REVIEW: KASE debt capital market in February 2010

/IRBIS, March 12, 2010/ - In February 2010 on Kazakhstan Stock Exchange (KASE) 311 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 KZT17.7 bn. or USD120.1 m. at the current rate effective on deals concluding dates. The stated amount is 89.3 % of monthly turnover of corporate securities market (in January 2010 - 88.1 %) and 0.5 % of total monthly exchange turnover (0.5 %). Price background of the stock market of corporate bonds in February 2010 was as follows: of the 71 items of bonds involved in the transactions on the secondary market at a discount traded debt instruments of 55 items, with a premium - 16 items. Most overbought look MREKb6, the weighted average net price of which amounted to 120.66% and oversold - VITAb5 (16.62%). Recall that in January 2010 of the 82 items of bonds involved in the transactions on the secondary market at a discount traded debt instruments of 71 items, with a premium - 10 items, at face value - 1 item. Most overbought look MREKb6, the weighted average net price of which amounted to 120.11%, oversold - ASAVb2 (10.00%). The weighted average net price of corporate bonds on the secondary market rose to 85.6% compared with 83.7% in January 2010. Last month on deals yield to maturity for a buyer grown in 33 instruments (in January 2010 - at 35), decreased in 32 (43), yield 6 instruments were not compared with what (2). Below are the tables, characterizing this segment of exchange market in September 2009. Tab. 1. Statistic characteristic of corporate bonds market on KASE in February of 2010 (indicators are given taking into account direct deals) ------------------------------------------------------------------------- Trend to ------------------- Indicator Jan, 2010 Dec. 2009 Jan. 2009 ------------------------------------------- --------- --------- --------- Trades volume, th., USD 120,069.6 +19.1% 0.3times* Trades volume, m., KZT 17,737.4 +18.8% 0.3times* including, on offerings, th. USD 5,965.2 - - including, on offerings, m. KZT 881.4 - - Number of deals 311 +6.5% 0.3times* Day average number of deals 16 -4.1% 0.3times* Day average volume of deals, th. USD 6,003.5 +7.2% 0.3times* Day average volume of deals, m. KZT 886.9 +6.9% 0.3times* Number of instruments, 71 -13.4% -46.2% involved in deals Stake of nego deals (number), % 0 0 -0.4pp Stake of nego deals (volume), % 0 0 -0.003pp Participation of pension assets, % gross 36.4 +11.9pp +15.6pp Participation of physical entities, % gross 24.9 +14.6pp +24.9pp Participation of non residents, % gross 0 0 -0.01pp Number of exchange's members, 48 +14.3% -2.0% who made deals Market concentration, %* 48.1 +3.8pp -11.5pp ------------------------------------------------------------------------- ** in February the volume of placements of corporate bonds amounted KZT52,155.9 million ($356,158.5 thousand), Were made in total 46 deals. ** 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 Feb. 2010 Jan. 2010 Feb. 2009 -------------------------- ------------- ------------- ------------ Finance 81.6 44.2 68.2 Main consumer sector 6.8 35.3 20.8 Telecommunication services 5.6 0.03 3.2 Primary sector 3.3 6.8 5.3 Industry 1.6 3.8 0.04 Discretionary 1.0 2.2 0.5 consumer sector Utilities sector 0.1 0.3 0.5 Public health 0.1 7.3 0.3 Energy 0.02 0.02 1.1 Information technologies - - 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 February 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 -------- -------- -------- ------- ------- --------- --------- 29.01.10 26,678.3 15.02 337.53 314.46 8,002.9 1,186.1 01.02.10 26,660.9 15.01 337.74 313.71 4,493.5 664.8 02.02.10 27,094.5 15.01 338.20 313.34 31.5 