REVIEW: KASE debt capital market in September 2009

/IRBIS, Dinara Mukasheva, October 12, 09/ - In September 2009 on Kazakhstan Stock Exchange (KASE) 684 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 KZT17.3 bn. or USD114.6 m. at the current rate effective on deals concluding dates. The stated amount is 55.8 % of monthly turnover of corporate securities market (in August 2009 - 34.0 %) and 1.3 % of total monthly exchange turnover (in August - 0.7 %). The price background of corporate bonds market in September 2009 looked as follows: from 108 bonds denominations, included in deals on secondary market, with discount debt instruments of 97 denominations, with premium - 11. ASFIb16 looked most re-purchased, weighted average net price of which made 115,21 %, re-sold - ASFIb6 (11,54 %). In August 2009 deals are conducted with bonds of 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 %). Weighted average net price of corporate bonds on the secondary market rose to 76.2 % compared to 69.8 % in August 2009. For the month according to concluded deals bond's yield to maturity for buyer increased at 46 instruments (in August 2009 - at 41), decreased at 58 (41), yield of 2 instrument was nothing to compare with (1). Below are the tables, characterizing this segment of exchange market in September 2009. Tab. 1. Statistic characteristic of corporate bonds market on KASE in September of 2009 (indicators are given taking into account direct deals) ----------------------------------------------------------------------------- Trend to ---------------------- Indicator Sept. 2009 Aug. 2009 Sept. 2008 ------------------------------------------- ---------- ----------- ---------- Trades volume, th., USD 114,640.9 +25.1 % 0.2 times Trades volume, m., KZT 17,297.6 +25.2 % 0.2 times including, on offerings, th. USD - - - including, on offerings, m. KZT - - - including, on STF RFCA, th. USD 27.6 0.004 times 0.01 times including, on STF RFCA, m. KZT 4.2 0.004 times 0.01 times Number of deals 684 +34.1 % +32.0 % Day average number of deals 31 +21.9 % +26.8 % Day average volume of deals, th. USD 5,210.9 +13.8 % 0.2 times Day average volume of deals, m. KZT 786.3 +13.8 % 0.2 times Number of instruments, 108 +22.7 % 0 involved in deals Stake of nego deals (number), % 0.1 -0.4 pp -1.2 pp Stake of nego deals (volume), % 0.4 +0.4 pp -1.3 pp Participation of pension assets, % gross 30.9 +13.3 pp +11.0 pp Participation of physical entities, % gross 25.2 +1.7 pp -5.4 pp Participation of non residents, % gross 1.6 +1.6 pp -15.2 pp Number of exchange's members, 49 +19.5 % -2.0 % who made deals Market concentration, %* 46.6 -1.8 pp -14.6 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 