REVIEW: KASE debt capital market in May 2010

/IRBIS, June 18, 2010/ - In May 2010 on Kazakhstan Stock Exchange (KASE) 273 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 KZT13,859.5 bln. or USD 94.5 mln. at the current rate effective on deals concluding dates. The stated amount is 64.2% of monthly turnover of corporate securities market (in April 2010 - 64.5%) and 0.5 % of total monthly exchange turnover (0.3 %). Ticket background of the stock market of corporate bonds in May 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 88 items, with a premium - 16 items, with a nominal - 1 item. The most overbought look KZIKb20, the weighted average net price of which amounted to 115.74%, resold - VITAb5 (12.34%). Recall that in April 2010 from 88 denominations of bonds involved in the transactions on the secondary market at a discount traded debt instruments 66 items, with a premium - 22 titles. The most overbought look CSBNb8, the weighted average net price of which amounted to 123.55%, resold - BTASe3 (14.00%). The average net price of corporate bonds on the secondary market in May rose to 87.8% compared with 89.7% in April 2010. For a month on deals yield to maturity for a buyer grown in 26 instrument (in April 2010 - at 31), decreased in 36 instruments (51), 3 instruments were traded for the first time (6). Below are the tables, characterizing this segment of exchange market in May 2010. Tab. 1. Statistic characteristic of corporate bonds market on KASE in May of 2010 (indicators are given taking into account direct deals) ------------------------------------------------------------------------ Trend to ------------------- Indicator May 2010 Apr, 2009 May 2009 ------------------------------------------- -------- --------- --------- Trades volume, th., USD 94,495.4 +11.1% 2.3 times Trades volume, m., KZT 13,859.5 +11.1% 2.3 times including, on offerings, th. USD 273 -33.7% 2.4 times including, on offerings, m. KZT 14 -23.3% 2.4 times Number of deals 4,973.4 +28.7% 2.3 times Day average number of deals 729.4 +28.6% 2.3 times Day average volume of deals, th. USD 66 -25.0% -42.6% Day average volume of deals, m. KZT 0.4 +0.1pp -0.4pp Number of instruments, 0.1 +0.1pp -0.2pp involved in deals Stake of nego deals (number), % 27.3 +7.9pp +9.4pp Stake of nego deals (volume), % 25.1 +9.7pp +14.1pp Participation of pension assets, % gross 2.3 +1.3pp +2.0pp Participation of physical entities, % gross 40 -4.8% -20.0% Participation of non residents, % gross 50.4 -1.8pp -9.8pp Number of exchange's members, 94,495.4 +11.1% 2.3 times who made deals Market concentration, %* 13,859.5 +11.1% 2.3 times ------------------------------------------------------------------------ * 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 May 2010 corporate bonds on KASE * ------------------------------------------------------------------- Stake from total volume of trades(%) in: ------------- ------------- ------------ Branch May 2010 Apr. 2010 May 2009 -------------------------- ------------- ------------- ------------ Finance 80.0 62.1 84.1 Main 15.1 7.6 4.3 consumer sector Telecommunication services 1.8 7.3 0.6 Primary sector 1.7 2.3 1.7 Industry 1.0 16.2 7.0 Discretionary 0.4 0.001 0.2 consumer sector Utilities sector 0.1 4.3 0.0 Public health 0.03 0.01 2.1 Energy 0.01 0.1 0.04 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 May 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 -------- -------- -------- ------- ------- --------- --------- 