REVIEW: KASE debt capital market in August 2009

/IRBIS, Dinara Mukasheva, September 21, 09/ - In August 2009 on Kazakhstan Stock Exchange (KASE) 510 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 KZT13.8 bn. or USD91.6 m. at the current rate effective on deals concluding dates. The stated amount is 34.0 % of monthly turnover of corporate securities market (in July 2009 - 88.0 %) and 0.7 % of total monthly exchange turnover (in July - 1.8 %). The price background of corporate bonds market in August 2009 looked as follows: from 88 bonds denominations, included in deals on secondary market, with discount debt instruments of 79 denominations, with premium - 9. CCBNb18 looked most re-purchased, weighted average net price of which made 124.85 %, re-sold - KMSBb1 (7.66 %). In July 2009 deals are conducted with bonds of 115 denominations, 104 instruments were traded with discount, with premium - 10, at face value - 1. CCBNb18 looked most re-purchased, weighted average net price of which made 126.93 %, re-sold - KMSBb1 (7.95 %). Weighted average net price of corporate bonds on the secondary market fell to 69.8 % compared to 75.2 % in July 2009. For the month according to concluded deals bond's yield to maturity for buyer increased at 41 instruments (in July 2009 - at 62), decreased at 41 (49), yield of 1 instrument was nothing to compare with (1). Below are the tables, characterizing this segment of exchange market in August 2009. Tab. 1. Statistic characteristic of corporate bonds market on KASE in August of 2009 (indicators are given taking into account direct deals) -------------------------------------------------------------------------- Trend to -------------------- Indicator Aug. 2009 Jul. 2009 Aug. 2008 ------------------------------------------- --------- ---------- --------- Trades volume, th., USD 91,608.2 -69.2 % -44.2 % Trades volume, m., KZT 13,813.8 -69.2 % -29.9 % including, on offerings, th. USD 5,304.2 29.4 times - including, on offerings, m. KZT 799.6 29.4 times - including, on STF RFCA, th. USD 6,767.2 +70.2 % 0.3 times including, on STF RFCA, m. KZT 1,020.3 +70.5 % -58.3 % Number of deals 510 -20.8 % +65.0 % Day average number of deals 26 -12.9 % +73.9 % Day average volume of deals, th. USD 4,580.4 0.3 times -41.4 % Day average volume of deals, m. KZT 690.7 0.3 times -26.4 % Number of instruments, involved in deals 88 -23.5 % +6.0 Stake of nego deals (number), % 0.6 -1.6 pp -0.7 pp Stake of nego deals (volume), % 0.0001 -2.8 pp -8.0 pp Participation of pension assets, % gross 17.6 -41.2 pp +4.1 pp Participation of physical entities, % gross 23.5 +13.3 pp +5.0 pp Participation of non residents, % gross 0 -0.1 pp -17.0 pp Number of exchange's members, who made deals 41 -16.3 % 0 Market concentration, %* 48.4 +9.8 pp +1.9 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 Aug. 2009 Jul. 2009 Aug. 2008 -------------------------- ------------- ------------- ------------ Finance 78.3 88.0 81.1 Primary sector 9.3 3.8 2.4 Main consumer sector 8.0 3.6 7.7 Information technologies 2.6 0.2 - Industry 1.0 0.2 6.0 Discretionary consumer sector 0.5 0.5 0.04 Utilities sector 0.1 0.1 2.5 Energy 0.1 2.8 0.3 Telecommunication services 0.1 0.8 - Public health - 0.02 - ------------------------------------------------------------------- * 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 August 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 -------- -------- -------- ------- ------- --------- --------- 31.07.09 11,670.1 17.56 213.05 177.56 3,996.7 602.3 03.08.09 11,668.6 17.67 213.62 178.58 5,572.6 840.1 04.08.09 11,666.8 17.65 214.18 179.14 7,145.4 1,077.5 05.08.09 11,666.1 17.64 215.26 180.64 2,843.8 428.9 06.08.09 11,666.4 17.66 216.48 182.26 3,989.9 601.7 07.08.09 11,669.3 17.73 217.33 183.18 2,444.0 368.4 10.08.09 11,668.6 17.71 218.45 184.55 1,136.0 171.3 11.08.09 11,669.7 17.72 219.39 185.73 593.1 89.4 12.08.09 11,667.5 17.69 220.02 186.65 354.2 53.4 13.08.09 11,667.9 17.66 220.71 187.79 17,012.9 2,565.0 14.08.09 11,667.2 17.64 221.70 189.05 6,313.3 952.0 17.08.09 11,666.8 17.61 221.28 190.42 6,311.0 951.7 18.08.09 11,665.4 17.71 220.20 191.17 3,364.7 507.5 19.08.09 11,663.9 17.67 220.47 191.45 3,966.8 598.5 20.08.09 11,665.7 17.76 219.03 193.60 5,557.4 838.2 21.08.09 11,665.0 17.71 218.75 195.29 3,637.9 548.8 24.08.09 11,667.9 17.72 218.12 196.25 2,198.3 331.4 25.08.09 11,671.1 17.66 217.06 197.10 1,634.0 246.2 26.08.09 12,312.9 17.65 217.16 199.00 4,248.8 640.5 27.08.09 12,312.1 17.62 216.61 200.40 1,225.4 184.7 28.08.09 12,310.9 17.67 216.06 202.27 12,058.8 1,818.5 -------- -------- -------- ------- ------- --------- --------- Trend +640.8 +0.1 +3.0 +24.7 % +5.5 +0.6 +1.4 +13.9 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in August 2009 --------------------------------------------------------- Bonds: Instruments: Issuers: Category of ------------ ------------ ------------ admission number trend number trend number trend ------------------ ------ ----- ------ ----- ------ ----- Rated 35 0 38 0 11 0 Incl. MTF KASE 35 0 35 0 11 0 Incl. STF RFCA 3 0 3 0 1 0 ------------------ ------ ----- ------ ----- ------ ----- Non-rated first subcategory 236 +2 262 +2 45 +2 Incl. MTF KASE 227 0 227 0 42 0 Incl. STF RFCA 35 +2 35 +2 10 +2 ------------------ ------ ----- ------ ----- ------ ----- Non-rated second subcategory 48 -2 54 -2 43 -2 Incl. MTF KASE 44 -1 44 -1 39 -1 Incl. STF RFCA 10 -1 10 -1 10 -1 ------------------ ------ ----- ------ ----- ------ ----- Total 318 0 354 0 95 0 --------------------------------------------------------- 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 August 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 -------- ------ -------- -------- --------- ----- -------- --------- -------- ABDIb1 28.00 50.00 28.00 -34.0 5.84 70.00 40.9 7 aCCBNb14 19.00 19.00 19.00 15.00 23.82 9.9 1 aEKTNb1 69.00 69.00 69.00 +0.0001 67.00 69.00 6.0 1 ALBNb2 11.50 12.50 11.50 -0.3 11.50 12.75 8,398.0 4 aMAG_b1 119.7 6 aPDENb1 9.00 9.00 9.00 +0.02 8.98 18.50 6,631.6 1 ASBNb1 67.00 69.00 69.00 20.00 74.50 28.1 2 ASBNb3 106.00 110.50 110.50 +4.5 20.00 115.15 34.6 8 ASBNe2 141.00 160.00 160.00 +17.0 13.20 197.00 42.8 10 ASFIb15 10.00 10.00 10.00 8.50 17.00 41.3 2 ASFIb16 12.50 13.00 13.00 +0.4 9.50 30.00 83.1 5 ASFIb4 65.00 157.00 157.00 +112.0 17.00 157.00 56.3 8 ASFIb5 122.00 1 257.82 1 257.82 +1156.5 13.50 1 259.82 153.3 24 ASFIb6 66.00 221.00 143.50 16.00 221.00 48.7 26 ASFIb7 54.00 66.00 66.00 16.00 66.00 20.0 5 ASFIb9 36.00 38.00 38.00 13.00 38.00 8.6 2 ASNDb2 12.74 22.79 16.00 11.00 22.79 4,265.4 10 ATFBb4 18.00 18.00 18.00 -8.9 8.00 31.00 10.9 1 ATFBb5 14.00 18.00 14.00 -7.0 13.00 31.00 12,047.3 8 ATFBb6 16.00 16.00 16.00 -5.0 7.00 30.00 12.6 1 ATFBe2 12.00 17.00 12.00 -4.0 6.00 28.50 381.8 24 ATFBe4 11.37 15.00 12.00 -5.0 7.00 30.00 909.8 6 BGSTb1 13.00 13.00 13.00 