REVIEW: KASE debt capital market in October 2009

/IRBIS, Dinara Mukasheva, November 19, 09/ - In October 2009 on Kazakhstan Stock Exchange (KASE) 614 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 KZT 32.1 bn. or USD 212.9 m. at the current rate effective on deals concluding dates. The stated amount is 55.3 % of monthly turnover of corporate securities market (in Sept. 2009 - 55.8 %) and 2.5 % of total monthly exchange turnover (in September -1.3 %). Price background of the stock market of corporate bonds in October 2009 was as follows: of the 98 items of bonds involved in the transactions on the secondary market at a discount traded debt instruments of 89 items, with a premium - 9 items. Most overbought look MREKb6, the weighted average net price of which amounted to 121.19%, oversold - BTASb7 (12.45%). Recall that in September 2009 was as follows: of the 108 names of bonds involved in the transactions on the secondary market at a discount traded debt instruments of 97 items, with a premium - 11 items. Most overbought look ASFIb16, the weighted average net price of which amounted to 115.21%, oversold - ASFIb6 (11.54%). The weighted average net price of corporate bonds on the secondary market rose to 78.9% compared with 76.2% in September 2009. Last month on deals yield to maturity for a buyer rose in 42 of the instrument (in September 2009 - at 46), decreased in 46 (58), the yield of 3 instruments were not compared with what (2). Below are the tables, characterizing this segment of exchange market in October 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 Oct. 2009 Sept. 2009 Oct. 2008 ------------------------------------------- --------- ----------- --------- Trades volume, th., USD 212,900.3 +85.7 % -42.5 % Trades volume, m., KZT 32,097.9 +85.6 % -27.6 % including, on offerings, th. USD - - - including, on offerings, m. KZT - - - including, on STF RFCA, th. USD 21,034.3 761.4 times 0.1 times including, on STF RFCA, m. KZT 3,171.2 760.9 times 0.2 times Number of deals 614 -10.2 % +7.3 % Day average number of deals 28 -10.2 % +7.3 % Day average volume of deals, th. USD 9,677.3 +85.7 % -42.5 % Day average volume of deals, m. KZT 1,459.0 +85.6 % -27.6 % Number of instruments, 98 -9.3 % -24.6 % involved in deals Stake of nego deals (number), % 0 -0.1 pp -1.2 pp Stake of nego deals (volume), % 0 -0.4 pp -0.9 pp Participation of pension assets, % gross 33.5 +2.6 pp +24.2 pp Participation of physical entities, % gross 19.1 -6.1 pp +3.3 pp Participation of non residents, % gross 0.0 -1.6 pp -13.0 pp Number of exchange's members, 49 0 +2.1 % who made deals Market concentration, %* 46.9 +0.2 pp -15.4 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 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 Oct. 2009 Sept. 2009 Oct. 2008 -------------------------- ------------- ------------- ------------ Finance 69.4 68.5 45.1 Main 12.3 1.7 48.3 consumer sector Telecommunication services 7.1 16.4 2.2 Primary sector 3.4 0.9 0.2 Industry 3.1 3.9 0.3 Discretionary 2.1 - 0.9 consumer sector Utilities sector 1.7 7.2 0.03 Public health 0.9 0.03 2.0 Energy 0.01 1.4 0.7 Information technologies - 0.05 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 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 -------- -------- -------- ------- ------- --------- --------- 30.09.09 12,274.8 16.50 255.91 232.32 15,157.0 2,287.9 01.10.09 12,274.8 16.45 256.89 233.55 9,128.6 1,378.0 02.10.09 12,221.6 16.45 257.28 233.51 4,001.5 604.1 05.10.09 12,220.8 16.52 258.63 234.99 179.6 27.1 06.10.09 12,221.6 16.47 259.68 236.48 5,773.3 871.6 07.10.09 12,023.0 16.73 264.54 242.00 6,728.1 1,015.5 08.10.09 12,028.7 16.63 265.06 242.86 21,629.3 3,262.6 09.10.09 12,032.7 16.60 266.12 244.24 3,486.5 525.6 12.10.09 11,950.9 16.66 266.93 244.88 923.3 139.1 13.10.09 11,947.7 16.27 267.37 245.71 9,967.3 1,502.6 14.10.09 11,946.0 16.22 268.64 246.91 3,314.4 499.6 15.10.09 17,129.8 16.24 270.00 248.50 1,788.2 269.6 16.10.09 17,653.2 16.21 271.09 250.02 2,756.0 415.3 19.10.09 17,595.5 16.12 272.14 251.45 583.7 88.0 20.10.09 17,621.5 16.11 273.52 253.44 14,229.0 2,145.4 21.10.09 17,622.8 16.12 274.16 254.22 23,181.9 3,494.9 22.10.09 17,631.5 16.10 275.70 256.16 4,593.8 692.0 23.10.09 18,144.0 16.06 277.27 258.73 5,104.8 769.0 26.10.09 18,139.4 16.25 277.63 259.35 11,463.6 1,727.3 27.10.09 19,914.2 16.09 278.50 259.97 41,871.4 6,310.4 28.10.09 19,914.2 16.06 282.27 265.43 15,086.4 2,273.7 29.10.09 19,909.4 16.08 282.85 266.36 4,790.0 722.0 30.10.09 19,893.7 16.19 284.40 268.42 22,319.7 3,364.5 -------- -------- -------- ------- ------- --------- --------- Trend +7,618.9 -0.3 +28.5 +36.1 % +62.1 -1.9 +11.1 +15.5 -------------------------------------------------------------- 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 30 -5 33 -5 11 0 Incl. MTF KASE 30 -5 30 -5 11 0 Incl. STF RFCA 3 0 3 0 1 0 ------------------ ------ ----- ------ ----- ------ ----- Non-rated first subcategory 172 -62 187 -72 42 -2 Incl. MTF KASE 166 -59 166 -59 39 -2 Incl. STF RFCA 21 -13 21 -13 9 -1 ------------------ ------ ----- ------ ----- ------ ----- Non-rated second subcategory 32 -15 37 -16 30 -12 Incl. MTF KASE 28 -15 28 -15 26 -12 Incl. STF RFCA 9 -1 9 -1 9 -1 ------------------ ------ ----- ------ ----- ------ ----- Total 80 - 90 - 12 - --------------------------------------------------------- From October 2, 2009 in the official list of KASE and RFCA sector; debt securities category added to the buffer Explanations to the table: TNA KASE - the main trading floor KASE; RFCA special trading floor, in connection with the launch of RFCA on a security
