REVIEW: KASE debt capital market in July 2009

/IRBIS, Dinara Mukasheva, August 20, 09/ - In July 2009 on Kazakhstan Stock Exchange (KASE) 644 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 KZT44.8 bn. or USD297.3 m. at the current rate effective on deals concluding dates. The stated amount is 88.0 % of monthly turnover of corporate securities market (in June 2009 - 88.2 %) and 1.8 % of total monthly exchange turnover (in June - 3.4 %). The price background of corporate bonds market in July 2009 looked as follows: from 115 bonds denominations, included in deals on secondary market, with discount debt instruments of 104 denominations, with premium - 10, at face value - 1 were traded. CCBNb18 looked most re-purchased, weighted average net price of which made 126.93 %, re-sold - KMSBb1 (7.95 %). Let us remind that in June 2009 deals are conducted with bonds of 121 denominations, 104 instruments were traded with discount, with premium - 15, at face value - 2. NRBNb6 looked most re-purchased, weighted average net price of which made 121.70 %, re-sold - TSSMb1 (13.8 %). Weighted average net price of corporate bonds on the secondary market fell to 75.2 % compared to 77.0 % in June 2009. For the month according to concluded deals bond's yield to maturity for buyer increased at 62 instruments (in June 2009 - at 67), decreased at 49 (46), yield of 1 instrument was nothing to compare with (1). Below are the tables, characterizing this segment of exchange market in July 2009. Tab. 1. Statistic characteristic of corporate bonds market on KASE in July of 2009 (indicators are given taking into account direct deals) --------------------------------------------------------------------------- Trend to --------------------- Indicator July 2009 June 2009 July 2008 ------------------------------------------- --------- ---------- ---------- Trades volume, th., USD 297,258.6 -22.5 % -44.1 Trades volume, m., KZT 44,779.2 -22.3 % -30.0 including, on offerings, th. USD 180.4 - - including, on offerings, m. KZT 27.2 - - including, on STF RFCA, th. USD 3,975.7 0.6 times 0.01 times including, on STF RFCA, m. KZT 598.3 0.01 times 0.02 times Number of deals 644 -24.9 % 1.4 times Day average number of deals 29 -24.9 % 1.4 times Day average volume of deals, th. USD 13,511.8 -22.5 % -44.1 % Day average volume of deals, m. KZT 2,035.4 -22.3 % -29.9 % Number of instruments, involved in deals 115 -5.0 % +11.7 % Stake of nego deals (number), % 2.2 +1.0 pp +0.6 pp Stake of nego deals (volume), % 2.8 +1.5 pp +2.7 pp Participation of pension assets, % gross 58.8 +7.8 pp +51.4 pp Participation of physical entities, % gross 10.2 -6.1 pp +2.8 pp Participation of non residents, % gross 0.1 -0.7 pp -29.0 pp Number of exchange's members, who made deals 49 +4.3 % +19.5 % Market concentration, %* 38.6 +4.0 pp -26.8 pp --------------------------------------------------------------------------- * 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 July 2009 June 2009 