11.00 13.25 475.0 2 BTAIb1 81.00 84.50 81.00 -0.1 12.00 114.81 20.2 4 BTAIb2 46.00 46.00 46.00 +0.00001 15.00 69.00 4.3 1 BTAIb3 74.90 76.80 76.80 +1.9 14.50 78.00 8.3 2 BTAIb4 171.00 208.82 204.59 +33.6 16.00 208.82 151.5 17 BTAIb5 49.00 49.00 49.00 +1.0 14.00 70.00 2.9 1 BTAIb7 63.00 63.00 63.00 +2.0 29.00 77.00 6.4 2 BTAIb9 41.00 45.00 41.00 -3.5 24.31 70.00 17.7 5 BTASb3 47.00 47.00 47.00 12.88 50.00 4.6 1 BTASb4 53.00 53.00 53.00 -0.9 16.00 53.92 3.7 2 BTASb5 34.00 34.00 34.00 7.50 34.00 4.0 1 BTASb7 42.00 42.00 42.00 +1.0 7.00 42.00 2.4 1 BTASe3 275.00 358.05 358.00 +81.9 13.38 460.00 62.5 15 BTTRb1 9.35 10.02 9.35 -0.5 9.09 28.00 1,281.7 3 CACMb1 30.50 30.50 30.50 19.73 40.00 7.0 1 CCBNb10 18.00 21.00 18.00 -7.0 18.00 25.24 17.8 2 CCBNb11 18.00 23.70 20.00 18.00 23.70 567.6 14 CCBNb12 12.40 20.00 12.40 -6.6 12.40 20.00 7,918.3 13 CCBNb14 19.00 25.42 19.00 15.00 26.97 23.9 3 CCBNb16 18.00 19.03 19.03 15.00 19.03 70.6 3 CCBNb17 9.00 9.00 9.00 9.00 17.00 18.9 2 CCBNb18 9.50 12.50 11.50 +2.1 9.40 13.00 1,491.8 13 CCBNb20 10.00 13.50 10.00 9.00 15.00 176.9 7 CCBNb3 16.00 18.00 16.01 -2.1 14.00 28.00 41.7 4 CCBNb4 16.00 16.00 16.00 15.00 20.00 3.3 1 CCBNb7 17.51 25.08 17.51 15.00 25.08 15.4 2 CCBNb8 17.50 17.50 17.50 14.80 17.50 8.7 1 CCBNb9 21.00 21.00 21.00 -5.0 14.50 27.83 8.4 1 CSBNb4 20.00 20.00 20.00 -0.000005 13.50 22.00 20.3 2 CTECb1 13.00 20.00 14.00 +0.5 13.00 20.00 13,447.1 13 EKTNb1 69.00 69.00 69.00 +2.0 12.00 90.00 6.3 1 EUBNb5 11.99 12.24 12.24 -0.4 7.50 14.20 2,615.0 2 EUBNb8 10.00 10.00 10.00 10.00 10.00 6,631.4 2 EXBNb1 19.00 19.00 19.00 +2.0 8.61 20.00 1,171.4 1 HSBKb7 15.00 17.00 15.00 -4.0 11.00 24.00 17.9 2 HSBKb9 16.50 18.50 16.50 10.00 20.50 16.4 2 HSBKe1 11.00 15.50 11.50 -0.5 9.50 92.00 108.8 9 KAFIb1 14.00 14.00 14.00 +0.1 10.00 16.03 59.9 1 KDTSb1 24.14 103.55 24.14 13.40 103.55 83.6 11 KKAGb1 57.00 68.00 57.00 +1.0 14.50 69.00 109.2 7 KKGBb2 17.79 17.79 17.79 -1.2 4.57 50.32 9.8 1 KKGBe16 26.46 32.12 26.46 -7.3 9.88 33.74 55.4 4 KKGBe4 20.63 23.59 20.65 -2.6 10.11 29.58 54.4 8 KKGBe5 17.70 17.70 17.70 -5.6 7.87 27.19 9.9 1 KKGBe6 28.88 36.96 33.93 -8.1 8.05 64.21 249.5 21 KMSBb1 196.00 196.00 196.00 +5.5 11.00 196.00 19.1 1 KRZHb1 63.00 85.00 63.00 -22.0 6.80 114.96 76.1 7 KSM2b1 16.00 16.00 16.00 14.06 16.00 31.8 2 KSMKb2 42.00 42.00 42.00 -0.4 12.81 49.20 7.4 1 KZIKb7 20.00 20.00 20.00 +6.5 11.50 24.00 136.6 2 KZTCb1 16.50 16.50 16.50 -1.0 13.00 35.00 48.9 1 LOGCb1 10.78 11.41 11.41 10.20 50.30 2,285.8 3 MAG_b1 7.62 8.89 38.72 2.88 111.09 136.1 7 NRBNb2 19.00 27.60 19.00 -8.0 15.00 27.60 915.4 14 NRBNb5 18.00 26.00 18.00 12.00 31.97 1,596.0 6 ORDBb2 78.00 78.00 78.00 +0.00001 7.00 80.00 60.2 10 ORDKb1 12.80 14.00 12.80 -1.2 11.95 16.21 52.2 3 ORDKb2 16.00 16.00 16.00 -0.00001 14.00 16.02 58.9 6 RGBRb4 24.00 35.00 29.17 +5.2 13.00 35.00 1,737.0 6 RGBRb6 9.00 13.00 9.03 -1.5 8.06 14.02 4,668.5 13 TSASb1 12.00 12.00 12.00 -4.3 11.88 16.30 475.1 2 TSBNb5 43.00 50.00 43.00 -1.0 14.00 50.00 1,145.5 37 TSBNb6 10.00 10.00 10.00 10.00 12.00 13.4 1 TXBNb2 12.00 13.00 12.10 -2.9 12.00 29.00 2,002.4 5 VITAb4 55.00 56.00 56.00 +6.0 17.00 62.21 23.3 2 ZERDb1 10.00 10.00 10.00 9.00 14.00 381.7 3 -------- ------ -------- -------- --------- ----- -------- --------- -------- 88 86,304.0 506 ----------------------------------------------------------------------------- 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 - July 2009. [2009-09-21]