one name can exist two different financial instruments, different commercial code, the terms of the trades and transactions. Tab. 5. Summary data on deals with corporate bonds on KASE in October 2009 (purchase and sale without consideration of nego deals) -------------------------------------------------------------------------- Yield to maturity for purchaser, % APR: Code of ---------------------------------------------- Volume of At a last deal: For At a last deal: last 365 days: bond ------------------------------ deals, Number on KASE min. max. yield Trend, % min. max. th. USD of deals -------- ------ -------- ------ -------- ----- -------- --------- -------- aAPKIb1 16.00 16.00 16.00 16.00 16.00 7 603.6 1 aAPKIb2 16.00 16.00 16.00 16.00 16.00 7 552.7 1 aAPKIb3 15.55 15.55 15.55 12.00 15.55 6 633.0 1 ABDIb1 34.00 34.00 34.00 +2.0 5.84 70.00 14.0 2 AGKKb1 12.15 12.15 12.15 +0.1 9.00 17.50 1 696.9 1 aHSBKb10 12.00 12.50 12.00 12.00 13.00 25.8 2 aHSBKb11 11.50 14.00 14.00 11.50 18.00 52.7 4 aIMSKb1 14.00 14.00 14.00 14.00 14.00 1 602.6 1 aPDENb1 9.18 13.97 9.18 8.98 18.50 4 196.9 3 ASBNb1 78.00 87.00 87.00 +12.5 20.00 192.00 90.3 6 ASBNb14 14.00 14.00 14.00 8.00 25.00 14.7 1 ASBNb3 117.00 120.00 120.00 +3.0 20.00 122.00 17.9 4 ASBNe2 193.00 198.00 198.00 +5.0 13.20 198.00 15.1 5 ASFIb11 10.90 10.90 10.90 9.48 18.00 201.5 1 ASFIb16 12.60 12.60 12.60 +2.7 9.50 30.00 400.3 1 ASFIb5 275.56 3 539.98 275.56 -3264.5 13.50 3 540.01 172.8 4 ASFIb9 57.92 57.92 57.92 13.13 57.92 0.1 1 ATFBb4 14.00 14.00 14.00 >-0.0001 8.00 31.00 22.2 1 ATFBb5 12.00 15.87 13.10 -3.9 12.00 31.00 13 304.3 18 ATFBb6 12.00 17.00 12.00 -3.0 7.00 30.00 51.1 7 -------- ------ -------- ------ -------- ----- -------- --------- -------- ATFBe2 8.00 10.00 10.00 +2.0 8.00 28.50 106.6 4 ATFBe4 11.00 11.00 11.00 +1.9 7.00 30.00 38.3 3 BTAIb1 43.12 54.87 54.87 +13.8 16.50 114.81 60.9 13 BTAIb2 30.25 33.00 32.25 -0.7 15.50 69.00 16.8 3 BTAIb3 33.06 40.50 34.80 -41.5 16.50 78.00 194.8 6 BTAIb4 102.23 129.00 126.00 +19.5 23.00 208.82 186.3 15 BTAIb5 35.00 37.22 37.22 +3.2 16.50 70.00 11.0 2 BTAIb7 32.00 32.00 32.00 +3.0 29.00 77.00 3.8 1 BTAIb9 26.31 29.00 29.00 +4.7 24.31 70.00 11.1 2 BTASb2 192.13 725.46 723.46 +610.7 17.00 819.46 27.1 6 BTASb7 50.00 63.00 63.00 +14.0 7.00 63.00 21.3 12 BTASe3 498.59 614.41 614.41 +118.7 16.00 762.69 83.3 22 CACMb1 34.00 34.00 34.00 -2.0 21.80 40.00 11.7 1 CCBNb13 11.97 11.97 11.97 11.97 25.00 626.8 1 CCBNb16 11.00 11.00 11.00 -5.0 11.00 19.03 3.3 1 CCBNb3 12.90 14.00 13.00 -1.0 12.90 28.00 119.0 6 CSBNb2 16.00 18.98 18.98 +2.0 14.50 18.98 294.4 3 CSBNb3 16.40 16.94 16.94 12.00 16.94 2 825.7 2 CSBNb6 18.95 20.00 20.00 +1.0 10.84 20.00 1 262.7 5 CTECb1 12.50 12.95 12.95 12.50 20.00 8 201.5 2 DTJLb1 20.43 32.91 32.91 +9.0 15.90 49.00 2 690.6 8 EUBNb2 6.50 6.50 