offering of government long-term savings treasury obligations of the Ministry of Finance of the Republic of Kazakhstan MEUJKAM-96 of 3rd issue (KZKDKY080031, MUM096_0003; 1 000 тенге, 22.04.09 - 22.04.17, 30/360) was held in KASE trade system. Fixed coupon was the subject of trade. Initially, KZT5,000.0 m. was planned to be offered. 15 primary dealers participated in the trades, having submitted 27 active bids. Total volume of active bids (volume of demand) made KZT21,765.0 m. at bonds` face value (435.3% from suggested volume of bonds). The rate of fixed coupon in bids varied from 7.95 % APR to 8.75 % APR, making in average weighted expression 8.20 % APR. By results of trade, the issuer set the rate at 8.10 % APR, having satisfied bids at KZT11,166.7 m. (223.3 % from the suggested volume of bonds). April 29 auction on offering government mid-term treasury obligations of Ministry of Finance of Republic of Kazakhstan MEOKAM-48 of 38th issue (KZK2KY040386, MOM048_0038; 1 000 тенге, 29.04.09 - 29.04.13, 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. 13 primary dealers participated in the trades, having submitted 24 active bids. Total volume of active bids (volume of demand) made KZT21,568.0 m. at bond face value (431.4% from suggested volume of bonds). The yield varied from 7.80 % APR to 8.50 % APR, making in average weighted expression 8.04 % APR. By results of trade, the issuer set the rate of coupon at 7.80% APR and satisfied bids for the total of KZT5,000.0 m.(100.0 % from the suggested volume of bonds). 29 апреля 2009 года состоялся аукцион по размещению государственных долгосрочных сберегательных казначейских обязательств Министерства финансов МЕУЖКАМ-156 первого выпуска (KZKAKY130011, MUJ156_0001; 1 000 тенге, 29.04.09 - 29.04.22, 30/360). Предметом торга выступал фиксированный купон. Изначально планировалось разместить облигации на сумму 10 000,0 млн тенге. В торгах приняли участие 10 первичных дилеров, подавших 18 активных заявок. Общий объем заявок (объем спроса) составил 25 211,0 млн тенге по номинальной стоимости облигаций (252,1 % от предложенного объема облигаций). Ставка фиксированного купона в заявках варьировала от 0,01 % годовых до 0,50 % годовых, составив в средневзвешенном выражении 0,05 % годовых. По итогам торга эмитент установил ставку фиксированного купона на уровне 0,01 % годовых, удовлетворив тем самым заявки на сумму 10 000,0 млн тенге (100,0 % от предложенного объема облигаций). April 29 the auction on offering of government long-term savings treasury obligations of the Ministry of Finance of the Republic of Kazakhstan MEUJKAM-156 of 1st issue (KZKAKY130011, MUJ156_0001; 1 000 тенге, 29.04.09 - 29.04.22, 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. 10 primary dealers participated in the trades, having submitted 18 active bids. Total volume of active bids (volume of demand) made KZT25,211.0 m. at bonds` face value (252.1% from suggested volume of bonds). The rate of fixed coupon in bids varied from 0.01 % APR to 0.05 % APR, making in average weighted expression 0.05 % APR. By results of trade, the issuer set the rate at 0.01 % APR, having satisfied bids at KZT10,000.0 m. (100.0 % from the suggested volume of bonds). Statistical indicators of GS secondary market in April 2009 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 6.00 6.00 6.00 6.00 (3.00) 1 417.3 2 8 - 14 3.00 5.40 3.00 5.13 (7.07) 3 849.9 6 15 - 28 5.00 7.67 5.00 5.58 (4.53) 3 888.9 13 43 - 56 7.30 13.00 13.00 10.14 (8.25) 3 946.3 20 92 - 181 6.70 8.20 8.20 7.74 (6.75) 17 804.5 94 182 - 364 6.50 8.20 7.50 7.40 12 469.3 60 -------------- ------ ------- ------- -------------- --------------- -------- Total 43 376.2 195 (8 289.1) (34) -------------- ------ ------- ------- -------------- --------------- -------- Coupon GS (KZT): MEOKAM, MUIKAM, MEUKAM - 88.2% (17.5%) of the market ----------------------------------------------------------------------------- less than 730 7.30 8.40 7.70 7.71 (7.73) 3 024.6 23 731 - 1095 8.00 8.50 8.20 8.29 (8.22) 5 294.2 37 1096 - 1460 7.30 8.30 7.30 7.79 (7.84) 83.7 2 1461 - 1825 7.00 8.10 7.80 7.21 (7.50) 734.2 7 1826 - 2190 6.50 8.30 8.30 7.83 (7.95) 5 084.5 34 More than 2191 5.50 8.50 8.16 7.80 (8.11) 7 898.1 52 -------------- ------ ------- ------- -------------- --------------- -------- Total 22 119.2 155 (13 270.4) (95) -------------- ------ ------- ------- -------------- --------------- -------- GRANDTOTAL 65 495.4 350 (21 559.5) (129) ----------------------------------------------------------------------------- The stake of exchange turnover in total volume of purchase and sale deals of Kazakhstan GS secondary market in April made 44.4% (in March - 46.3 %). [2009-05-12]