REVIEW: KASE debt capital market in April 2010

/IRBIS, May 7, 2010/ - In April 2010 on Kazakhstan Stock Exchange (KASE) 412 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 KZT12,475.1 bln. or USD 85.0 mln. at the current rate effective on deals concluding dates. The stated amount is 64.5% of monthly turnover of corporate securities market (in March 2010 - 62.5%) and 0.3 % of total monthly exchange turnover (0.3 %). Ticket background of the stock market of corporate bonds in April 2010 was as follows: of the 88 items of the bonds involved in the transactions on the secondary market at a discount traded debt instruments of 66 items, with a premium - 22 items. The most overbought look CSBNb8, the weighted average net price of which amounted to 123.55%, resold - BTASe3 (14.00%). Recall that in March 2010 from 79 denominations of bonds involved in the transactions on the secondary market at a discount traded debt instruments 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%). The average net price of corporate bonds on the secondary market in April rose to 89.7% compared with 85.7% in March 2010. For a month on deals yield to maturity for a buyer grown in 31 instrument (in March 2010 - at 19), decreased in 51 instrument (60), 6 instruments were traded for the first time. Below are the tables, characterizing this segment of exchange market in March 2010. Tab. 1. Statistic characteristic of corporate bonds market on KASE in April of 2010 (indicators are given taking into account direct deals) ------------------------------------------------------------------------- Trend to ------------------- Indicator Apr. 2010 Mar. 2009 Apr. 2009 ------------------------------------------- --------- --------- --------- Trades volume, th., USD 85,039.1 +7.5% -26.9% Trades volume, m., KZT 12,475.1 +7.1% -28.8% including, on offerings, th. USD - - - including, on offerings, m. KZT - - - Number of deals 412 +14.1% -35.4% Day average number of deals 19 -1.4% -35.4% Day average volume of deals, th. USD 3,865.4 -7.2% -26.9% Day average volume of deals, m. KZT 567.1 -7.5% -28.8% Number of instruments, 88 +11.4% -27.9% involved in deals Stake of nego deals (number), % 0.2 +0.2 pp +0.1 pp Stake of nego deals (volume), % 0.01 +0.01 pp -0.1 pp Participation of pension assets, % gross 19.5 -8.0 pp -2.7 pp Participation of physical entities, % gross 15.4 -24.0 pp -10.2 pp Participation of non residents, % gross 1.0 +0.9 pp +0.7 pp Number of exchange's members, 42 -10.6% -8.7% who made deals Market concentration, %* 52.1 -12.8 pp +0.8 pp ------------------------------------------------------------------------- * 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 April 2010 corporate bonds on KASE * ------------------------------------------------------------------- Stake from total volume of trades(%) in: ------------- ------------- ------------ Branch Apr 2010 Mar. 2010 Apr 2009 -------------------------- ------------- ------------- ------------ Finance 62.1 87.5 56.2 Main consumer sector 16.2 10.6 6.5 Telecommunication services 7.6 0.0 6.9 Primary sector 7.3 1.3 2.1 Industry 4.3 0.04 2.3 Discretionary 2.3 0.4 15.2 consumer sector Utilities sector 0.1 - - Public health 0.01 0.12 0.6 Energy 0.001 0.02 10.2 Information technologies - - - ------------------------------------------------------------------- * 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 April 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 -------- -------- -------- ------- ------- --------- --------- 31.03.10 27,091.2 14.17 367.41 316.45 1,818.8 267.3 01.04.10 27,078.4 14.15 368.24 316.18 4,436.1 652.4 02.04.10 27,088.8 14.16 368.85 315.98 452.3 66.5 05.04.10 27,098.8 14.15 369.04 315.13 439.7 64.6 06.04.10 27,193.8 14.14 369.59 314.80 1,449.5 212.9 07.04.10 27,189.7 14.17 369.66 313.95 11,893.2 1,747.1 08.04.10 27,210.3 14.16 370.99 315.01 844.0 123.9 09.04.10 27,117.4 14.19 369.53 314.18 531.5 78.0 12.04.10 27,133.0 14.18 370.16 313.67 20,704.8 3,038.8 13.04.10 27,153.3 14.18 369.24 313.40 662.0 97.1 14.04.10 27,141.6 14.14 368.77 312.85 6,475.2 949.5 15.04.10 27,151.9 14.16 370.01 313.32 403.8 59.2 16.04.10 27,160.2 14.15 370.13 313.62 1,137.5 166.6 19.04.10 27,143.7 14.16 370.00 313.31 1,631.5 239.2 20.04.10 27,601.8 14.13 369.56 312.65 3,141.1 460.7 21.04.10 27,658.8 14.14 368.10 311.81 633.3 92.8 22.04.10 27,627.5 14.11 368.98 312.05 8,091.3 1,186.4 23.04.10 27,640.1 13.98 367.97 311.61 4,878.7 714.9 26.04.10 27,625.0 13.98 368.45 311.08 5,790.5 848.7 27.04.10 27,649.2 14.04 369.46 313.38 3,607.6 528.2 28.04.10 27,631.3 14.03 368.13 312.75 400.4 58.7 29.04.10 27,457.1 14.03 367.93 312.50 447.9 65.7 30.04.10 27,508.1 14.02 366.69 311.07 6,987.4 1,023.2 -------- -------- -------- ------- ------- --------- --------- Trend +416.9 -0.1 -0.7 -5.4 % +1.54 -1.1 -0.2 -1.7 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in April 2010 -------------------------------------------- Bonds: Issuers: Category of ------------ ------------ admission number trend number trend ------------------ ------ ----- ------ ----- Rated 32 -1 13 -1 ------------------ ------ ----- ------ ----- Non-rated first subcategory 141 -1 36 -1 Non-rated second subcategory 37 -3 26 -1 Buffered 92 -2 13 -1 ------------------ ------ ----- ------ ----- Total 302 -7 83 -3 -------------------------------------------- Tab. 5. Summary data on deals with corporate bonds on KASE in April 2010 (purchase and sale without consideration of nego deals) --------------------------------------------------------------------------------- Yield to maturity for purchaser, % APR: Code of ------------------------------------------------------ Volume of At a last deal: For last 365 days: At a last deal: For last 365 days: bond ------------------ ----------------- deals, Number on KASE min. max. yield Trend, % min. max. th. USD of deals ------- ------- -------- -------- --------- ------- ---------- --------- -------- ABDIb1 34.00 36.00 36.00 +0.00001 