REVIEW: Government Securities market on KASE in April 2010

/IRBIS, May 6, 2010/ - In April 2010, on the Kazakhstan Stock Exchange (KASE) in the sector of sale of GS, including location, recorded 416 transactions totaling KZT141,257.9 million (equivalent to USD963.2 million), accounting for 4.1 % of total trading volume on KASE (in February 2010 - 4.3%). With regard to February 2010 trading volume in the sector fell by 12.9%, relative to April 2009 rose by 21.2%. Ministry of Finance of Kazakhstan in April 2010 held 5th auction at KASE on placement of bonds: April 7, 2010 was held an auction on placement of government medium-term Treasury obligations Treasury MEOKAM-60 # 33 (KZK2KY050336, MOM060_0033, KZT1000, 04.07.1910 - 07.04.1915, 30/360). The subject of bargaining acted coupon. It was originally planned to place the bonds at KZT13,000.0 million. In the auction was attended by 17 primary dealers, who submitted 48 active applications. Total volume of active bids (volume of demand) was KZT58,502.0 million (450.0% of the proposed bond volume). Coupon submitted by active bids ranged from 3.89% to 6.50% per annum, making in average terms, 5.5653% per annum. As a result of trade, issuing fixed rate at 4.40% per annum, thereby satisfying the request for KZT13,000.0 million (100.0% of the proposed amount of bonds). April 14, 2010 was held an auction on placement of government treasury bills of the Ministry of Finance MEKKAM-12 issue 106 (KZK1KY011065, MKM012_0106; KZT100, 14.04.10 - 14.04.11, actual / actual). The subject of bargaining advocated bond price. It was originally planned to place the bonds at KZT15,000.0 million. In the auction was attended by 25 primary dealers, who submitted 52 active an application. Total volume of bids (the amount of demand) was KZT66,171.1 million (453.0% of the proposed bond volume). Price of bonds of an application was 98.0392% per annum. As a result of bargaining issuer granted the application for purchase of 164.4 million of bonds at KZT16,117.6 million (109.6% of the proposed amount of bonds). April 21, 2010 was held an auction on placement of government medium-term Treasury obligations Treasury MEOKAM-24 Release 79 (KZK2KY020792, MOM024_0079, KZT1000, 04.21.1910 - 04.21.1912, 30/360). The subject of bargaining acted coupon. It was originally planned to place the bonds at KZT18,000.0 million. In the auction was attended by 17 primary dealers, who submitted 42 active applications. Total volume of active bids (volume of demand) was KZT42,481.0 million (236.0% of the proposed bond volume). Coupon submitted by active bids ranged from 2.00% to 4.50% per annum, making in average terms, 3.1985% per annum. As a result of trade, issuing fixed rate at 2.50% per annum, thereby satisfying the request for KZT18,000.0 million (100.0% of the proposed amount of bonds). April 28, 2010 was held an auction on additional placement of short-term Treasury obligations Treasury MEKKAM 12 issue 106 (KZK1KY011065, MKM012_0106; KZT100, 14.04.10 - 14.04.11, actual/actual). The subject of bargaining advocated bond price. It was planned to place the bonds in the amount of KZT7,000.0 million. In trades participated eight primary dealers, who submitted 21 active applications. Total volume of bids (the amount of demand) was KZT44,234.8 million (434.6% of the proposed bond volume). Price of bonds of an application made: the minimum (cut) - 98.1593% per annum, the maximum - 98.5594% per annum, average - 98.2546% per annum. As a result of trade, the issuer granted an application for the purchase of 70.0 million bonds at KZT6,877.8 million (100.0% of the proposed amount of bonds). April 29, 2010 an auction was held on placement of government treasury bonds, Ministry of Finance MEUZHKAM-204 third edition (KZKAKY170037, MUJ204_0003; KZT1000, 04.29.1910 - 04.29.1927, 30/360). The subject of bargaining played a fixed coupon. It was originally planned to place the bonds in the amount of KZT14,000.0 million. Participated in the trades eight primary dealers were 15 active applications. Total volume of active bids (volume of demand) was KZT70,050.0 million for a nominal value of bonds (500.4% 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 KZT14,000.0 million (100.0% of the proposed amount of bonds). Statistical indicators of the secondary market in GS in April 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 -7.3% (8.9%) of the market Discounted GS (KZT): MEKKAM, National Bank's notes -7.3% (8.9%) of the market ------------------------------------------------------------------------------ 8 - 14 0.80 0.80 0.80 0.80 (0.30) 449.9 1 15 - 28 0.40 1.00 0.40 0.51 (0.40) 706.9 3 29 - 36 1.20 1.20 1.20 1.20 49.9 1 57 - 63 1.18 1.18 1.18 1.18 72.9 1 64 - 91 1.30 1.30 1.30 1.30 (1.35) 22.9 1 92 - 181 1.50 1.50 1.50 1.50 (1.73) 3,048.1 3 182 - 364 1.70 2.45 2.45 2.07 (2.56) 968.9 11 -------------- -------- ------- ------- ------------- --------------- -------- Total 5,319.4 21 (7,095.0) (30) -------------- -------- ------- ------- ------------- --------------- -------- Coupon GS (KZT): MAOKAM MEOKAM MEUKAM MEUJKAM - 92.7% (91.1%) of the market Coupon GS (KZT): MAOKAM MEOKAM MEUKAM MEUJKAM - 92.7% (91.1%) of the market ------------------------------------------------------------------------------ Less 730 1.00 3.07 2.70 2.38 (3.50) 2,369.1 20 731 - 1095 2.70 6.78 3.32 4.95 (5.33) 18,464.0 71 1096 - 1460 3.76 7.64 3.76 5.74 (4.30) 1,655.5 9 1461 - 1825 4.20 7.44 4.40 4.75 (6.08) 16,188.3 76 More 2191 4.40 7.55 5.45 5.67 (5.58) 29,266.0 125 -------------- -------- ------- ------- ------------- --------------- -------- Total 67,943.0 301 (73,036.1) (267) -------------- -------- ------- ------- ------------- --------------- -------- GRANDTOTAL 73,262.4 322 (80,131.1) (297) ------------------------------------------------------------------------------ The share of exchange trading volume of total transactions in the Kazakhstan's secondary market in March 2010 amounted to 86.7% (in March 2010 - 86.7%). [2010-05-06]