Sept. 2009 Aug. 2009 Sept. 2008 -------------------------- ------------- ------------ ------------- Finance 68.5 78.3 82.5 Main consumer sector 16.4 8.0 0.1 Telecommunication services 7.2 0.1 - Primary sector 3.9 9.3 7.4 Industry 1.7 1.0 5.2 Discretionary consumer sector 1.4 0.5 0.1 Utilities sector 0.9 0.1 0.1 Public health 0.1 - 0.03 Energy 0.03 0.1 4.5 Information technologies - 2.6 - ------------------------------------------------------------------- * 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 September 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 -------- -------- -------- ------- ------- --------- --------- 28.08.09 12,310.9 17.67 232.59 202.27 12,058.8 1,818.5 01.09.09 12,312.9 17.69 234.49 203.71 352.1 53.1 02.09.09 12,314.5 17.76 235.35 204.73 2,567.5 387.0 03.09.09 12,312.5 18.06 230.87 200.25 4,049.2 610.5 04.09.09 12,310.5 18.21 232.05 201.42 1,493.0 225.2 07.09.09 12,309.3 18.69 232.64 202.15 5,368.0 809.7 08.09.09 12,309.3 18.16 233.92 203.62 5,885.2 887.7 09.09.09 12,310.1 17.61 242.56 213.58 25,850.6 3,898.8 10.09.09 12,308.5 17.84 240.80 211.52 3,265.5 492.6 11.09.09 12,307.3 17.83 241.01 211.92 3,034.2 457.8 14.09.09 12,256.1 17.96 242.02 213.19 5,967.9 900.7 15.09.09 12,254.8 17.41 244.08 215.62 4,959.2 748.6 16.09.09 12,308.3 17.00 245.84 218.24 11,468.0 1,731.0 17.09.09 12,309.6 17.08 246.69 219.43 244.4 36.9 18.09.09 12,308.7 17.06 248.16 221.38 8,092.5 1,221.4 21.09.09 12,310.8 17.11 249.12 222.52 2,749.6 414.9 22.09.09 12,310.0 17.11 250.79 224.83 115.8 17.5 23.09.09 12,309.1 17.16 251.84 226.27 447.3 67.5 24.09.09 12,308.7 17.04 252.66 227.48 1,470.4 221.9 25.09.09 12,307.9 16.97 253.82 228.93 5,332.7 805.0 28.09.09 12,307.9 16.98 255.53 231.04 323.9 48.9 29.09.09 12,274.8 17.13 255.67 231.19 6,446.9 973.2 30.09.09 12,274.8 16.50 255.91 232.32 15,157.0 2,287.9 -------- -------- -------- ------- ------- --------- --------- Trend -36.1 -1.2 +23.3 +30.1 % -0.3 -6.6 +10.0 +14.9 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in September 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 234 -2 259 -3 44 -1 Incl. MTF KASE 225 -2 225 -2 41 -1 Incl. STF RFCA 34 -1 34 -1 10 0 ------------------ ------ ----- ------ ----- ------ ----- Non-rated second subcategory 47 -1 53 -1 42 -1 Incl. MTF KASE 43 -1 43 -1 38 -1 Incl. STF RFCA 10 0 10 0 10 0 ------------------ ------ ----- ------ ----- ------ ----- Total 315 -3 350 -4 93 -2 --------------------------------------------------------- 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 September 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 33.70 32.00 +4.0 5.84 70.00 1,525.5 18 aCCBNb14 18.00 18.00 18.00 -1.0 15.00 23.82 10.5 