10.00 70.00 3.8 2 ------- ------- -------- -------- --------- ------- ---------- --------- -------- AESOb1 11.99 13.00 11.99 11.99 13.00 240.9 8 ------- ------- -------- -------- --------- ------- ---------- --------- -------- AGKKb1 9.50 9.50 9.50 -0.3 7.70 16.00 14.4 1 ------- ------- -------- -------- --------- ------- ---------- --------- -------- AKFIb2 4.00 4.00 4.00 4.00 14.00 1,302.7 1 ------- ------- -------- -------- --------- ------- ---------- --------- -------- APKIb1 16.00 16.00 16.00 +6.0 10.00 16.50 4,092.8 1 ------- ------- -------- -------- --------- ------- ---------- --------- -------- ASAVb2 14.00 227.20 227.20 14.00 7,617.49 189.6 3 ------- ------- -------- -------- --------- ------- ---------- --------- -------- ASNDb2 15.00 68.62 65.05 11.00 68.62 26.5 5 ------- ------- -------- -------- --------- ------- ---------- --------- -------- ATFBb5 8.00 10.00 8.00 -1.0 8.00 28.00 154.5 2 ------- ------- -------- -------- --------- ------- ---------- --------- -------- ATFBb6 8.00 10.00 8.00 -2.0 8.00 29.00 2,302.4 9 ------- ------- -------- -------- --------- ------- ---------- --------- -------- ATFBb7 7.40 9.01 9.01 7.40 9.74 1,085.2 3 ------- ------- -------- -------- --------- ------- ---------- --------- -------- ATFBe4 4.00 7.00 4.00 -1.0 4.00 22.00 174.4 9 ------- ------- -------- -------- --------- ------- ---------- --------- -------- BRKZe3 7.00 7.00 7.00 7.00 15.60 173.3 1 ------- ------- -------- -------- --------- ------- ---------- --------- -------- BTAIb3 103.16 103.53 103.53 9.40 104.84 703.4 4 ------- ------- -------- -------- --------- ------- ---------- --------- -------- BTAIb9 7.61 10.00 8.00 +0.4 7.00 50.00 294.5 11 ------- ------- -------- -------- --------- ------- ---------- --------- -------- BTASe3 87503 87503 87503 +52966 122.38 87503 0.0 1 ------- ------- -------- -------- --------- ------- ---------- --------- -------- CACMb1 18.00 18.00 18.00 -4.0 18.00 40.00 15.9 1 ------- ------- -------- -------- --------- ------- ---------- --------- -------- CCBNb14 10.90 10.90 10.90 10.90 26.97 21.0 1 ------- ------- -------- -------- --------- ------- ---------- --------- -------- CCBNb16 4.00 6.00 6.00 -0.001 4.00 19.03 19.8 7 ------- ------- -------- -------- --------- ------- ---------- --------- -------- CCBNb3 4.50 6.50 6.00 -0.0004 4.50 28.00 60.3 34 ------- ------- -------- -------- --------- ------- ---------- --------- -------- CCBNb4 9.00 9.00 9.00 +1.0 8.00 20.00 13.7 1 ------- ------- -------- -------- --------- ------- ---------- --------- -------- CCBNb6 9.98 9.98 9.98 9.98 18.00 20.4 1 CCBNb7 9.25 11.50 9.85 +0.8 8.40 25.08 3,910.6 6 CSBNb2 10.68 10.68 10.68 -0.8 10.68 18.98 12.8 1 CSBNb3 7.50 10.50 7.50 -4.0 7.50 16.94 25.5 2 CSBNb4 14.00 14.00 14.00 13.00 22.00 11.8 1 CSBNb6 14.95 16.95 16.95 +3.0 13.95 20.00 599.4 5 CSBNb7 13.00 13.00 13.00 +1.0 12.00 14.00 1,900.0 1 CSBNb8 10.02 10.02 10.02 10.02 13.00 17,375.9 1 CTECb1 14.75 14.75 14.75 -0.4 12.50 20.00 634.2 2 EKGSb1 