July 2008 -------------------------- ------------- ------------- ------------ Finance 88.0 85.2 86.5 Utilities sector 3.8 3.3 3.8 Main consumer sector 3.6 2.4 0.4 Energy 2.8 0.4 0.1 Telecommunication services 0.8 0.01 - Discretionary consumer sector 0.5 0.4 0.3 Industry 0.2 5.3 4.6 Information technologies 0.2 0.02 0.4 Primary sector 0.1 3.0 3.7 Public health 0.02 - 0.3 ------------------------------------------------------------------- * 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 July 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 -------- --------- -------- ------- ------- --------- --------- 30.06.09 11,644.65 15.25 209.22 172.20 31,489.1 4,736.9 01.07.09 11,645.37 15.33 208.75 171.66 3,562.5 535.8 02.07.09 11,648.27 14.74 208.29 171.27 16,597.6 2,495.1 03.07.09 11,648.27 14.71 209.02 171.89 16,228.0 2,439.6 07.07.09 11,643.93 16.66 205.44 167.20 5,665.7 852.4 08.07.09 11,637.81 15.43 207.83 170.31 2,612.8 393.5 09.07.09 11,638.89 15.90 206.33 168.41 11,384.9 1,713.8 10.07.09 11,665.77 16.12 206.50 168.66 15,896.1 2,393.8 13.07.09 11,655.97 16.21 205.47 167.33 19,900.6 2,993.8 14.07.09 11,672.23 16.89 204.77 166.33 13,488.2 2,032.0 15.07.09 11,669.70 17.47 202.27 163.44 40,809.1 6,150.8 16.07.09 11,668.61 17.12 202.70 163.88 12,902.6 1,945.1 17.07.09 11,669.34 14.99 209.62 173.30 21,870.8 3,296.6 20.07.09 11,667.53 15.04 206.86 169.44 10,631.7 1,603.1 21.07.09 11,664.65 14.96 207.45 170.19 5,768.5 870.2 22.07.09 11,668.61 17.42 207.89 170.82 16,429.7 2,476.8 23.07.09 11,669.34 17.54 207.70 171.04 43,470.5 6,552.3 24.07.09 11,669.70 17.42 208.98 172.35 5,569.3 839.4 27.07.09 11,667.89 17.51 210.00 173.39 3,453.0 520.6 28.07.09 11,668.25 17.68 210.04 173.59 8,903.8 1,342.3 29.07.09 11,671.14 17.54 211.06 174.85 13,936.7 2,100.0 30.07.09 11,670.06 17.59 211.45 175.52 4,179.6 629.9 31.07.09 11,670.06 17.56 213.05 177.56 3,996.7 602.3 -------- --------- -------- ------- ------- --------- --------- Trend +25.4 +2.3 +3.8 +5.4 % +0.2 +15.2 +1.8 +3.1 --------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in July 2009 --------------------------------------------------------- Bonds: Instruments: Issuers: Category of ------------ ------------ ------------ admission number trend number trend number trend ------------------ ------ ----- ------ ----- ------ ----- Rated 35 -1 38 -1 11 0 Incl. MTF KASE 35 -1 35 -1 11 0 Incl. STF RFCA 3 0 3 0 1 0 ------------------ ------ ----- ------ ----- ------ ----- Non-rated first subcategory 234 +6 260 +6 43 +1 Incl. MTF KASE 227 +6 227 +6 42 +1 Incl. STF RFCA 33 0 33 0 8 0 ------------------ ------ ----- ------ ----- ------ ----- Non-rated second subcategory 50 0 56 0 45 0 Incl. MTF KASE 45 0 45 0 40 0 Incl. STF RFCA 11 0 11 0 11 0 ------------------ ------ ----- ------ ----- ------ ----- Total 318 +5 354 +5 95 +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 Juy 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 15.90 15.90 15.90 11.50 15.90 1,626.51 1 ABDIb1 10.00 