1 AGKKb1 11.03 13.00 12.00 9.00 17.50 2,759.3 4 aHSBKb4 12.00 12.00 12.00 12.00 16.00 17.2 1 AKFIb2 14.00 14.00 14.00 13.00 14.00 1,081.6 1 AKKMb1 12.50 12.50 12.50 8.14 12.50 202.1 1 ASBNb1 71.00 74.50 74.50 +5.5 20.00 82.00 43.2 3 ASBNb3 112.00 117.00 117.00 +6.5 20.00 117.00 19.8 5 ASBNb7 24.00 68.00 68.00 9.00 68.00 73.2 10 ASBNe2 160.00 197.00 193.00 +33.0 13.20 197.00 53.4 14 ASFIb15 10.00 10.00 10.00 >-0.0001 8.50 17.00 82.7 4 ASFIb16 9.92 30.00 9.92 -3.1 9.50 30.00 18,946.0 5 ASFIb23 9.38 9.38 9.38 7.40 12.00 1,893.7 1 ASFIb5 73.30 3 540.01 3 540.01 +2282.2 13.50 3 540.01 690.4 21 ASFIb6 145.50 145.50 145.50 +2.0 16.00 221.00 4.8 2 ATFBb4 12.00 15.00 14.00 -4.0 8.00 31.00 136.0 7 ATFBb5 14.00 17.00 17.00 +3.0 13.00 31.00 172.1 7 ATFBb6 15.00 19.00 15.00 -1.0 7.00 30.00 1,245.6 3 ATFBe2 8.00 12.00 8.00 -4.0 6.00 28.50 379.3 19 ATFBe4 9.11 14.00 9.11 -2.9 7.00 30.00 965.2 13 BTAIb1 34.79 79.00 41.12 -39.9 14.00 114.81 157.1 28 BTAIb16 38.00 40.02 38.00 30.00 70.00 16.3 3 BTAIb2 33.00 46.00 33.00 -13.0 15.00 69.00 16.6 3 BTAIb3 40.11 78.00 76.26 -0.5 14.50 78.00 490.4 17 BTAIb4 77.09 202.80 106.52 -98.1 16.00 208.82 606.3 53 BTAIb5 34.00 48.50 34.00 -15.0 14.00 70.00 29.2 6 BTAIb6 77.00 77.00 77.00 16.50 78.00 220.8 1 BTAIb7 29.00 64.18 29.00 -34.0 29.00 77.00 328.8 7 BTAIb8 26.48 31.48 26.48 15.00 70.00 21.0 3 BTAIb9 24.31 40.00 24.31 -16.7 24.31 70.00 13.7 3 BTASb2 38.00 112.79 112.79 14.50 112.79 33.9 3 BTASb4 53.00 53.00 53.00 -0.0001 16.00 53.92 0.2 1 BTASb7 41.00 49.00 49.00 +7.0 7.00 57.00 19.2 8 BTASb9 10.99 10.99 10.99 10.97 17.66 190.4 1 BTASe3 364.00 495.67 495.67 +137.7 13.38 526.63 100.1 28 BTTRb1 9.75 9.75 9.75 +0.4 9.09 28.00 705.2 1 CACMb1 28.50 36.00 36.00 +5.5 21.80 40.00 105.7 9 CCBNb10 16.00 16.00 16.00 -2.0 16.00 25.24 10.4 1 CCBNb11 16.00 18.00 16.00 -4.0 16.00 23.70 24.9 3 CCBNb12 12.80 14.18 13.00 +0.6 12.40 20.00 8,349.8 7 CCBNb14 17.00 18.00 17.00 -2.0 15.00 26.97 19.6 2 CCBNb16 16.00 16.00 16.00 -3.0 15.00 19.03 28.4 2 CCBNb18 13.00 13.00 13.00 +1.5 9.40 13.00 60.0 1 CCBNb20 12.00 12.00 12.00 +2.0 9.00 15.00 96.7 1 CCBNb3 14.00 14.00 14.00 -2.0 12.90 28.00 2,215.6 1 CCBNb4 12.00 14.00 12.00 -4.0 12.00 20.00 865.5 2 CCBNb6 18.00 18.00 18.00 15.00 18.00 9.2 1 CCBNb7 18.01 18.01 18.01 +0.5 15.00 25.08 705.9 1 CCBNb8 16.00 16.00 16.00 -1.5 14.80 17.50 9.4 1 CCBNb9 16.00 18.00 16.00 -5.0 14.50 27.83 15.4 2 CSBNb2 16.10 17.00 17.00 14.00 18.00 456.4 4 CSBNb6 18.43 18.95 18.95 10.84 18.95 73.6 4 DNTLb1 49.80 49.80 49.80 11.96 49.80 63.0 1 DTJLb1 23.95 23.95 23.95 15.90 49.00 529.8 1 EKTNb1 69.74 69.74 69.74 +0.7 12.00 90.00 45.0 1 EUBNb3 18.50 22.00 18.50 3.19 32.00 2,460.5 10 EUBNb5 7.50 9.50 9.50 -2.7 7.20 14.20 35.8 