REVIEW: KASE debt capital market in May 2009

/IRBIS, Dinara Mukasheva, June 10, 09/ - In May 2009 on Kazakhstan Stock Exchange (KASE) 657 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 KZT32.4 bn. or USD215.7 m. at the current rate effective on deals concluding dates. The stated amount is 84.5 % of monthly turnover of corporate securities market (in April 2009 - 40.1 %) and 1.6 % of total monthly exchange turnover (in April 0.9 %). The price background of corporate bonds market in May 2009 looked as follows: from 115 bonds denominations, included in deals on secondary market, with discount debt instruments of 100 denominations, with premium - 11, at face value - 3 were traded. CCBNb18 looked most re-purchased, weighted average net price of which made 126.4 %, re-sold - BIGRb1 (16.3 %). Let us remind that in April 2009 deals are conducted with bonds of 105 denominations, 94 instruments were traded with discount, with premium - 7, at face value - 4. ABDIb1 looked most re-purchased, weighted average net price of which made 115.2 %, re-sold - BTASb7 (23.3 %). Weighted average net price of corporate bonds on the secondary market fell to 72.6 % compared to 73.2 % in April 2009. For the month according to concluded deals bond's yield to maturity for buyer increased at 66 instruments (in April 2009 - at 57), decreased at 36 (in April - 42), yield of 5 instruments was nothing to compare with (in April - 2). Below are the tables, characterizing this segment of exchange market in May 2009. Tab. 1. Statistic characteristic of corporate bonds market on KASE in May of 2009 (indicators are given taking into account direct deals) --------------------------------------------------------------------------- Trend to --------------------- Indicator May 2009 Apr. 2009 May 2008 ------------------------------------------- --------- ---------- ---------- Trades volume, th., USD 215,655.6 1.9 times -17.0 % Trades volume, m., KZT 32,428.8 1.9 times +3.5 % including, on offerings, th. USD - - -* including, on offerings, m. KZT - - -* including, on STF RFCA, th. USD 1,619.4 0.2 times 0.01 times including, on STF RFCA, m. KZT 243.7 0.02 times 0.01 times Number of deals 657 +3.0 2.3 times Day average number of deals 35 +19.2 2.4 times Day average volume of deals, th. USD 11,350.3 2.1 times -12.2 % Day average volume of deals, m. KZT 1,706.8 2.1 times +9.6 % Number of instruments, 115 +9.5 % +33.7 % involved in deals Stake of nego deals (number), % 0.8 -2.2 pp +0.4 pp Stake of nego deals (volume), % 0.3 +0.1 pp +0.3 pp Participation of pension assets, % gross 17.9 -0.1 pp +6.2 pp Participation of physical entities, % gross 11.0 -14.6 pp +4.6 pp Participation of non residents, % gross 0.3 0 -17.2 pp Number of exchange's members, 50 +8.7 % +28.2 % who made deals Market concentration, %** 60.1 +16.0 pp -8.5 pp --------------------------------------------------------------------------- * On May, 2008 the trade volume on the primary distribution was KZT6.4 