70.00 62.00 +52.0 5.84 70.00 1,534.52 26 aEKTNb1 67.00 69.00 69.00 67.00 69.00 6.45 2 AGKKb1 14.00 16.00 15.85 -0.1 9.00 17.50 6,209.31 7 ALBNb2 11.70 11.80 11.80 11.70 12.75 4,168.37 3 aPDENb1 8.98 18.50 8.98 -5.0 8.98 18.50 2,342.76 2 ASBNb3 90.00 106.00 106.00 +11.0 20.00 109.00 381.01 23 ASBNb7 20.00 22.00 22.00 +13.0 9.00 22.00 23.96 2 ASBNe2 113.00 144.00 143.00 +29.0 13.20 152.00 25.94 7 ASFIb11 15.50 15.91 15.91 -2.1 9.48 18.00 642.56 2 ASFIb12 14.00 14.00 14.00 9.61 14.80 12.04 1 ASFIb16 12.60 14.00 12.60 >+0.00001 9.50 17.90 1,116.24 2 ASFIb4 45.00 45.00 45.00 17.00 157.00 7.00 1 ASFIb5 92.60 101.30 101.30 13.50 806.00 24.02 2 ATFBb4 26.95 26.95 26.95 +4.9 8.00 31.00 36.23 1 ATFBb5 21.00 21.00 21.00 +5.0 11.00 31.00 112.36 2 ATFBb6 21.00 22.00 21.00 -1.0 7.00 30.00 6,802.37 7 ATFBe2 14.00 18.10 16.00 -3.0 6.00 28.50 50.48 12 ATFBe4 17.00 20.00 17.00 -2.0 7.00 30.00 82.66 5 BTAIb1 80.10 84.56 81.10 -6.2 12.00 114.81 17.79 4 BTAIb14 13.68 13.68 13.68 +0.2 9.50 70.00 12.38 1 BTAIb2 46.00 46.00 46.00 15.00 69.00 4.21 1 BTAIb3 71.06 74.90 74.90 +1.9 14.50 76.80 884.21 6 BTAIb4 128.94 171.00 171.00 +42.6 16.00 175.00 25.61 6 BTAIb5 48.00 48.00 48.00 14.00 70.00 3.41 1 BTAIb7 61.00 63.00 61.00 -3.0 58.00 77.00 13.74 3 BTAIb9 44.50 44.50 44.50 -0.5 37.00 70.00 3.87 1 BTASb4 51.89 53.92 53.92 +3.9 16.00 53.92 4.44 2 BTASb7 13.00 41.00 41.00 +28.0 7.00 42.00 25,690.77 42 BTASb9 10.99 10.99 10.99 >+0.00001 9.00 17.66 187.49 1 BTASe3 146.40 276.14 276.14 +129.1 13.38 286.50 139.07 19 BTTRb1 9.09 10.01 9.86 +0.7 9.09 28.00 5,289.82 8 CCBNb10 18.00 25.24 25.00 18.00 25.24 8,423.84 7 CCBNb12 19.00 19.00 19.00 -1.0 13.10 20.00 1,177.79 3 CCBNb13 18.00 25.00 18.00 18.00 25.00 3,080.55 2 CCBNb18 9.40 9.43 9.43 -0.1 9.40 12.50 6,444.60 3 CCBNb3 18.00 22.00 18.07 -9.9 13.00 28.00 3,918.41 9 CCBNb9 26.00 27.83 26.00 14.50 27.83 20.66 4 CSBNb2 18.00 18.00 18.00 >-0.00001 14.00 18.00 2,885.06 1 CSBNb3 16.50 16.50 16.50 +0.00004 10.50 16.50 3,029.02 1 CSBNb4 20.00 22.00 20.00 -2.0 13.50 22.00 561.16 2 CSBNb5 20.00 20.00 20.00 14.00 22.00 7.99 1 CSBNb6 18.95 18.95 18.95 -0.00001 10.84 18.95 524.77 1 CTECb1 13.00 13.50 13.50 >-0.00001 13.00 20.00 770.32 3 DNTLb1 49.80 49.80 49.80 11.96 49.80 59.33 1 EKTNb1 53.82 90.00 67.00 +14.8 12.00 90.00 353.55 9 EUBNb2 7.00 7.00 7.00 >+0.00001 7.00 8.00 6,756.77 1 EUBNb3 18.01 23.00 19.80 +0.8 3.19 32.00 3,252.39 7 EUBNb4 12.80 12.88 12.88 -0.1 10.00 13.20 15,104.54 4 EUBNb5 8.87 13.00 12.68 +3.2 8.87 14.20 13,599.80 16 EXBNb1 17.00 19.00 17.00 8.61 20.00 8,553.92 8 EXBNb2 14.50 18.00 18.00 +2.0 12.00 22.00 22,820.15 14 HSBKb12 18.00 18.00 18.00 >+0.00001 15.00 20.00 521.31 1 HSBKb13 13.80 13.86 13.86 13.80 14.00 13,045.93 3 HSBKb4 18.00 19.50 18.00 8.00 19.50 227.54 4 HSBKb7 17.00 19.00 19.00 +4.0 11.00 24.00 1,284.65 5 HSBKe1 11.00 17.19 12.00 -2.4 11.00 92.00 1,016.46 8 KAFIb1 13.80 16.00 13.94 -2.1 10.00 16.03 5,598.55 5 KASSb1 18.00 18.25 18.25 9.50 18.25 1,214.29 2 KATRb2 18.00 18.00 18.00 >-0.00001 