REVIEW: GS market on KASE in February 2010

/IRBIS, March 5, 2010/ - In February 2010, on the Kazakhstan Stock Exchange (KASE) in the sector of sale of GS, including location, recorded 417 transactions totaling KZT182,190.0 million (equivalent to 1,233.5 million U.S. dollars), representing 5.8% of the total trading volume on KASE (in January 2010 - 4,5%). Relatively January 2010 the volume of trading in the sector grew by 78.4% and on 3.1 times in February 2009. Ministry Finance of Kazakhstan held 4 auctions on placement of bonds at KASE in February 2010: Feb. 3, 2010 an auction was held on placement of short-term Treasury obligations of the Ministry of Finance MEKKAM-12 Issue 104 (KZK1KY011040, MKM012_0104; KZT100, 03.02.10 - 03.02.11, actual / actual). Negotiable advocated price bonds. It was initially planned to offer bonds worth KZT11,000.0 million. In the auction was attended by 17 primary dealers, who submitted 55 active applications. Total volume of orders (demand volume) amounted to KZT60,069.5 million in nominal value of debt (571.2% of the proposed volume of bonds). Price bonds satisfied bids were as follows: minimum - 97.2800 per annum, the maximum - 97.5544% per annum, average - 97.3627% per annum. As a result of trade, the issuer granted the application for the purchase of 116.7 million of bonds at $ KZT11,359.0 million (106.1% of the proposed volume of bonds). February 10, 2010 held an auction on placement of government treasury bonds, Ministry of Finance MEUKAM-120 of the sixth issue (KZKDKY100060, MUM120_0006; KZT1,000, 10.02.10 - 10.02.20, 30/360). Negotiable advocated Coupon. It was initially planned to offer bonds worth KZT15,000.0 million. In the auction was attended by 12 primary dealers, submitted 27 active applications. The total volume of active bids (demand volume) amounted to KZT24,160.5 million for nominal value of bonds (161.1% of the proposed volume of bonds). Coupon in active bids varied from 5.89% per annum to 7.50% per annum, making in average terms, 6.7970% per annum. As a result of trade, the issuer has established the rate at 6.70% per annum, thereby satisfying the request for KZT 15,000.0 million (100.0% of the proposed volume of bonds). February 18, 2010 held an auction on placement of government long-term Treasury obligations of the Ministry of Finance MEOKAM-60 Issue 32 (KZK2KY050328, MOM060_0032; KZT1,000, 18.02.10 - 18.02.15, 30/360). Negotiable advocated Coupon. It was initially planned to offer bonds worth KZT 13 000.0 million . In the auction was attended by 24 primary dealers, who submitted 70 active applications. The total volume of active bids (demand volume) amounted to KZT87,059.0 million (669.7% of the proposed volume of bonds). Coupon submitted by active bids varied from 4.99% to 6.70% per annum, making in average terms, 5.8645% per annum. As a result of trade, the issuer has established the rate at 5.20% per annum, thereby satisfying the request for $ KZT 13 333,3 million (102.6% of the proposed volume of bonds). February 25, 2010 held an auction on placement of government treasury bonds, Ministry of Finance MEUJKAM-216 of the third issue (KZKAKY180032, MUJ216_0003; KZT1,000 , 25.02.10 - 25.02.28, 30/360). The subject of bargaining played a fixed coupon. It was initially planned to offer bonds worth KZT KZT14,000.0 million Participated in trades 9 primary dealers, received 17 active applications. The total volume of active bids (demand volume) amounted to KZT90,702.0 million for nominal value of bonds (647.9% 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 in the amount of KZT18,000.0 million (128.6% of the proposed volume of bonds). Statistical indicators of the secondary market in GS in February 2010 are given in the table (in brackets - comparable figures for previous months). ---------------------------------------------------------------------------- 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 - 16.2% (9.8%) of the market ---------------------------------------------------------------------------- less 8 0.37 0.37 0.37 0.37 2,738.9 2 8 - 14 0.50 0.50 0.50 0.50 (0.70) 9,468.2 6 15 - 28 0.50 0.50 0.50 0.50 (1.72) 499.9 1 43 - 56 1.20 1.50 1.20 1.22 (1.38) 292.4 3 64 - 91 1.30 2.01 1.61 1.72 (1.40) 2,606.3 4 92 - 181 1.50 3.31 1.50 2.27 (3.45) 1,779.6 11 182 - 364 1.90 2.70 2.35 2.35 (3.30) 2,767.3 9 ------------- ------- ------- ------- ------------- --------------- -------- Total 20,152.6 36 (4,733.6) (35) ------------- ------- ------- ------- ------------- --------------- -------- Coupon GS (KZT): MEOKAM. MEUKAM - 83.8% (90.2%) of the market ---------------------------------------------------------------------------- less 730 1.50 6.00 3.40 3.38,(5.40) 20,585.2 86 731 - 1095 3.20 7.10 4.19 5.61,(5.81) 32,774.8 95 1096 - 1460 4.00 6.00 4.50 5.31,(4.97) 2,466.2 16 1461 - 1825 3.50 7.37 7.37 5.41,(5.74) 7,280.3 25 1826 - 2190 5.20 6.70 6.00 5.38 6,038.2 13 more 2191 5.20 6.70 5.73 5.42,(6.41) 35,200.4 59 ------------- ------- ------- ------- ------------- --------------- -------- Total 104,345.2 294 (43,523.0) (143) ------------- ------- ------- ------- ------------- --------------- -------- GRANDTOTAL . . . . 124,497.7 330 (48,256.7) (178) ---------------------------------------------------------------------------- Share of exchange trading volume of total transactions Kazakhstan's secondary market for government securities in February 2010 amounted to 93.8% (in January 2010 - 42.9%). [2010-03-05]