REVIEW: GS market on KASE in July 2009

/IRBIS, Dinara Mukasheva, August 10, 09/ - In July 2009 on Kazakhstan Stock Exchange (KASE) 459 deals were registered in government securities (GS) purchase and sale sector, including offering for the total of KZT156,591.6 m. (equivalent of $1,039.4 m.), that was 6.0 % of the total exchange turnover of the month (in June - 2.7 %). Relative to June 2009 the sector's turnover increased by 34.2 %. Relative to July 2008 it increased by 3.9 %. In July the Ministry of Finance carried out five auctions on offering bonds. July 1 auction on offering government mid-term treasury obligations of Ministry of Finance of Republic of Kazakhstan MEOKAM-24 of the 24rh issue (KZK2KY020776, MOM024_0077; KZT1 000, 01.07.09 - 01.07.11, 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. 22 primary dealers participated in the trades, having submitted 48 active bids. The total volume of active bids (volume of demand) made KZT64,839.0 m. in debt nominal expression (648.4 % from suggested volume of bonds). The yield varied from 6.49 % APR to 8.00 % APR, making in average weighted expression 6.9929 % APR. By results of trade, the issuer set the rate of coupon at 6.80 % APR and satisfied bids for the total of KZT12,000.0 m.(120.0 % from the suggested volume of bonds). July 08 auction on offering government long-term treasury obligations of Ministry of Finance of Republic of Kazakhstan MEUKAM-96 of 4th issue (KZKDKY080049, MUM096_0004; KZT1 000, 08.07.09 - 08.07.17, 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. 16 primary dealers participated in the trades, having submitted 32 active bids. Total volume of active bids (volume of demand) made KZT28,850.0 m. at bond face value (288.5 % from suggested volume of bonds). The yield varied from 7.10 % APR to 7.90 % APR, making in average weighted expression 7.2857 % APR. By results of trade, the issuer set the rate of coupon at 7.10% APR and satisfied bids for the total of KZT11,000.0 m.(110.0 % from the suggested volume of bonds). July 15 auction on offering government mid-term treasury obligations of Ministry of Finance of Republic of Kazakhstan MEOKAM-36 of the 75th issue (KZK2KY030759, MOM036_0075; KZT1 000, 15.07.09 - 15.07.12, 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 38 active bids. The total volume of active bids (volume of demand) made KZT51,928.6 m. in debt nominal expression (519.3 % from suggested volume of bonds). The yield varied from 5.80 % APR to 7.80 % APR, making in average weighted expression 6.5467 % APR. By results of trade, the issuer set the rate of coupon at 6.00 % APR and satisfied bids for the total of KZT12,000.0 m.(120.0 % from the suggested volume of bonds). July 22 auction on offering government long-term treasury obligations of Ministry of Finance of Republic of Kazakhstan MEUKAM-108 of the 1st issue (KZKDKY090014, MUM108_0001; KZT1 000, 22.07.09 - 22.07.18, 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. 15 primary dealers participated in the trades, having submitted 34 active bids. The total volume of active bids (volume of demand) made KZT21,453.0 m. in debt nominal expression (214.5 % from suggested volume of bonds). The yield varied from 6.00 % APR to 7.50 % APR, making in average weighted expression 6.5293 % APR. By results of trade, the issuer set the rate of coupon at 6.20 % APR and satisfied bids for the total of KZT14,600.0 m.(146.0 % from the suggested volume of bonds). July 30 auction on offering government long-term treasury obligations of Ministry of Finance of Republic of Kazakhstan MEUZHKAM-204 of the 2nd issue (KZKAKY170025, MUJ204_0002; KZT1 000, 30.07.09 - 30.07.26, 30/360) was held in the KASE trade system. Fixed 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 16 active bids. The total volume of active bids (volume of demand) made KZT53,700.0 m. in debt nominal expression (537.0 % from suggested volume of bonds). By results of trade, the issuer set the rate of fixed coupon at 0.01 % APR and satisfied bids for the total of KZT15,000.0 m.(150.0 % from the suggested volume of bonds). Statistical indicators of GS secondary market in July 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 - 6.4% (9.0%) of the market ------------------------------------------------------------------------------ less than 8 2.50 2.87 2.50 2.60 (3.23) 68.3 2 8 - 14 1.50 3.20 1.80 1.84 (4.10) 2,470.3 12 15 - 28 2.60 4.25 3.50 3.44 (4.40) 2,903.5 10 182 - 364 6.75 6.75 6.75 6.75 (6.75) 480.5 2 --------------- ------- ------- ------- ------------- --------------- -------- Total 5,922.6 26 (5,074.6) (20) --------------- ------- ------- ------- ------------- --------------- -------- Coupon GS (KZT): MEOKAM, MEUZHKAM, MEUKAM - 93.6% (91.0%) of the market ------------------------------------------------------------------------------ less than 730 2.50 7.11 6.96 5.92 (7.13) 4,393.8 28 731 - 1095 5.10 8.00 7.45 6.55 (7.31) 18,362.1 62 1096 - 1460 8.12 8.12 8.12 8.12 (7.26) 187.4 1 1461 - 1825 5.10 7.99 7.65 6.79 (7.37) 7,099.9 45 1826 - 2190 6.00 6.00 6.00 6.00 (7.32) 113.0 1 more than 2191 4.18 7.78 7.60 6.83 (6.97) 55,912.8 202 --------------- ------- ------- ------- ------------- --------------- -------- Total 86,069.0 339 (51,564.8) (167) --------------- ------- ------- ------- ------------- --------------- -------- GRANDTOTAL 91,991.6 365 (56,639.4) (187) ------------------------------------------------------------------------------ The stake of exchange turnover in total volume of purchase and sale deals of Kazakhstan GS secondary market in July made 98.1 % (in June - 98.8 %). [2009-08-10]