REVIEW: KASE debt capital market in March 2010

/IRBIS, April 5, 2010/ - In March 2010 on Kazakhstan Stock Exchange (KASE) 361 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 KZT11,649.4 bn. or USD 79.1 m. at the current rate effective on deals concluding dates. The stated amount is 62.5% of monthly turnover of corporate securities market (in February 2010 - 89.3 %) and 0.3 % of total monthly exchange turnover (0.5 %). Ticket background of the stock market of corporate bonds in March 2010 was as follows: of the 79 items of the bonds involved in the transactions on the secondary market at a discount traded debt instruments of 60 items, with a premium - 18 titles, on par - 1 item. The most overbought look MREKb6, the weighted average net price of which amounted to 116.14%, resold - BTASe3 (15.01%). Recall that in February 2010 of 71 items of bonds involved in the transaction on the secondary market at a discount traded debt instruments 55 items, with a premium - 16 items. The most overbought look MREKb6, the weighted average net price of which amounted to 120.66%, resold - VITAb5 (16.62%). The average net price of corporate bonds on the secondary market in March rose to 85.7% compared with 85.6% in February 2010. The month on deals yield to maturity for a buyer grown for 19 instruments (in February 2010 - at 33), decreased in 60 (32). Below are the tables, characterizing this segment of exchange market in March 2010. Tab. 1. Statistic characteristic of corporate bonds market on KASE in March of 2010 (indicators are given taking into account direct deals) --------------------------------------------------------------------------- Trend to --------------------- Indicator Jan, 2010 Dec. 2009 Jan. 2009 ------------------------------------------- --------- --------- ----------- Trades volume, th., USD 79,111.5 -34.1 0.4 times* Trades volume, m., KZT 11,649.4 -34.3 0.4 times** including, on offerings, th. USD - -** - including, on offerings, m. KZT - -** - Number of deals 361 +16.1% -60.3% Day average number of deals 19 +22.2% 0.4 times Day average volume of deals, th. USD 4,163.8 -30.6% 0.4 times Day average volume of deals, m. KZT 613.1 -30.9% 0.4 times Number of instruments, 79 +11.3% -35.2% involved in deals Stake of nego deals (number), % 0 0 -0.3 pp Stake of nego deals (volume), % 0 0 -0.1 pp Participation of pension assets, % gross 27.5 -8.9 pp -12.5 pp Participation of physical entities, % gross 39.3 +14.4 pp +31.6 pp Participation of non residents, % gross 0.1 +0.1 pp +0.1 pp Number of exchange's members, 47 -2.1% +2.2% who made deals Market concentration, %* 64.9 +16.8 pp +5.6 pp --------------------------------------------------------------------------- In March 2009 the volume of transactions amounted to KZT28,353.3 million ($187,862.2 thousand). Total 46 deals were concluded. ** In February 2010 the volume of transactions on the primary placement was KZT881.4 million ($5,965.2 thousand). *** Indicates the percentage of the total corporate bond trading, which accounts for most traded securities (their number is 5% the total number of items of corporate bonds, involved in the transaction). Tab. 2. Sector structure of the trading volume in March 2010 corporate bonds on KASE * ------------------------------------------------------------------- Stake from total volume of trades(%) in: ------------- ------------ ------------- Branch March 2010 Feb. 2010 March 2009 -------------------------- ------------- ------------ ------------- Finance 87.5 81.6 82.6 Main consumer sector 10.6 6.8 11.2 Telecommunication services 1.3 3.3 0.4 Primary sector 0.4 1.0 0.6 Industry 0.1 0.02 0.2 Discretionary consumer sector 0.04 0.1 0.6 Utilities sector 0.03 5.6 2.5 Public health 0.02 1.6 1.9 Energy - - 0.01 Information technologies - 0.1 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 March 2010 -------------------------------------------------------------- 