6.50 6.50 8.00 925.6 1 EUBNb3 17.00 21.00 17.00 -1.5 3.19 32.00 283.2 5 EUBNb4 12.50 13.00 13.00 11.00 13.00 19 284.7 7 EUBNb5 7.20 10.00 10.00 +0.5 7.20 14.20 2 582.4 4 HSBKb10 12.00 12.50 12.00 -2.5 12.00 18.00 23.1 2 HSBKb11 9.50 14.00 14.00 -1.0 9.50 22.00 44.5 4 HSBKb12 14.00 15.00 14.00 14.00 19.00 25.1 2 HSBKb8 14.00 14.00 14.00 12.49 16.00 13.9 1 HSBKb9 14.00 17.00 14.00 -0.5 10.00 20.50 434.1 4 KAFIb1 13.90 14.17 14.00 +1.0 10.00 16.03 9 330.2 7 KASSb1 17.00 17.00 17.00 9.50 18.25 12.5 1 KATRb2 15.00 16.00 16.00 +1.0 15.00 20.03 12 685.2 3 KDTSb1 36.28 48.23 45.29 +4.6 13.40 103.55 96.5 15 KKAGb1 77.00 256.57 90.21 +18.2 15.00 600.00 3 698.3 21 KKAGb4 10.77 10.77 10.77 8.67 14.50 3 417.5 1 KKGBb2 51.91 51.91 51.91 +17.8 4.57 141.00 9.8 1 KKGBb4 17.50 22.00 18.00 13.00 24.50 57.7 7 KKGBb6 10.50 10.50 10.50 10.50 10.52 14.0 1 KKGBb7 10.50 10.50 10.50 10.35 11.50 19.0 1 KKGBb8 12.00 12.00 12.00 12.00 12.00 5 174.0 1 KKGBe16 17.51 17.51 17.51 -3.1 9.88 33.74 5.6 1 KKGBe4 14.82 15.67 15.17 -3.2 10.11 29.58 199.7 5 KKGBe6 20.07 39.59 20.07 -8.6 8.05 64.21 137.7 7 KONDb1 55.84 79.06 79.06 4.38 105.16 26.2 3 KRZHb1 52.00 58.00 56.00 +3.0 9.00 114.96 630.9 47 KZIKb17 7.50 7.50 7.50 5.50 13.00 6 516.9 2 KZIKb19 7.00 10.00 10.00 7.00 10.00 33 313.9 17 KZIKb7 13.00 13.00 13.00 -5.0 13.00 24.00 27.1 1 KZIKb8 16.50 16.50 16.50 >-0.0001 13.50 26.00 10.2 1 KZTCb1 14.00 14.00 14.00 -1.0 14.00 35.00 4.1 1 KZTCb2 13.72 13.72 13.72 -0.3 13.72 14.02 3 644.1 1 LOGCb1 6.82 6.82 6.82 6.82 50.30 4 519.0 1 MREKb2 13.00 14.00 14.00 >-0.0001 13.00 29.00 31.6 2 MREKb3 14.00 17.00 14.00 7.12 22.98 154.0 5 MREKb5 11.65 12.50 11.65 +0.1 10.50 16.00 1 450.3 3 MREKb6 10.00 10.00 10.00 -3.0 10.00 16.00 0.8 1 NFBNb1 36.00 36.00 36.00 +4.8 9.10 36.00 9.0 1 NRBNb2 15.00 17.20 17.20 +0.2 15.00 27.60 2 356.8 6 NRBNb5 18.00 22.00 18.00 -4.0 12.00 31.97 49.1 8 NRBNb7 9.00 21.31 15.10 +5.1 9.00 21.31 17 970.2 13 ORDKb1 14.30 19.41 14.50 -1.7 11.95 19.41 1 910.1 18 ORDKb2 16.00 16.00 16.00 >-0.0001 14.00 16.02 2 671.8 22 PRKRb2 9.77 11.00 9.77 -1.7 9.77 13.00 239.6 2 RESCb1 8.00 14.39 14.39 +0.4 8.00 18.00 4 082.4 3 RGBRb4 25.00 32.00 32.00 13.00 35.00 694.2 4 SATCb1 10.00 10.00 10.00 9.99 16.00 1 885.5 1 TEBNb7 10.54 10.54 10.54 10.54 10.90 677.1 1 TSBNb4 33.00 35.00 35.00 18.00 35.00 16.7 2 TSBNb5 32.00 37.00 32.00 -6.0 15.00 50.00 21.9 4 TXBNb2 12.00 12.70 12.70 -0.3 12.00 29.00 351.5 3 TXBNb3 11.00 17.27 11.00 -6.0 11.00 19.00 925.1 11 VITAb4 73.00 183.00 183.00 +120.8 17.00 258.00 269.2 112 VITAb5 75.25 115.27 75.25 15.52 115.27 277.1 2 -------------------------------------------------------------------------- 94 203 676.7 583 -------------------------------------------------------------------------- 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 - October 2009. [2009-11-19]