REVIEW: Government Securities market on KASE in March 2010

/IRBIS, March 5, 2010/ - In March 2010, on the Kazakhstan Stock Exchange (KASE) in the sector of sale of GS, including location, recorded 383 transactions totaling KZT125,158.3 million (equivalent to USD850.5 million), accounting for 4.3 % of total trading volume on KASE (in February 2010 - 5.8%). With regard to February 2010 trading volume in the sector fell by 31.3%, relative to March 2009 rose by 51.9%. Ministry of Finance of Kazakhstan in March 2010 held 4th auction at KASE on placement of bonds: March 3, 2010 held its auction on placement of government treasury bills of the Ministry of Finance MEKKAM-12 issue 105 (KZK1KY011057, MKM012_0105; KZT100, 03.03.10 - 03.03.11, actual / actual). The subject of bargaining advocated bond price. It was originally planned to place the bonds at KZT11,000.0 million. In the auction was attended by 19 primary dealers, who submitted 56 active applications. Total volume of bids (the amount of demand) was KZT64,987.8 million (610.7% of the proposed bond volume). Price of bonds of an application made: minimum - 97.6563 per annum, the maximum - 97.7517% per annum, average - 97.7040% per annum. As a result of trade issuer granted an application for the purchase of 133.3 million of bonds at KZT13,027.2 million (121.2% of the proposed amount of bonds). March 10, 2010 an auction was held on placement of government treasury bonds, Ministry of Finance MEUKAM-108 of the fourth edition (KZKDKY090048, MUM108_0004; KZT1,000, 10.03.10 - 10.03.19, 30/360). The subject of bargaining acted coupon. It was originally planned to place the bonds at $ KZT12,000.0 million. In the auction was attended by 18 primary dealers, who submitted 31 active application. Total volume of active bids (volume of demand) was KZT43,109.3 million to the nominal value of bonds (359.2% of the proposed amount of bonds). Coupon in active bids ranged from 5.79% per annum to 7.00% per annum, making in average terms, 6.7208% per annum. As a result of trade, issuing fixed rate at 6.50% per annum, thereby satisfying the request for KZT12,000.0 million (100.0% of the proposed amount of bonds). March 17, 2010 an auction was held on placement of government medium-term Treasury obligations Treasury MEOKAM-36 Release 79 (KZK2KY030791, MOM036_0079; KZT1,000, 17.03.10 - 17.03.13, 30/360). The subject of bargaining acted coupon. It was originally planned to place the bonds at KZT15,000.0 million. In the auction was attended by 19 primary dealers, who submitted 67 active applications. Total volume of active bids (volume of demand) was KZT64,604.0 million (430.7% of the proposed bond volume). Coupon submitted by active bids ranged from 2.50% to 6.50% per annum, making in average terms, 4.9677% per annum. As a result of trade, issuing fixed rate at 3.60% per annum, thereby satisfying the request for KZT15,000.0 million (100.0% of the proposed amount of bonds). March 30, 2010 an auction was held on placement of government treasury bonds, Ministry of Finance MEUZHKAM-144 of the first issue (KZKAKY120012, MUJ144_0001; KZT1,000, 30.03.10 - 30.03.22. 30/360). The subject of bargaining appeared fixed coupon. It was originally planned to place the bonds at KZT5,000.0 million. Participated in the trades 8 primary dealers were 19 active applications. Total volume of active bids (volume of demand) was 66 235.0 million tenge for a nominal value of bonds (1,324.7% of the proposed amount of bonds). As a result of trade, the issuer has established fixed coupon rate at 0.01% per annum, thereby satisfying the request for KZT5,000.0 million (100.0% of the proposed amount 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 -8.9% (16.2%) of the market Discounted GS (KZT): MEKKAM, National Bank's notes -8.9% (16.2%) of the market ------------------------------------------------------------------------------ 8 - 14 0.30 0.30 0.30 0.30 (0.50) 23.9 1 15 - 28 0.40 0.40 0.40 0.40 (0.50) 554.9 1 43 - 56 1.35 1.35 1.35 1.35 (1.22) 998.2 2 64 - 91 1.35 1.35 1.35 1.35 (1.72) 2,019.2 2 92 - 181 1.50 2.43 1.74 1.73 (2.27) 668.3 7 182 - 364 2.15 3.00 2.50 2.56 (2.35) 2,830.6 17 -------------- -------- -------- ------ ------------- --------------- -------- Total 7,095.0 30 (20,152.6) (36) -------------- -------- -------- ------ ------------- --------------- -------- Coupon GS (KZT): MAOKAM, MEOKAM. MEUKAM, MEUJKAM - 83.8% (90.2%) of the market Coupon GS (KZT): MAOKAM, MEOKAM. MEUKAM, MEUJKAM - 83.8% (90.2%) of the market ------------------------------------------------------------------------------ Less 730 2.00 3.70 3.29 3.50 (3.38) 1,704.9 7 731 - 1095 3.50 7.30 3.70 5.33 (5.61) 12,842.4 59 1096 - 1460 3.60 4.90 4.50 4.30 (5.31) 1,834.3 22 1461 - 1825 5.00 7.52 7.47 6.08 (5.41) 6,234.3 36 1826 - 2190 5.00 5.20 5.00 5.15 (5.38) 8,472.7 30 More 2191 5.20 411.62 6.10 5.58 (5.42) 41,947.6 113 -------------- -------- -------- ------ ------------- --------------- -------- Total 73,036.1 267 (104,345.2) (294) -------------- -------- -------- ------ ------------- --------------- -------- GRANDTOTAL . . . . 80,131.1 297 (124,497.7) (330) ------------------------------------------------------------------------------ The share of exchange trading volume of total transactions in the Kazakhstan's secondary market in March 2010 amounted to 86.7% (in February 2010 - 93.8%). [2010-04-05]