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 -------- -------- -------- ------- ------- --------- --------- 26.02.10 27,086.8 14.89 348.16 310.56 2,382.7 351.0 01.03.10 27,067.3 14.88 349.17 310.46 836.4 123.1 02.03.10 27,048.0 14.86 349.39 309.90 18,253.2 2,689.8 03.03.10 27,031.9 14.81 350.04 310.00 8,586.6 1,266.1 04.03.10 27,059.2 14.86 350.85 309.86 25,605.7 3,771.2 05.03.10 27,069.8 14.06 356.47 317.75 2,023.6 297.9 09.03.10 27,068.5 14.06 357.06 317.44 2,436.2 358.6 10.03.10 27,055.6 14.05 358.38 317.95 180.7 26.6 11.03.10 27,071.7 14.07 359.01 317.80 1,020.0 150.1 12.03.10 27,078.1 14.08 359.67 317.66 4,036.0 593.8 15.03.10 27,085.4 14.21 359.41 316.24 2,098.7 308.7 16.03.10 27,090.7 14.08 361.13 317.50 4,108.0 604.1 17.03.10 27,091.4 14.30 360.84 316.02 3,035.0 446.2 18.03.10 27,092.1 14.32 362.38 317.09 4,152.5 610.6 19.03.10 27,101.5 14.32 362.23 316.01 156.0 22.9 25.03.10 27,106.4 15.56 362.95 315.57 486.1 71.4 26.03.10 27,093.4 15.58 364.68 317.52 168.1 24.7 29.03.10 27,090.0 14.09 364.57 316.78 43.1 6.3 30.03.10 27,074.4 14.13 367.97 317.17 66.7 9.8 31.03.10 27,091.2 14.17 367.41 316.45 1,818.8 267.3 -------- -------- -------- ------- ------- --------- --------- Trend +4.5 -0.7 +19.2 +5.9 % +0.02 -4.8 +5.5 +1.9 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in March 2010 -------------------------------------------- Bonds: Issuers: Category of ------------------------- admission number trend number trend ------------------ ------ ----- ------ ----- Rated 33 +1 14 +1 ------------------ ------ ----- ------ ----- Non-rated first subcategory 142 -2 37 -1 Non-rated second subcategory 40 0 27 0 Buffered 94 -1 14 0 ------------------ ------ ----- ------ ----- Total 309 -2 86 0 -------------------------------------------- Tab. 5. Summary data on deals with corporate bonds on KASE in March 2010 (purchase and sale without consideration of nego deals) --------------------------------------------------------------------------- Yield to maturity for purchaser, % APR: Code of ------------------------------------------------ At a last deal: last 365 days: Volume bond ------- --------- ------ ------- deals Number on KASE min. max. yield Trend, % min. max. th. USD of deals ------- ------- ------- ------- --------- ------ ------- --------- -------- ABDIb1 36.00 36.00 36.00 5.84 70.00 0.6 1 ------- ------- ------- ------- --------- ------ ------- --------- -------- AGKKb1 9.20 9.80 9.80 +2.1 7.70 16.00 1,958.2 3 ------- ------- ------- ------- --------- ------ ------- --------- -------- APKIb1 10.00 10.00 10.00 10.00 16.50 16.7 1 ------- ------- ------- ------- --------- ------ ------- --------- -------- APKIb2 10.00 10.00 10.00 10.00 16.00 16.7 1 ------- ------- ------- ------- --------- ------ ------- --------- -------- ATFBb4 10.00 10.00 10.00 10.00 31.00 13.2 1 ------- ------- ------- ------- --------- ------ ------- --------- -------- ATFBb5 9.00 11.80 9.00 9.00 31.00 7,813.8 7 ------- ------- ------- ------- --------- ------ ------- --------- -------- ATFBb6 9.00 12.50 10.00 -2.0 9.00 30.00 3,754.4 8 ------- ------- ------- ------- --------- ------ ------- --------- -------- ATFBe4 5.00 9.00 5.00 -3.0 5.00 27.00 197.3 9 ------- ------- ------- ------- --------- ------ ------- --------- -------- BRKZe2 5.69 5.69 5.69 5.69 5.73 14.0 1 ------- ------- ------- ------- --------- ------ ------- --------- -------- BTAIb14 30.57 30.57 30.57 +0.2 11.48 45.84 88.8 1 ------- ------- ------- ------- --------- ------ ------- --------- -------- BTAIb4 7.68 10.67 7.68 -17.4 7.68 208.82 2,187.7 9 ------- ------- ------- ------- --------- ------ ------- --------- -------- BTAIb6 7.73 7.73 7.73 7.73 77.00 2,518.0 3 ------- ------- ------- ------- --------- ------ ------- --------- -------- BTAIb8 6.17 6.17 6.17 -0.7 6.17 64.00 1,022.3 1 ------- ------- ------- ------- --------- ------ ------- --------- -------- BTAIb9 7.61 13.66 