million ($53.3 thousand) ** 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 May 2009 Apr. 2009 May 2008 -------------------------- ------------- ------------- ------------ Finance 84.1 59.9 25.5 Utilities sector 7.0 6.6 3.5 Information technologies 4.3 2.9 0.4 Main 2.1 0.6 0.1 consumer sector Energy 1.7 15.8 2.5 Industry 0.6 2.2 67.8 Discretionary 0.2 - - consumer sector Primary sector 0.04 - - Public health 0.004 1.4 - Telecommunication services - - 0.2 ------------------------------------------------------------------- *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 May 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 -------- -------- -------- ------- ------- --------- --------- 30.04.09 11,467.3 17.25 222.14 156.04 3 866.4 582.4 04.05.09 11,466.0 17.26 221.49 156.09 2 806.6 422.9 05.05.09 11,466.7 17.38 220.07 155.56 802.5 120.9 06.05.09 11,484.3 17.42 219.84 155.77 32 714.9 4,927.2 07.05.09 11,522.7 17.53 218.73 155.55 2 112.2 317.8 08.05.09 11,512.8 17.73 218.72 156.31 8 681.3 1,306.2 12.05.09 11,520.2 17.67 218.45 156.69 1 751.8 263.2 13.05.09 11,529.1 17.55 220.27 159.42 4 951.7 742.8 14.05.09 11,602.3 17.63 219.17 158.89 3 013.5 451.5 15.05.09 11,590.4 17.50 219.42 160.24 3 953.1 593.6 18.05.09 11,585.5 17.68 218.81 160.04 20 259.2 3,044.4 19.05.09 11,580.1 17.63 219.21 161.12 28 904.5 4,347.8 20.05.09 11,602.7 17.65 218.42 161.20 2 624.1 395.2 21.05.09 11,602.4 17.67 217.49 160.90 25 820.1 3,888.0 22.05.09 11,611.8 17.70 217.20 161.69 10 747.6 1,615.4 25.05.09 11,629.0 17.67 217.23 162.13 29 899.3 4,487.0 26.05.09 11,622.9 17.70 216.46 162.08 4 488.0 673.0 27.05.09 11,616.8 17.58 216.88 163.45 1 595.2 239.5 28.05.09 11,621.4 17.40 216.01 163.25 6 475.6 973.9 29.05.09 11,618.1 17.40 215.08 163.06 24 054.2 3,618.7 -------- -------- -------- ------- ------- --------- --------- Trend +150.8 +0.1 -7.1 +7.0 % +1.3 +0.9 -3.2 +4.5 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in May 2009 --------------------------------------------------------- Bonds: Instruments: Issuers: ------------ ------------ ------------ Category of ------ ----- ------ ----- ------ ----- admission number trend number trend number trend ------------------ ------ ----- ------ ----- ------ ----- Rated 34 +1 37 +1 10 0 Incl. MTF KASE 34 +1 34 +1 10 0 Incl. STF RFCA 3 0 3 0 1 0 ------------------ ------ ----- ------ ----- ------ ----- Non-rated first subcategory 223 -5 250 -5 39 0 Incl. MTF KASE 215 -3 215 -3 38 0 Incl. STF RFCA 35 -2 35 -2 8 0 ------------------ ------ ----- ------ ----- ------ ----- Non-rated second subcategory 58 0 64 -1 52 -1 Incl. MTF KASE 53 0 53 0 47 -1 Incl. STF RFCA 11 -1 11 -1 11 -1 ------------------ ------ ----- ------ ----- ------ ----- Share 34 +1 37 +1 10 0 ------------------ ------ ----- ------ ----- ------ ----- Incl. MTF KASE 34 +1 34 +1 10 0 ------------------ ------ ----- ------ ----- ------ ----- Incl. STF RFCA 3 0 3 0 1 0 ------------------ ------ ----- ------ ----- ------ ----- Total 314 -3 351 -5 98 -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 May 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 ------------------------------- deals, Number on KASE min. max. yield Trend, % min. max. th. USD of deals ------------------------------------------- --------------------------------- aAPKIb3 12.00 12.00 12.00 12.00 12.50 16.0 1 aASFIb5 51.60 86.60 86.60 +40.1 15.50 86.60 148.3 13 aASFIb6 26.00 42.00 42.00 26.00 42.00 77.7 8 aASFIb7 33.00 37.00 37.00 16.00 37.00 21.8 3 aASFIb8 30.00 36.00 36.00 18.00 36.00 38.2 4 AGKKb1 15.23 16.00 15.23 +6.2 9.00 17.50 2,708.6 3 aREALb1 14.00 44.00 26.00 9.58 48.00 1,308.8 5 ASBNb1 65.00 65.00 65.00 +17.0 20.00 65.00 3.4 1 ASBNb3 75.00 75.00 75.00 -0.0001 20.00 100.00 1.1 1 ASBNe2 112.00 114.00 112.00 +0.0001 13.20 119.00 21.0 8 ASFIb11 10.98 10.98 10.98 -0.5 9.48 15.00 13,286.2 2 ASFIb16 9.50 9.50 9.50 -4.5 9.50 17.90 265.9 1 ASFIb5 49.60 99.60 99.60 +50.2 13.50 99.60 155.5 14 ASFIb6 26.00 55.00 55.00 +31.0 15.00 55.00 94.9 10 ASFIb7 33.00 57.60 57.60 13.50 57.60 19.5 4 ASFIb8 28.00 44.00 44.00 +18.0 13.00 44.00 64.4 8 ASNDb2 11.00 15.00 11.00 -4.0 11.00 16.00 14,008.1 4 ATFBb5 28.00 28.00 28.00 +14.0 11.00 31.00 194.6 2 ATFBe2 16.00 23.00 18.25 -3.7 6.00 28.50 550.3 11 ATFBe4 17.02 22.00 17.02 -4.0 7.00 30.00 74.0 5 aZERDb1 9.00 9.00 9.00 9.00 10.00 8.5 1 BIGRb1 1,162.70 1,162.70 1,162.70 9.34 1,162.70 66.7 1 BRKZe3 13.36 15.60 15.60 +2.2 10.85 15.60 2,671.6 2 BTAIb1 92.50 96.00 94.00 +1.0 12.00 97.00 72.2 6 BTAIb10 60.00 60.00 60.00 -0.003 58.00 70.00 29.1 3 BTAIb11 19.50 27.50 27.50 15.62 70.00 25.8 5 BTAIb2 45.50 47.00 45.50 +0.5 15.00 69.00 13.9 5 BTAIb3 73.00 75.00 73.00 -1.0 14.50 75.00 5.5 2 BTAIb4 125.52 125.73 125.73 +1.4 15.50 126.73 5.3 2 BTAIb5 46.00 46.00 46.00 >+0.0001 14.00 70.00 4.3 2 BTAIb7 58.00 64.00 64.00 58.00 77.00 18.3 4 BTAIb9 43.00 50.00 50.00 +9.0 37.00 70.00 387.9 3 BTASb3 46.00 46.00 46.00 +1.9 12.88 50.00 10.5 2 BTASb4 39.40 47.50 47.50 +8.1 16.00 47.50 92.4 7 BTASb5 34.00 34.00 34.00 +2.0 7.50 34.00 0.7 1 BTASb7 31.00 31.00 31.00 +1.0 7.00 31.00 0.7 1 BTASe3 122.38 134.01 134.01 +10.7 13.38 135.00 167.1 31 BTTRb1 9.41 10.01 10.01 +0.01 9.20 28.00 978.8 12 CACMb1 40.00 40.00 40.00 16.75 40.00 3.4 1 CCBNb12 20.00 20.00 20.00 +5.0 11.00 20.00 3,139.6 4 CCBNb13 20.00 20.00 20.00 +1.1 12.00 20.00 164.9 1 CCBNb16 18.11 18.11 18.11 7.00 18.11 41.4 1 CCBNb18 9.49 9.50 9.49 9.49 9.50 2,731.6 3 CCBNb20 10.00 13.50 13.50 +0.5 9.00 15.00 3,022.7 3 CCBNb3 19.61 28.00 27.16 13.00 28.00 1,539.0 4 CSBNb2 16.00 16.00 16.00 13.00 16.00 334.1 2 CSBNb3 16.00 16.00 16.00 10.50 16.00 9.7 1 CSBNb5 22.00 22.00 22.00 -0.0001 13.00 22.00 173.3 2 DTJLb1 38.64 49.00 38.64 +0.6 8.47 49.00 725.6 5 EUBNb3 25.00 32.00 26.70 +3.7 3.19 32.00 958.4 7 EUBNb4 12.00 13.00 13.00 +2.0 10.00 14.00 3,485.3 7 EUBNb5 13.00 14.00 13.00 9.50 14.20 6,655.3 4 EXBNb1 18.00 18.00 18.00 8.61 20.00 11.5 1 EXBNb2 19.00 20.00 20.00 +2.0 12.00 22.00 304.6 4 HSBKb3 16.50 16.50 16.50 -2.0 11.00 