4.7 03.02.10 27,109.4 15.01 337.95 312.18 1,012.7 149.8 04.02.10 27,119.9 14.98 337.65 311.10 8,709.7 1,287.8 05.02.10 27,124.4 14.98 337.63 310.26 3,823.8 565.1 08.02.10 27,095.7 14.99 338.84 310.56 10,279.2 1,520.9 09.02.10 27,069.8 15.00 339.03 309.95 1,277.0 189.2 10.02.10 27,061.8 15.05 338.67 308.64 188.3 27.9 11.02.10 27,089.1 14.99 339.51 308.96 1,690.7 250.2 12.02.10 27,105.2 15.02 340.17 308.87 14,017.5 2,072.9 15.02.10 27,074.7 14.90 343.37 312.81 5,211.4 771.7 16.02.10 27,064.0 14.89 344.90 313.57 6,805.5 1,008.3 17.02.10 27,108.9 14.87 345.08 312.98 2,731.1 403.7 18.02.10 27,097.8 14.91 345.42 312.64 12,381.3 1,829.5 19.02.10 27,089.4 14.97 345.70 312.18 604.1 89.3 22.02.10 27,100.4 14.89 346.76 312.38 1,190.1 175.7 23.02.10 27,065.7 14.89 347.33 312.25 23,147.7 3,414.7 24.02.10 27,090.7 14.86 347.66 311.72 2,825.5 416.3 25.02.10 27,086.6 14.90 347.70 311.16 17,266.3 2,543.8 26.02.10 27,086.8 14.89 348.16 310.56 2,382.7 351.0 -------- -------- -------- ------- ------- --------- --------- Trend +408.4 -0.1 +10.6 -3.9 % +1.5 -0.8 +3.2 -1.2 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in February 2010 -------------------------------------------- Bonds: Issuers: Category of ------ ----- ------ ----- admission number trend number trend ------------------ ------ ----- ------ ----- Rated 32 +2 13 +2 ------------------ ------ ----- ------ ----- Non-rated first subcategory 144 -19 38 -4 Non-rated second subcategory 40 +13 27 0 Buffered 95 +2 14 0 ------------------ ------ ----- ------ ----- Total 311 -2 86 -4 -------------------------------------------- Tab. 5. Summary data on deals with corporate bonds on KASE in February 2010 (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 bond -------- -------- ----- --------- of deals Number on KASE min. max. yield Trend, % min. max. th. USD of deals ----------- -------- -------- -------- -------- ----- --------- --------- -------- AGKKb1 7.70 7.70 7.70 7.70 16.00 1,136.5 1 ----------- -------- -------- -------- -------- ----- --------- --------- -------- ATFBb6 12.00 12.50 12.00 -1.2 10.50 30.00 3,471.2 9 ----------- -------- -------- -------- -------- ----- --------- --------- -------- ATFBe4 7.00 8.00 8.00 >+0.0001 6.00 30.00 149.9 7 ----------- -------- -------- -------- -------- ----- --------- --------- -------- BTAIb11 25.00 25.00 25.00 15.62 70.00 216.6 1 ----------- -------- -------- -------- -------- ----- --------- --------- -------- BTAIb14 30.31 30.33 30.33 -15.5 11.48 70.00 199.9 2 ----------- -------- -------- -------- -------- ----- --------- --------- -------- BTAIb4 25.11 25.11 25.11 7.70 208.82 32.9 2 ----------- -------- -------- -------- -------- ----- --------- --------- -------- BTAIb8 6.84 6.84 6.84 6.17 70.00 1,016.7 1 ----------- -------- -------- -------- -------- ----- --------- --------- -------- BTTRb1 9.53 9.53 9.53 -0.7 9.09 28.00 195.6 1 ----------- -------- -------- -------- -------- ----- --------- --------- -------- CBH_b1 24.11 24.11 24.11 24.11 24.11 722.1 1 ----------- -------- -------- -------- -------- ----- --------- --------- -------- CCBNb17 9.50 10.00 9.50 9.00 10.00 2,650.0 2 ----------- -------- -------- -------- -------- ----- --------- --------- -------- CCBNb3 10.00 11.00 10.00 -2.0 10.00 28.00 23.6 2 ----------- -------- -------- -------- -------- ----- --------- --------- -------- CCBNb4 11.00 11.00 11.00 >+0.0001 11.00 20.00 34.6 1 ----------- -------- -------- -------- -------- ----- --------- --------- -------- CCBNb9 11.50 11.50 11.50 11.50 27.83 11.3 1 ----------- -------- -------- -------- -------- ----- --------- --------- -------- CSBNb2 14.00 15.10 14.00 -2.0 14.00 18.98 36.7 3 ----------- -------- -------- -------- -------- ----- --------- --------- -------- CSBNb3 13.50 13.50 13.50 -1.0 13.50 16.94 12.1 1 ----------- -------- -------- -------- -------- ----- --------- --------- -------- CSBNb4 15.00 16.98 16.98 +1.0 15.00 22.00 2,183.4 3 ----------- -------- -------- -------- -------- ----- --------- --------- -------- CSBNb6 17.95 19.95 17.95 >+0.0001 14.00 20.00 1,244.3 7 ----------- -------- -------- -------- -------- ----- --------- --------- -------- CSBNb8 13.00 13.00 13.00 13.00 13.00 6,718.9 1 ----------- -------- -------- -------- -------- ----- --------- --------- -------- CTECb1 14.00 16.00 14.00 >+0.0001 12.50 20.00 149.6 8 ----------- -------- -------- -------- -------- ----- --------- --------- -------- EABRK280414 10.48 13.21 13.21 10.48 13.21 1,010.0 4 ----------- -------- -------- -------- -------- ----- --------- --------- -------- EKGSb1 11.50 11.60 11.57 11.50 11.60 4,556.7 3 EUBNb3 12.00 13.50 13.50 +0.5 12.00 32.00 5,556.9 15 EUBNb4 13.00 13.00 13.00 11.00 13.01 12.8 1 EXBNb1 17.00 20.00 18.00 >-0.0001 17.00 20.00 3,658.9 7 EXBNb3 14.00 14.00 14.00 -4.0 14.00 18.00 10,137.9 1 HSBKb11 13.20 13.20 13.20 -1.0 9.50 15.00 24.3 2 HSBKb13 12.10 12.10 12.10 +0.1 10.33 14.00 11.7 1 HSBKb9 9.00 10.00 9.00 9.00 20.50 305.0 2 KAFIb1 13.00 13.00 13.00 >-0.0001 12.00 16.03 698.7 1 KASSb1 12.50 14.75 14.75 +0.7 12.50 18.25 1,474.4 13 KASTb2 21.00 21.00 21.00 11.00 23.00 11.7 1 KDTSb1 25.27 51.80 38.69 -1.1 21.83 103.55 29.3 4 KIBNb3 13.95 13.95 13.95 +0.0001 12.00 14.00 15.4 2 KKAGb1* 28.00 3.1 1 KKGBb4 13.70 13.70 13.70 -1.3 12.00 24.50 14.4 2 KKGBb6 11.55 11.55 11.55 10.50 11.55 6,178.6 1 KKGBb7 10.30 10.30 10.30 10.30 10.50 3.2 1 KKGBb8 11.65 11.65 11.65 11.65 12.00 5,949.2 1 KKGBe4 11.18 11.18 11.18 +0.8 10.11 29.58 19.2 1 KONDb1 108.66 259.62 134.63 +29.7 24.32 259.62 306.9 5 KRZHb1 41.65 60.92 41.65 -18.4 41.65 114.96 140.9 5 KZIKb10 8.00 11.00 11.00 7.90 13.50 53.9 3 KZIKb17 15.50 15.70 15.70 5.50 15.90 2,429.9 2 KZIKb2 13.00 13.00 13.00 13.00 26.00 15.0 1 KZIKb20 7.00 10.00 7.00 7.00 10.00 31,848.8 17 KZIKb3 13.00 13.00 13.00 13.00 26.00 4.7 1 KZIKb4 13.00 13.00 13.00 +2.0 11.01 26.50 14.5 1 KZTCb1 13.50 15.50 13.50 +0.0001 13.50 35.00 62.1 4 LOGCb2 10.30 11.00 10.30 +2.4 7.87 15.00 1,771.2 3 MAG_b1 17.66 36.03 17.73 2.88 111.09 301.2 19 MREKb2 11.00 11.00 11.00 +1.0 10.00 29.00 16.0 1 MREKb3 8.00 8.00 8.00 >-0.0001 8.00 22.98 6.8 1 MREKb5 10.77 10.77 10.77 -0.2 10.50 16.00 6.5 1 MREKb6 9.00 10.00 9.00 -1.0 9.00 16.00 782.2 3 NRBNb2 17.00 18.00 18.00 +3.0 15.00 27.60 59.4 6 NRBNb5 14.00 14.00 14.00 12.50 31.97 63.7 5 NRBNb8 13.00 13.00 13.00 9.00 13.00 4,666.9 2 ORDKb2 16.00 16.00 16.00 >-0.0001 14.00 16.00 936.5 21 PRKRb2 11.00 11.00 11.00 9.77 13.00 3,411.5 2 PRKRb3 10.00 10.00 10.00 9.65 10.00 3,452.9 1 RGBRb4 15.00 15.00 15.00 >+0.0001 8.00 35.00 12.5 1 TEBNb14 9.00 9.00 9.00 9.00 9.00 8.1 1 TEBNb6 40.00 40.00 40.00 30.00 40.05 8.0 1 TKUDb1 7.00 7.00 7.00 7.00 7.00 17.8 1 TSBNb2 15.00 15.00 15.00 >-0.0001 15.00 25.00 19.7 3 TSBNb4 15.00 16.00 16.00 +1.0 15.00 35.00 11.5 2 TSBNb5 20.00 20.00 20.00 +1.0 16.00 50.00 68.4 9 VITAb4 1,615.00 9,202.04 9,202.04 +7587.0 40.00 23 181.85 146.7 35 VITAb5 84.50 96.00 96.00 +9.5 22.85 115.27 55.8 21 VMZVb1 13.90 15.00 15.00 13.90 15.00 3,395.3 2 ZERDb1 25.15 32.29 30.78 +7.8 9.00 106.00 131.7 12 ----------- -------- -------- -------- -------- ----- --------- --------- -------- 71 114,104.3 310 ---------------------------------------------------------------------------------- * February 8, 2010 deal was made with KKAGb1 with yield to maturity of 8,8023,629,915.6% per annum. 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 - January 2010. [2010-03-12]