REVIEW: GS market on KASE in October 2009

/IRBIS, Dinara Mukasheva, November 4, 09/ - In October 2009, on the Kazakhstan Stock Exchange (KASE) in the sector of sale of GS, including location, recorded 307 transactions totaling KTZ 111,946.9 million (equivalent to 742.4 million U.S. dollars), representing 8.4% of total trading volume on KASE (in September 2009 - 10.3%). Concerning the September 2009 volume of trading in the sector declined by 19.8% on October 2008 - grew by 5.0%. In October the Ministry of Finance carried out five auctions on offering bonds. October 1 there was held auction on placement of short-term Treasury obligations of the Ministry of Finance MEKKAM-9 the 15 (KZK1KM090153, MKM009_0015; KTZ 100, 01.10.09 - 01.07.10, 30/360). Negotiable advocated price bonds. It was initially planned to offer bonds worth KTZ 12,000.0 million. In the auction was attended by 11 primary dealers, who submitted 35 active applications. Total volume of orders (demand volume) was KTZ 44,864.1 million in nominal value of debt (389.5% of the proposed volume of bonds). Price of bonds in the active bids varied from 95.0249 to 96.7438% per annum% per annum, making in average terms of 95.9947% per annum. As a result of trade, the issuer granted the application for the purchase of 120.0 million of bonds at KTZ 11,578.2 million (100.0% of the proposed volume of bonds). October 7 there was a auction on placement of government treasury bonds, Ministry of Finance MEUKAM-84 seventh edition (KZKDKY070073, MUM084_0007; KTZ 1,000, 07.10.09 - 07.10.16, 30/360). Negotiable advocated Coupon. It was initially planned to offer bonds worth KTZ 12,000.0 million. In the auction was attended by 13 primary dealers, submitted 27 active applications. Total volume of orders (demand volume) amounted to KTZ 25,756.0 mn. on value of bonds (214.6% of the proposed volume of bonds). Coupon in the bids varied from 6.00% per annum to 8.75% per annum, making in average terms, 7.5442% per annum. As a result of trade, the issuer has established the rate at 6.00% per annum, thereby satisfying the request for KTZ 1,666.7 million (13.9% of the proposed volume of bonds). October 14 held an auction on placement of government long-term Treasury obligations of the Ministry of Finance MEOKAM-48 Issue 40 (KZK2KY040402, MOM048_0040; KTZ 1,000, 14.10.09 - 14.10.13, 30/360). Negotiable advocated Coupon. It was initially planned to offer bonds worth KTZ 12,000.0 million. Participated in trades 8 primary dealers, which submitted 18 active application. Total volume of orders (demand volume) amounted to KTZ 30,893.0 million (257.4% of the proposed volume of bonds). Coupon for filing ranged from 5.50% to 7.00% per annum, making in average terms, 6.2348% per annum. As a result of trade, the issuer has established the rate at 6.00% per annum, thereby satisfying the request for $ KTZ 16,909.0 million (140.9% of the proposed volume of bonds). October 21 held an auction on placement of government treasury bonds, Ministry of Finance MEUKAM-132 of the first issue (KZKDKY110010, MUM132_0001; KTZ 1,000, 21.10.09 - 21.10.20, 30/360). Negotiable advocated Coupon. It was initially planned to offer bonds worth KTZ 12,000.0 million. Participated in trades 9 primary dealers, filed 22 active application. Total volume of orders (demand volume) was KTZ 8,820.0 million nominal value of bonds (73.5% of the proposed volume of bonds). Coupon in the bids varied from 6.50% per annum to 9.50% per annum, making in average terms, 7.6089% per annum. As a result of trade, the issuer has established the rate at 7.00% per annum, thereby satisfying the request for KTZ 4,250.0 million (35.4% of the proposed volume of bonds). October 28 held an auction on placement of government treasury bills of the Ministry of Finance MEKKAM-12 Issue 100 (KZK1KY011008, MKM012_0100; KTZ 100, 28.10.09 - 28.10.10, 30/360). Negotiable advocated price bonds. It was initially planned to offer bonds worth KTZ 12,000.0 million. In the auction was attended by 16 primary dealers, who submitted 47 active applications. Total volume of orders (demand volume) was KTZ 48,445.2 million (425.5% of the proposed volume of bonds). Price of bonds in the active bids varied from 94.3396 to 95.9233% per annum% per annum, making in average terms of 94.8697% per annum. As a result of trade, the issuer granted the application for purchase 250 145 000 Bonds of KTZ 23,816.8 million (208.5% of the proposed volume of bonds). October 29 held an auction on placement of government treasury bonds, Ministry of Finance MEUJKAM-192 Second Edition (KZKAKY160026, MUJ192_0002; KTZ 1,000, 29.10.09 - 29.10.25, 30/360). The subject of bargaining played a fixed coupon. It was initially planned to offer bonds worth KTZ 12,000.0 million. In bidding were 7 primary dealers, were 13 active applications. Total volume of orders (demand volume) was KTZ 40,200.0 million for a nominal value of bonds (335.0% of the proposed volume of bonds). As a result of trade, the issuer of the fixed coupon rate set at 0.01% per annum, thereby satisfying the request for KTZ 17,000.0 million (141.7% of the proposed amount of bonds). Statistical indicators of GS secondary market in October 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 - 47.2 % (10.6 %) of the market ----------------------------------------------------------------------------- Less than 8 2.00 2.00 2.00 2.00 (3.23) 4,758.7 3 15 - 28 1.50 2.00 2.00 1.59 571.7 2 37 - 42 1.80 2.00 1.80 1.90 961.0 2 43 - 56 1.80 3.21 3.21 2.26 (2.00) 749.9 3 57 - 63 3.17 3.17 3.17 3.17 (2.30) 24.9 1 64 - 91 2.00 2.00 2.00 2.00 (3.21) 1,194.5 4 92 - 181 3.80 3.80 3.80 3.80 (3.42) 2,948.2 2 182 - 364 3.15 4.75 4.75 3.95 (4.09) 6,130.2 31 -------------- ------- ------- ------- ------------- --------------- -------- Total 17,339.1 48 (6,957.9) (15) -------------- ------- ------- ------- ------------- --------------- -------- Coupon GS (KZT): MEOKAM. MEUKAM - 52.8 % (89.4 %) of the market ----------------------------------------------------------------------------- Less than 730 2.80 6.00 4.80 3.97 (4.28) 2,813.4 21 731 - 1095 4.77 7.00 4.77 4.98 (5.15) 22.6 2 1461 - 1825 4.30 6.00 4.30 5.12 (5.12) 1,982.2 4 1826 - 2190 6.00 9.50 6.00 6.53 (5.39) 1,341.1 5 More than 2191 4.90 7.19 6.48 6.33 (5.79) 13,227.8 64 -------------- ------- ------- ------- ------------- --------------- -------- Total 19,387.1 96 (58,468.8) (167) -------------- ------- ------- ------- ------------- --------------- -------- GRANDTOTAL 36,726.1 144 (65,426.7) (182) ----------------------------------------------------------------------------- The stake of exchange turnover in total volume of purchase and sale deals of Kazakhstan GS secondary market in October made 77.9 % (in Sept. - 100.0 %). [2009-11-04]