18.50 3.5 1 HSBKb7 19.50 24.00 24.00 +4.5 11.00 24.00 1,016.7 5 HSBKb9 20.50 20.50 20.50 10.00 20.50 256.7 2 HSBKe1 16.00 19.40 16.00 -4.0 12.00 92.00 3,185.2 18 JGOKb2 8.74 8.74 8.74 6.81 12.20 14.0 1 KAFIb1 12.00 16.00 12.00 -3.8 10.00 16.00 2,979.3 4 KATRb2 16.00 18.00 16.00 -2.0 16.00 20.03 8,644.3 2 KAZIb2 32.00 32.00 32.00 -3.0 13.95 35.00 2.2 1 KDTSb1 67.66 94.63 94.63 +40.8 11.00 94.63 26.7 3 KIBNb1 13.40 13.40 13.40 11.45 13.40 68.3 1 KKAGb1 59.00 63.00 59.00 +3.0 12.50 65.00 52.0 3 KKGBb2 39.13 39.13 39.13 -9.40 41.96 8.6 1 KKGBe16 9.88 16.00 13.06 9.88 16.18 50,823.3 15 KKGBe4 23.24 24.21 23.24 -4.3 10.28 29.58 651.6 2 KKGBe5 7.87 21.97 19.98 -4.8 7.87 27.19 11,262.4 7 KKGBe6 30.00 36.81 35.79 +2.5 8.05 43.21 2,764.3 74 KKGBe8 8.68 18.50 18.50 8.68 20.12 22,365.9 3 KONDb1 24.32 24.32 24.32 3.45 24.32 11.9 1 KRZHb1 75.00 80.50 80.50 -9.5 6.80 114.96 254.2 28 KSM2b1 14.06 14.06 14.06 14.06 16.00 141.7 1 KSMKb2 40.00 42.00 40.00 +0.0001 8.77 49.20 26.4 2 KZASb2 19.00 60.10 60.10 8.66 60.10 4,382.2 12 KZIKb17 12.00 13.00 12.00 12.00 13.00 17,095.1 4 KZIKb2 24.00 26.00 24.00 -2.0 14.00 26.00 34.7 4 KZIKb3 26.00 26.00 26.00 >-0.0001 13.00 26.00 4.7 2 KZIKb4 26.00 26.00 26.00 >-0.0001 14.00 26.50 19.9 2 KZIKb8 18.50 18.50 18.50 >+0.0001 12.00 26.00 18.0 4 KZTCb1 19.50 19.50 19.50 13.00 19.50 95.8 2 LOGCb1 10.20 45.50 10.20 -4.1 10.20 50.30 529.2 3 MAG_b1 105.55 105.55 105.55 11.82 105.55 9.9 2 MREKb2 21.00 24.00 21.00 -4.0 15.00 29.00 72.8 5 MREKb3 16.00 22.98 16.00 7.12 22.98 755.5 6 MREKb5 10.50 12.50 12.50 10.50 12.50 5.2 3 MREKb6 13.50 13.50 13.50 13.50 13.50 1,472.5 2 NFBNb1 34.00 34.00 34.00 +20.5 9.10 34.24 1,066.5 3 NRBNb5 12.50 31.97 17.70 12.00 31.97 272.6 4 ORDBb2 14.50 80.00 78.00 -2.0 7.00 80.00 9,098.1 51 ORDKb1 11.98 14.00 14.00 +2.0 11.95 16.00 458.2 12 ORDKb2 16.00 16.00 16.00 16.00 16.02 138.6 2 PDESb1 12.02 12.02 12.02 12.00 13.00 133.9 1 PRKRb2 13.00 13.00 13.00 11.00 13.00 198.5 1 RESCb1 12.00 12.00 12.00 >+0.0001 11.50 18.00 242.5 1 RGBRb6 9.00 14.02 12.54 +4.5 8.06 14.02 4,647.9 6 SATCb1 10.00 10.00 10.00 >+0.0001 9.99 16.00 157.9 9 TEBNb14 9.00 9.00 9.00 9.00 9.00 2,251.2 2 TEBNb16 29.00 29.00 29.00 +2.0 8.50 29.00 0.6 1 TEBNb6 34.00 39.40 39.40 +7.4 10.50 39.40 1,662.6 2 TEBNb7 10.90 10.90 10.90 10.90 10.90 338.4 2 TSBNb4 29.00 30.00 30.00 +2.0 17.00 31.00 19.3 2 TSBNb5 38.00 45.61 45.61 +8.6 14.00 45.61 60.2 11 TSBNb6 10.00 10.00 10.00 10.00 10.00 862.6 3 TSNAb1 12.00 20.00 12.00 10.00 53.00 42.5 3 TSSMb1 28.75 120.36 111.37 +83.8 1.00 120.36 265.6 37 TXBNb2 19.00 19.00 19.00 -1.6 12.10 29.00 116.5 3 TXBNb3 16.80 16.80 16.80 -0.2 12.60 17.00 170.6 3 UKPFb2 16.00 18.00 18.00 +3.0 15.00 18.00 29.2 2 VITAb5 57.00 59.00 59.00 +4.0 15.52 59.00 65.8 2 ------- -------- -------- -------- -------- ----- -------- --------- -------- 111 212,272.4 637 ----------------------------------------------------------------------------- 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 - April 2009. [2009-06-10]