16.00 20.03 597.92 1 KKAGb1 41.00 56.00 56.00 +15.0 12.50 68.00 146.46 10 KKGBb2 17.82 45.98 19.04 -23.9 -9.40 50.32 7,430.94 28 KKGBe16 33.74 33.74 33.74 +5.5 9.88 33.74 0.61 1 KKGBe4 23.20 26.87 23.28 -0.5 10.11 29.58 54.77 8 KKGBe5 18.61 23.31 23.31 +14.1 7.87 27.19 99.89 5 KKGBe6 39.17 64.21 42.00 -19.8 8.05 64.21 535.26 47 KKGBe8 18.79 20.00 20.00 +2.9 8.68 20.12 19.04 2 KMSBb1 190.50 190.50 190.50 11.00 196.00 19.10 1 KONDb1 103.65 105.16 104.73 +66.0 3.45 105.16 4,761.07 4 KRZHb1 85.00 108.05 85.00 -2.0 6.80 114.96 633.70 18 KSMKb2 42.37 43.00 42.37 +27.4 12.81 49.20 351.06 2 KZDKb1 14.07 14.07 14.07 14.00 14.07 622.49 1 KZIKb16 8.80 9.00 8.83 -0.2 8.80 11.80 24,407.18 6 KZIKb17 5.50 7.50 7.50 -0.00003 5.50 13.00 95.05 9 KZIKb2 13.50 20.00 13.50 -8.5 13.50 26.00 16.80 2 KZIKb3 16.50 20.00 20.00 -2.0 13.00 26.00 1,505.15 5 KZIKb4 16.50 25.20 20.00 -5.2 14.00 26.50 2,235.86 10 KZIKb7 13.50 20.00 13.50 +0.00002 11.50 24.00 30.98 3 KZIKb8 18.36 21.28 18.46 -2.8 12.00 26.00 7,464.36 5 KZNHb2 40.01 40.01 40.01 14.00 62.00 32.39 1 KZTCb1 17.50 35.00 17.50 -2.0 13.00 35.00 2,356.90 10 LOGCb2 11.00 11.00 11.00 11.00 11.00 665.81 1 MAG_b1 38.72 38.72 38.72 -72.4 7.62 111.09 13.03 2 MREKb2 17.00 17.00 17.00 +1.0 16.00 29.00 13.44 1 MREKb5 12.50 12.50 12.50 10.50 12.50 24.89 2 MREKb6 15.00 15.00 15.00 13.50 15.00 1,431.74 1 NFBNb1 16.75 34.01 34.00 +0.00005 9.10 34.24 9,240.99 5 NRBNb2 27.00 27.00 27.00 +0.0001 15.00 27.60 2,554.48 2 NRBNb6 8.00 8.00 8.00 >-0.00001 7.54 13.70 3,896.21 1 NRBNb7 14.00 14.00 14.00 9.00 15.00 2,820.68 1 OILAb1 18.00 18.00 18.00 14.78 21.00 6.54 1 ORDBb2 78.00 78.00 78.00 -0.0002 7.00 80.00 256.63 44 ORDKb1 11.97 14.00 14.00 +0.0001 11.95 16.00 253.65 7 ORDKb2 16.00 16.00 16.00 -0.00001 16.00 16.02 622.45 12 PDESb1 13.00 13.10 13.10 12.00 13.10 1,647.66 2 RGBRb4 24.00 24.00 24.00 -0.00003 6.31 35.00 8.00 2 RGBRb5 9.00 9.00 9.00 9.00 14.00 33.53 1 RGBRb6 10.50 10.50 10.50 -0.007 8.06 14.02 1,835.38 1 ROSAb2 13.49 13.49 13.49 13.49 13.50 69.33 1 SATCb1 10.00 10.00 10.00 -0.00001 9.99 16.00 33.37 2 TEBNb10 13.00 13.00 13.00 +0.00001 13.00 13.00 3,029.53 1 TEBNb11 9.00 9.00 9.00 >+0.00001 9.00 13.00 1,209.44 1 TEBNb14 9.00 9.00 9.00 +0.00001 9.00 9.00 3,393.77 1 TEBNb3 27.00 27.00 27.00 >+0.00001 12.00 27.00 1,350.89 1 TEBNb6 40.00 40.05 40.00 +0.00003 10.50 40.05 1,796.67 2 TEBNb7 10.55 10.90 10.90 >+0.00001 10.55 10.90 2,646.60 2 TMLZb1 49.99 49.99 49.99 11.00 49.99 319.58 1 TSASb1 12.00 16.30 16.30 +4.3 11.88 16.30 7,446.07 4 TSBNb2 23.00 25.00 25.00 16.00 25.00 1,073.36 4 TSBNb5 42.17 46.16 44.00 +3.0 14.00 50.00 54.40 5 TXBNb2 13.00 15.18 15.00 +0.4 12.00 29.00 5,720.95 8 TXBNb3 16.88 16.91 16.91 +0.7 12.60 19.00 49.13 2 VITAb4 50.00 50.00 50.00 17.00 56.00 11.49 1 -------- ------ ------ ------ --------- ----- ------ --------- -------- 113 288,681.6 629 ----------------------------------------------------------------------- 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 - June 2009. [2009-08-20]