7.61 7.00 50.00 412.9 3 ------- ------- ------- ------- --------- ------ ------- --------- -------- BTASb7 30.00 30.00 30.00 13.00 442.67 90.3 1 ------- ------- ------- ------- --------- ------ ------- --------- -------- BTASe3 34537.4 34537.4 34537.4 112.66 34537.4 0.4 1 ------- ------- ------- ------- --------- ------ ------- --------- -------- CACMb1 22.00 34.00 22.00 22.00 40.00 95.8 10 ------- ------- ------- ------- --------- ------ ------- --------- -------- CCBNb10 11.70 11.70 11.70 11.70 25.24 11.7 1 ------- ------- ------- ------- --------- ------ ------- --------- -------- CCBNb13 11.70 11.70 11.70 11.70 25.00 5.9 1 ------- ------- ------- ------- --------- ------ ------- --------- -------- CCBNb16 6.00 7.50 6.00 6.00 19.03 30.8 2 ------- ------- ------- ------- --------- ------ ------- --------- -------- CCBNb3 5.00 8.50 6.00 -4.0 5.00 28.00 59.7 4 CCBNb4 8.00 8.00 8.00 -3.0 8.00 20.00 541.1 2 CCBNb7 8.40 13.00 9.00 8.40 25.08 7,173.4 13 CCBNb8 11.70 11.70 11.70 11.70 17.50 11.8 1 CCBNb9 11.40 11.40 11.40 -0.1 11.40 27.83 2.3 1 CSBNb2 11.50 11.50 11.50 -2.5 11.50 18.98 12.5 1 CSBNb3 11.50 12.50 11.50 -2.0 11.50 16.94 24.8 2 CSBNb5 15.00 16.18 15.00 15.00 22.00 35.5 3 CSBNb6 13.95 18.95 13.95 -4.0 13.95 20.00 70.0 7 CSBNb7 12.00 12.00 12.00 12.00 14.00 13.2 1 CTECb1 14.00 15.15 15.15 +1.1 12.50 20.00 654.4 4 DTJLb1 10.05 12.00 12.00 10.05 49.00 193.8 11 EUBNb3 12.00 14.00 12.50 -1.0 12.00 32.00 1,389.7 14 EUBNb4 12.00 12.00 12.00 -1.0 11.00 13.01 151.7 1 HSBKb10 11.20 11.20 11.20 11.20 14.50 12.2 1 HSBKb11 11.00 12.00 11.00 -2.2 9.50 15.00 26.4 2 HSBKb13 10.33 11.50 10.33 -1.8 10.33 14.00 33.6 2 HSBKb7 10.00 10.00 10.00 10.00 24.00 11.9 1 HSBKb8 12.00 12.00 12.00 12.00 14.00 11.8 1 HSBKb9 9.00 10.00 9.00 +0.0001 9.00 20.50 160.6 2 KAFIb1 11.00 11.00 11.00 -2.0 9.00 16.03 34.6 2 KASSb1 13.00 13.00 13.00 -1.7 12.50 18.25 13.7 1 KASTb2 21.00 21.00 21.00 >+0.0001 11.00 23.00 3.5 1 KAZIb2 26.00 26.00 26.00 12.00 35.00 3.6 1 KDTSb1 21.83 22.41 21.83 -16.9 21.83 103.55 148.0 2 KIBNb1 11.40 11.40 11.40 11.40 13.40 24.4 2 KIBNb3 13.99 13.99 13.99 +0.04 13.95 14.00 167.7 1 KKGBb4 12.00 13.30 12.00 -1.7 12.00 24.50 23.2 2 KKGBb5 7.50 7.50 7.50 7.46 7.50 14.4 1 KKGBe16 12.57 12.57 12.57 9.88 33.74 17.0 1 KKGBe4 10.10 11.50 10.10 -1.1 10.10 28.52 479.2 5 KONDb1 167.93 182.80 182.80 +48.2 24.32 259.62 10.0 3 KRZHb1 21.33 34.20 30.00 -11.6 21.33 114.96 60.1 9 KZIKb17 14.00 15.90 14.00 -1.7 5.50 15.90 5,990.4 5 KZIKb2 13.00 13.00 13.00 >-0.0001 13.00 26.00 13.3 1 KZIKb20 7.00 10.00 7.00 >-0.0001 7.00 10.00 30,372.4 18 KZIKb4 13.00 13.00 13.00 >+0.0001 11.01 26.00 7.6 1 KZIKb6 11.00 11.00 11.00 11.00 24.00 17.5 1 LOGCb1 28.00 28.00 28.00 6.82 50.30 1.2 1 LOGCb2 10.30 10.30 10.30 >+0.0001 7.87 15.00 16.5 1 MAG_b1 65.02 65.02 65.02 +47.3 2.88 111.09 635.6 2 MREKb2 9.00 10.00 9.00 -2.0 9.00 27.00 32.6 2 MREKb3 8.00 10.00 10.00 +2.0 8.00 22.98 54.7 4 MREKb6 9.10 13.00 9.10 +0.1 9.00 16.00 166.8 2 NFBNb1 34.00 34.00 34.00 13.47 36.00 69.9 5 NRBNb2 16.00 18.00 16.50 -1.5 15.00 27.60 1,095.1 8 ORDKb2 16.00 16.00 16.00 >-0.0001 14.00 16.00 48.7 5 PRKRb2 10.00 10.45 10.00 -1.0 9.77 13.00 4,734.2 9 PRKRb3 9.35 9.65 9.35 -0.6 9.35 10.00 3,354.5 2 REALb1 9.99 9.99 9.99 9.99 50.00 13.9 1 RGBRb6 14.00 14.00 14.00 8.06 16.34 12.5 1 TMLZb1 48.00 48.00 48.00 48.00 49.99 3.3 3 TSBNb4 11.00 16.00 11.00 -5.0 11.00 35.00 116.9 13 TSBNb5 14.93 18.01 14.93 -5.1 14.93 50.00 38.0 7 TXBNb2 4.00 10.00 5.00 4.00 28.00 112.0 9 TXBNb3 9.00 10.00 9.00 9.00 19.00 25.4 3 VITAb4 9203.99 995758 995758 +986556.3 50.00 2413623 163.5 37 VITAb5 22.82 97.37 87.00 -9.0 22.82 115.27 143.9 41 ZERDb1 43.23 58.00 58.00 +27.2 10.00 106.00 31.8 9 --------------------------------------------------------------------------- 79 79,111.5 361 --------------------------------------------------------------------------- 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 - February 2010. [2010-04-05]