30.04.10 27,508.1 14.02 366.69 311.07 6,987.4 1,023.2 04.05.10 27,502.1 14.02 367.09 310.60 94.1 13.8 05.05.10 27,455.9 14.03 365.89 310.24 682.6 100.1 06.05.10 27,420.9 14.16 365.36 307.97 3,473.0 510.0 07.05.10 27,382.4 14.14 365.36 307.65 13,887.0 2,041.9 11.05.10 27,414.2 14.14 365.68 308.22 1,197.7 175.6 12.05.10 27,391.4 14.14 364.77 307.93 5,123.6 752.0 13.05.10 27,417.5 14.14 365.28 307.71 953.3 139.8 14.05.10 27,409.2 14.13 364.90 307.17 15,496.6 2,270.4 17.05.10 27,352.5 14.13 365.01 307.21 4,591.5 673.8 18.05.10 27,327.7 14.13 363.71 306.89 148.9 21.9 19.05.10 27,371.2 14.16 363.11 305.68 5,250.8 769.4 20.05.10 27,368.6 14.16 363.19 305.00 6,099.4 893.9 21.05.10 27,309.1 14.11 362.80 305.32 900.7 132.4 24.05.10 27,392.1 14.12 363.42 305.22 3,041.3 445.5 25.05.10 27,363.4 14.10 362.60 305.23 4,412.1 646.8 26.05.10 27,306.6 14.10 362.45 305.02 150.6 22.1 27.05.10 27,354.1 14.11 361.70 303.99 20,434.8 2,996.2 28.05.10 27,285.8 14.11 361.85 304.32 6,953.1 1,018.6 31.05.10 26,754.7 14.10 362.12 304.55 1,604.5 235.4 30.04.10 27,508.1 14.02 366.69 311.07 6,987.4 1,023.2 04.05.10 27,502.1 14.02 367.09 310.60 94.1 13.8 05.05.10 27,455.9 14.03 365.89 310.24 682.6 100.1 -------- -------- -------- ------- ------- --------- --------- Trend -753.4 +0.1 -4.6 -6.5 % -2.74 +0.6 -1.2 -2.1 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in May 2010 -------------------------------------------- Bonds: Issuers: Category of ------------ ------------ admission number trend number trend ------------------ ------ ----- ------ ----- Rated 40 +8 15 +2 ------------------ ------ ----- ------ ----- Non-rated first subcategory 135 -6 34 -2 Non-rated second subcategory 38 +1 28 +2 Buffered 71 -21 10 -3 ------------------ ------ ----- ------ ----- Total 284 -18 82 -1 -------------------------------------------- Tab. 5. Summary data on deals with corporate bonds on KASE in May 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 At a last deal: 365 days: bond ----------------------------- deals, Number on KASE min. max. yield Trend, % min. max. th. USD of deals ----------- ------ ------ ------ --------- ----- ------ --------- -------- AGKKb1 9.50 9.50 9.50 +0.00001 7.70 16.00 43.3 3 ----------- ------ ------ ------ --------- ----- ------ --------- -------- ALBNb2 8.00 10.50 8.00 8.00 12.50 8,564.5 2 ----------- ------ ------ ------ --------- ----- ------ --------- -------- ATFBb4 9.00 9.32 9.00 9.00 26.95 2,553.4 3 ----------- ------ ------ ------ --------- ----- ------ --------- -------- ATFBb5 9.00 10.90 10.90 +2.9 8.00 27.00 644.3 2 ----------- ------ ------ ------ --------- ----- ------ --------- -------- ATFBb6 8.00 9.00 8.00 -0.00001 7.70 29.00 3,129.7 8 ----------- ------ ------ ------ --------- ----- ------ --------- -------- ATFBb7 7.80 9.74 8.00 -1.0 7.40 9.74 23,734.1 21 ----------- ------ ------ ------ --------- ----- ------ --------- -------- ATFBe4 5.00 6.00 6.00 +2.0 4.00 20.00 1,055.4 3 ----------- ------ ------ ------ --------- ----- ------ --------- -------- ATFBe6 7.00 8.76 8.76 7.00 8.76 417.1 3 ----------- ------ ------ ------ --------- ----- ------ --------- -------- BRKZe4 6.95 7.50 6.95 6.95 7.50 1,889.4 5 ----------- ------ ------ ------ --------- ----- ------ --------- -------- BTAIb2 46.63 50.66 46.63 30.25 53.00 82.7 2 ----------- ------ ------ ------ --------- ----- ------ --------- -------- BTAIb3 82.09 92.34 92.34 -11.2 9.40 104.84 467.5 6 ----------- ------ ------ ------ --------- ----- ------ --------- -------- BTAIb8 34.59 61.41 61.41 6.17 64.00 5,061.9 15 ----------- ------ ------ ------ --------- ----- ------ --------- -------- BTAIb9 9.00 9.00 9.00 +1.0 7.00 45.00 3.4 1 ----------- ------ ------ ------ --------- ----- ------ --------- -------- CACMb1 16.00 16.00 16.00 -2.0 14.00 36.00 32.8 3 ----------- ------ ------ ------ --------- ----- ------ --------- -------- CBH_b1 24.11 24.11 24.11 24.11 24.11 663.0 1 ----------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNb12 7.00 7.00 7.00 7.00 20.00 13.8 1 ----------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNb14 10.50 10.50 10.50 -0.4 10.00 26.97 21.5 1 ----------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNb16 6.00 9.00 9.00 +3.0 4.00 19.03 11.3 16 ----------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNb17 9.00 9.00 9.00 8.70 10.00 15.5 1 ----------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNb4 9.00 9.00 9.00 +0.0001 8.00 20.00 34.4 1 ----------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNb6 9.50 9.75 9.50 -0.5 9.50 18.00 2,105.7 4 CCBNb7 9.50 9.75 9.50 -0.3 8.40 25.08 278.4 3 CSBNb2 8.01 9.00 8.01 -2.7 8.01 18.98 13.1 2 CSBNb3 7.50 7.50 7.50 +0.00004 7.50 16.94 346.5 2 CSBNb4 13.00 13.00 13.00 -1.0 13.00 22.00 12.0 1 CSBNb5 16.00 16.00 16.00 15.00 20.00 12.2 1 CSBNb6 16.00 16.00 16.00 -0.9 13.95 20.00 51.3 4 CTECb1 15.00 15.00 15.00 +0.3 12.50 20.00 14.9 1 EABRK280414 , , 13.21 10.48 13.21 136.2 1 EUBNb3 11.00 11.50 11.00 -0.2 11.00 26.91 48.6 2 EUBNb4 11.00 13.00 11.00 11.00 13.01 6,617.7 7 HSBKb14 6.50 6.50 6.50 6.50 12.06 16.9 1 IMSKb2 11.00 11.00 11.00 +2.0 6.00 11.00 3.4 1 KAFIb1 8.93 8.93 8.93 -0.1 8.93 16.03 328.3 1 KAZIb2 28.00 39.56 36.14 +9.1 12.00 39.56 905.6 9 KDTSb1 16.99 16.99 16.99 -1.0 16.99 103.55 12.0 1 KIBNb1 11.25 11.25 11.25 11.25 13.40 25.0 1 KIBNb3 10.00 11.03 10.25 -0.7 10.00 14.00 4,659.3 9 KKGBb4 10.00 10.00 10.00 -0.9 10.00 24.50 11.1 1 KKGBb6 9.50 9.50 9.50 9.50 11.55 203.8 1 KKGBb8 11.00 11.00 11.00 -0.7 11.00 12.50 60.9 3 KKGBe4 9.85 10.03 9.85 -0.4 9.85 26.87 454.3 2 KONDb1 142.28 249.38 142.28 38.71 259.62 19.3 3 KRZHb1 59.85 62.17 62.17 +10.8 21.33 108.05 58.5 3 KSMKb2 41.30 41.30 41.30 15.01 51.60 737.4 7 KZIKb17 12.00 12.00 12.00 -0.000003 5.50 15.90 54.2 3 KZIKb20 7.00 7.50 7.00 -0.1 7.00 10.00 9,625.6 2 KZTCb1 13.50 13.50 13.50 +0.0001 13.50 35.00 5.5 3 LOGCb1 26.00 28.00 26.00 -2.0 6.82 32.70 43.5 3 LOGCb2 11.00 11.00 11.00 7.87 15.00 305.2 2 MREKb2 9.00 9.00 9.00 +1.0 8.00 26.00 1.4 2 MREKb3 7.00 9.00 9.00 +2.0 7.00 17.00 31.2 2 MREKb4 8.00 8.00 8.00 -1.5 8.00 14.03 16.1 1 MREKb5 10.50 10.50 10.50 +0.0003 9.03 16.00 1,493.1 1 NFBNb1 34.00 36.00 35.00 +1.0 16.75 36.00 22.5 7 NRBNb2 14.00 16.00 15.00 -1.0 14.00 27.60 1,293.1 10 NRBNb5 12.00 12.00 12.00 -0.00001 12.00 26.00 3.5 1 NRBNb8 8.00 8.00 8.00 -0.00001 8.00 13.00 18.5 1 ORDKb2 14.50 16.00 15.00 -1.0 14.00 16.00 213.7 14 PRKRb2 9.00 9.00 9.00 +0.5 8.50 11.50 203.0 1 SKENb1 12.50 12.50 12.50 12.50 12.50 14,233.1 1 TSBNb4 11.00 11.00 11.00 -0.0001 11.00 35.00 2.1 3 TSBNb5 14.00 14.00 14.00 -0.00004 14.00 50.00 82.6 1 TXBNb2 5.25 5.25 5.25 +0.6 4.00 21.00 1,120.2 3 VITAb5 83.00 134.00 134.00 +51.0 22.82 134.00 70.3 36 ZERDb1 70.00 119.00 119.00 +59.0 10.00 119.00 7.7 6 ----------- ------ ------ ------ --------- ----- ------ --------- -------- 66 94,417.1 272 -------------------------------------------------------------------------- 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 - April 2010. [2010-06-18]