10.25 10.25 10.25 10.25 11.60 3,720.9 1 EUBNb3 11.00 12.00 11.25 -1.2 11.00 32.00 732.9 9 HSBKb10 10.00 10.50 10.00 -1.2 10.00 14.50 2,060.1 4 HSBKb11 9.30 12.00 9.30 -1.7 9.30 15.00 32.2 4 HSBKb12 10.25 10.25 10.25 10.25 18.00 14.2 1 HSBKb4 4.50 4.50 4.50 4.50 19.50 14.6 1 HSBKb9 9.25 9.25 9.25 +0.2 9.00 20.50 151.9 2 HSBKe2 6.40 6.40 6.40 6.40 6.40 18.0 1 HSBKe3 7.50 7.50 7.50 7.50 7.50 17.3 1 HSBKe4 6.50 6.50 6.50 6.50 6.50 18.4 1 IMSKb1 8.00 8.00 8.00 7.00 15.50 114.9 6 IMSKb2 9.00 9.00 9.00 9.00 9.00 73.4 3 KAFIb1 9.00 9.00 9.00 -2.0 9.00 16.03 1,205.6 4 KASSb1 11.00 11.00 11.00 -2.0 11.00 18.25 14.1 1 KASTb2 12.50 21.00 12.50 -8.5 12.50 23.00 29.4 3 KATRb2 9.20 9.20 9.20 9.20 19.00 12.4 1 KAZIb2 27.00 27.00 27.00 +1.0 12.00 32.00 3.9 1 KAZIb3 8.00 8.00 8.00 8.00 8.00 22.0 1 KDTSb1 18.00 21.71 18.00 -3.8 18.00 103.55 77.7 2 KIBNb3 11.00 12.00 11.00 -3.0 11.00 14.00 119.0 5 KKGBb4 10.88 11.00 10.88 -1.1 10.88 24.50 117.6 2 KKGBb7 10.05 10.05 10.05 10.05 10.50 137.7 1 KKGBb8 11.75 11.75 11.75 11.65 12.00 58.1 1 KKGBe4 10.30 10.70 10.30 +0.2 10.10 26.87 66.3 2 KRZHb1 32.08 85.31 51.34 +21.3 21.33 108.05 399.0 21 KZIKb17 12.00 13.00 12.00 -2.0 5.50 15.90 59.2 2 KZIKb2 13.00 13.50 13.00 +0.00001 13.00 26.00 30.0 2 KZIKb20 7.00 7.10 7.10 +0.1 7.00 10.00 7,985.5 9 KZIKb4 12.00 13.00 13.00 +0.00002 11.01 26.00 60.4 4 KZIKb6 13.00 13.00 13.00 +2.0 11.00 24.00 357.0 1 KZIKb7 13.00 13.00 13.00 10.95 24.00 114.3 1 KZTCb1 13.50 15.50 13.50 13.50 35.00 53.3 4 LOGCb1 28.00 28.00 28.00 +0.0002 6.82 45.50 1.3 1 MREKb2 8.00 8.00 8.00 -1.0 8.00 26.00 16.5 1 MREKb3 7.00 11.00 7.00 -3.0 7.00 22.98 192.0 4 MREKb4 9.50 9.50 9.50 8.00 14.03 17.4 1 MREKb5 9.03 10.50 10.50 9.03 16.00 1,580.6 8 NFBNb1 34.00 34.00 34.00 -0.001 16.75 36.00 38.4 3 NRBNb2 16.00 18.00 16.00 -0.5 14.00 27.60 30.6 3 NRBNb5 12.00 14.00 12.00 12.00 31.97 22.8 2 NRBNb8 8.00 12.00 8.00 8.00 13.00 11,573.2 3 ORDKb2 16.00 16.00 16.00 -0.00002 14.00 16.00 368.8 21 PRKRb2 8.50 10.25 8.50 -1.5 8.50 13.00 7,393.2 9 REALb1 9.99 9.99 9.99 +0.00002 9.99 50.00 14.1 1 RESCb1 12.00 12.00 12.00 8.00 14.39 1,060.1 3 RGBRb4 14.00 16.00 14.00 8.00 35.00 38.7 3 SATCb1 8.20 8.20 8.20 4.05 10.00 47.8 1 TEBNb6 47.49 47.49 47.49 34.00 47.49 0.3 1 TMLZb1 35.00 49.00 35.00 -13.0 35.00 49.99 32.6 6 TSBNb2 13.00 13.00 13.00 13.00 25.00 24.3 2 TSBNb4 11.00 11.00 11.00 -0.00001 11.00 35.00 2.0 3 TSBNb5 14.00 14.98 14.00 -0.9 14.00 50.00 13.8 2 TSBNb6 12.00 12.00 12.00 10.00 12.00 358.1 1 TXBNb2 4.60 5.00 4.60 -0.4 4.00 21.00 366.3 3 TXBNb3 8.00 9.00 8.00 -1.0 8.00 19.00 33.9 3 VITAb4 1516365 66753972 66753972 +65758214 50.00 66,753,972 1.9 4 VITAb5 81.00 87.00 83.00 -4.0 22.82 134.00 96.3 31 ZERDb1 58.00 70.00 60.00 +2.0 10.00 106.00 3,564.6 46 ------- ------- -------- -------- --------- ------- ---------- --------- -------- 87 80,160.5 393 --------------------------------------------------------------------------------- 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 - March 2010. [2010-05-07]