4 EXBNb2 16.30 16.30 16.30 12.00 22.00 200.4 2 HSBKb10 14.50 14.50 14.50 12.00 20.00 12.9 3 HSBKb11 15.00 15.00 15.00 14.00 22.00 11.4 1 HSBKb13 14.00 14.00 14.00 13.80 14.00 6,300.2 1 HSBKb4 12.00 13.50 12.00 12.00 19.50 44.6 3 HSBKb7 13.50 13.50 13.50 -1.5 13.50 24.00 13.5 1 HSBKb9 14.50 14.50 14.50 -2.0 10.00 20.50 12.8 1 HSBKe1 9.50 14.00 9.50 -2.0 9.50 92.00 188.5 11 KAFIb1 13.00 14.00 13.00 -1.0 10.00 16.03 7,088.1 3 KATRb2 15.00 19.00 15.00 15.00 20.03 3,753.0 6 KDTSb1 24.88 82.00 40.68 +16.5 13.40 103.55 374.0 52 KKAGb1 67.40 88.00 72.00 +15.0 14.50 94.00 497.7 14 KKAGb2 31.00 31.00 31.00 10.50 31.00 63.9 1 KKAGb3 23.00 23.00 23.00 11.00 23.00 317.9 1 KKGBb2 21.95 34.11 34.11 +16.3 4.57 50.32 31.3 4 KKGBe16 20.20 27.00 20.57 -5.9 9.88 33.74 71.8 5 KKGBe4 16.39 22.81 18.39 -2.3 10.11 29.58 953.2 9 KKGBe5 16.13 16.13 16.13 -1.6 7.87 27.19 30.4 1 KKGBe6 14.65 43.74 28.68 -5.2 8.05 64.21 2,509.6 48 KRZHb1 51.00 98.42 53.00 -10.0 6.80 114.96 758.6 29 KSM2b1 16.00 16.00 16.00 >-0.0001 14.06 16.00 16.1 1 KSMKb1 50.00 50.00 50.00 27.00 50.00 9.1 1 KSMKb2 15.12 42.00 42.00 +0.0001 12.81 49.20 55.7 3 KZDKb1 14.00 14.00 14.00 14.00 14.07 200.5 1 KZIKb7 18.00 18.00 18.00 -2.0 13.00 24.00 113.6 3 KZIKb8 15.00 16.50 16.50 12.00 26.00 29.3 2 KZNHb2 40.32 40.32 40.32 15.00 62.00 32.3 1 KZTCb1 14.50 15.50 15.00 -1.5 13.00 35.00 4,006.0 4 KZTCb2 14.02 14.02 14.02 13.72 14.02 4,215.4 2 MAG_b1 2.88 2.88 2.88 2.88 111.09 662.4 1 MREKb2 14.00 15.00 14.00 13.00 29.00 30.9 2 MREKb5 11.50 11.50 11.50 10.50 12.50 1,439.5 1 MREKb6 13.00 14.00 13.00 13.00 15.00 1,565.2 2 NFBNb1 31.20 36.00 31.20 9.10 36.00 224.8 22 NRBNb2 17.00 19.00 17.00 -2.0 15.00 27.60 1,722.5 5 NRBNb5 18.00 22.00 22.00 +4.0 12.00 31.97 2,592.0 11 NRBNb7 10.00 10.10 10.00 9.00 15.00 2,977.6 6 ORDKb1 14.00 16.21 16.21 +3.4 11.95 16.21 99.7 4 ORDKb2 14.00 16.00 16.00 >+0.0001 14.00 16.02 311.0 7 PRKRb2 10.00 11.50 11.50 10.00 13.00 12,776.6 5 RESCb1 11.99 14.00 14.00 8.00 18.00 5,594.6 4 RGBRb5 9.69 9.69 9.69 9.00 14.00 1,962.5 1 ROSAb2 13.49 13.49 13.49 13.49 13.50 70.6 1 TEBNb3 27.00 27.00 27.00 14.00 27.00 6.9 1 TMLZb1 49.99 49.99 49.99 11.00 49.99 342.2 1 TSBNb5 33.00 43.00 38.00 -5.0 15.00 50.00 168.3 21 TSBNb6 12.00 12.00 12.00 +2.0 10.00 12.00 12.7 1 TXBNb2 12.00 12.99 12.99 +0.9 12.00 29.00 161.4 5 TXBNb3 17.00 17.00 17.00 13.00 19.00 11.1 1 VITAb4 62.21 62.21 62.21 +6.2 17.00 62.21 3.3 1 ZERDb1 10.00 10.00 10.00 -0.002 9.00 14.00 135.0 1 -------- ------ -------- -------- -------- ----- -------- --------- -------- 88 114,214.0 683 ---------------------------------------------------------------------------- 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 - August 2009. [2009-10-12]