REVIEW: GS market on KASE in June 2009

/IRBIS, Dinara Mukasheva, July 13, 09/ - In June 2009 on Kazakhstan Stock Exchange (KASE) 187 deals were registered in government securities (GS) purchase and sale sector, including offering for the total of KZT56,639.4 m. (equivalent of $376.6 m.), that was 2.7 % of the total exchange turnover of the month (in May - 2.6 %). Relative to May 2009 the sector's turnover increased by 26.6 %. Relative to June 2008 it increased by 2.4 %. In June the Ministry of Finance carried out five auctions on offering bonds. June 3 auction on offering government long-term treasury obligations of Ministry of Finance of Republic of Kazakhstan MEUKAM-84 of the 5rh issue (KZKDKY070057, MUM084_0005; KZT1 000, 03.06.09 - 03.06.16, 30/360, 30/360) was held in the KASE trade system. Coupon rate was the subject of trade. Initially, KZT10,000.0 m. was planned to be offered. 11 primary dealers participated in the trades, having submitted 19 active bids. The total volume of active bids (volume of demand) made KZT16,806.0 m. in debt nominal expression (168.1 % from suggested volume of bonds). The yield varied from 7.70 % APR to 8.00 % APR, making in average weighted expression 7.9212 % APR. By results of trade, the issuer set the rate of coupon at 7.90 % APR and satisfied bids for the total of KZT9,260.0 m.(92.6 % from the suggested volume of bonds). June 10 auction on offering government mid-term treasury obligations of Ministry of Finance of Republic of Kazakhstan MEOKAM-36 of 74th issue (KZK2KY030742, MOM036_0074; KZT1 000, 10.06.09 - 10.06.12, 30/360) was held in the KASE trade system. Coupon rate was the subject of trade. Initially, KZT10,000.0 m. was planned to be offered. 17 primary dealers participated in the trades, having submitted 39 active bids. Total volume of active bids (volume of demand) made KZT31,212.0 m. at bond face value (312.1 % from suggested volume of bonds). The yield varied from 7.00 % APR to 8.50 % APR, making in average weighted expression 7.5332 % APR. By results of trade, the issuer set the rate of coupon at 7.30% APR and satisfied bids for the total of KZT13,466.7 m.(134.7 % from the suggested volume of bonds). June 17 auction on offering government long-term treasury obligations of Ministry of Finance of Republic of Kazakhstan MEUKAM-120 of the 4th issue (KZKDKY100045, MUM120_0004; KZT1 000, 17.06.09 - 17.06.19, 30/360) was held in the KASE trade system. Coupon rate was the subject of trade. Initially, KZT10,000.0 m. was planned to be offered. 11 primary dealers participated in the trades, having submitted 33 active bids. The total volume of active bids (volume of demand) made KZT27,534.0 m. in debt nominal expression (275.3 % from suggested volume of bonds). The yield varied from 4.00 % APR to 8.50 % APR, making in average weighted expression 7.8952 % APR. By results of trade, the issuer set the rate of coupon at 7.80 % APR and satisfied bids for the total of KZT15,000.0 m.(150.0 % from the suggested volume of bonds). June 24 auction on offering government long-term treasury obligations of Ministry of Finance of Republic of Kazakhstan MEUKAM-180 of the 2nd issue (KZKDKY150024, MUM180_0002; KZT1 000, 24.06.09 - 24.06.24, 30/360) was held in the KASE trade system. Coupon rate 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. The total volume of active bids (volume of demand) made KZT21,550.0 m. in debt nominal expression (215.5 % from suggested volume of bonds). The yield varied from 7.60 % APR to 8.75 % APR, making in average weighted expression 7.8203 % APR. By results of trade, the issuer set the rate of coupon at 7.65 % APR and satisfied bids for the total of KZT10,333.3 m.(103.3 % from the suggested volume of bonds). June 29 auction on offering government long-term treasury obligations of Ministry of Finance of Republic of Kazakhstan MEUZHKAM-216 of the 1st issue (KZKAKY180016, MUJ216_0001; KZT1 000, 29.06.09 - 29.06.27, 30/360) was held in the KASE trade system. Coupon rate was the subject of trade. Initially, KZT10,000.0 m. was planned to be offered. 8 primary dealers participated in the trades, having submitted 11 active bids. The total volume of active bids (volume of demand) made KZT28,050.0 m. in debt nominal expression (280.5 % from suggested volume of bonds). By results of trade, the issuer set the rate of coupon at 0.01 % APR and satisfied bids for the total of KZT12,000.0 m.(120.0 % from the suggested volume of bonds). Statistical indicators of GS secondary market in June 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 - 9.0% (37.9%) of the market Discounted GS (KZT): MEKKAM, National Bank's notes - 9.0% (37.9%) of the market ------------------------------------------------------------------------------- Less than 8 3.00 4.10 3.00 3.23 (5.28) 2,002.1 3 8 - 14 3.00 4.18 4.18 4.10 (3.00) 781.2 2 15 - 28 4.05 4.97 4.05 4.40 (5.10) 1,500.4 11 29 - 36 5.85 5.85 5.85 5.85 14.0 1 64 - 91 4.00 6.19 4.00 5.09 296.9 2 182 - 364 6.75 6.75 6.75 6.75 (7.47) 479.9 1 --------------- -------- ------- ------- ------------- --------------- -------- Total 5,074.6 20 (16,950.4) (25) --------------- -------- ------- ------- ------------- --------------- -------- Coupon GS (KZT): MEOKAM, MEUZHKAM, MEUKAM - 91.0% (62.1%) of the market ------------------------------------------------------------------------------- less than 730 4.00 7.82 4.00 7.13 (7.44) 4 749.0 28 731 - 1095 4.77 7.90 7.60 7.31 (8.24) 5 314.7 8 1096 - 1460 7.00 7.90 7.00 7.26 (7.27) 3 553.1 20 1461 - 1825 5.30 8.00 7.30 7.37 (6.35) 3 334.3 17 1826 - 2190 5.50 8.47 7.30 7.32 (6.76) 2 805.1 16 More than 2191 4.66 8.02 7.60 6.97 (7.21) 31,808.8 78 --------------- -------- ------- ------- ------------- --------------- -------- Total 51,564.8 167 (27,773.0) (129) --------------- -------- ------- ------- ------------- --------------- -------- GRANDTOTAL 56,639.4 187 (44,723.4) (154) ------------------------------------------------------------------------------- The stake of exchange turnover in total volume of purchase and sale deals of Kazakhstan GS secondary market in June made 98.8 % (in May - 92.1 %). [2009-07-13]