REVIEW: KASE debt capital market in June 2010

/IRBIS, July 16, 2010/ - In June 2010, on the Kazakhstan Stock Exchange (KASE) on corporate bonds in all market sectors recorded 307 transactions totaling KZT20,202.7 million, or 137.4 million U.S. dollars at the current rate at the date of the transaction. This represents 74.2% of the monthly trading volume on the corporate securities market (in May 2010 - 64.2%) and 1.0% of the total trading volume in all sectors of the market (0.5%). Ticket background of the stock market of corporate bonds in June 2010 was as follows: Of the 74 names of the bonds involved in the transactions on the secondary market at a discount traded debt instruments of 56 items, with a premium - 17 items, at face value - 1 item. The most overbought look CSBNb8, the weighted average net price of which amounted to 130.40%, resold - VITAb5 (12.36%). Recall that in May 2010 of the 88 items of bonds involved in the transactions on the secondary market at a discount traded debt instruments 49 titles, with a premium - 16 items, at face value - 1 item. The most overbought look KZIKb20, the weighted average net price of which amounted to 115.74%, resold - VITAb5 (12.34%). The average net price of corporate bonds on the secondary market in June dropped to 87.7% compared with 87.8% in May 2010. A month on deals yield to maturity for a buyer grown in 34 instruments (in May 2010 - at 26), decreased in 36 instruments (36), 2 instrument traded for the first time (3). Below are the tables, characterizing this segment of exchange market in June 2010. Tab. 1. Statistic characteristic of corporate bonds market on KASE in June of 2010 (indicators are given taking into account direct deals) ------------------------------------------------------------------------ Trend to ------------------ Indicator June 2010 May 2009 June 2009 ------------------------------------------- --------- -------- --------- Trades volume, th., USD 137,430.3 +45.4% 2.8 times Trades volume, m., KZT 20,202.7 +45.8% 2.9 times including, on offerings, th. USD 307 +12.5% 2.8 times including, on offerings, m. KZT 14 -2.9% 2.8 times Number of deals 6,246.8 +25.6% 2.8 times Day average number of deals 918.3 +25.9% 2.9 times Day average volume of deals, th. USD 74 +12.1% -38.8% Day average volume of deals, m. KZT 0.3 -0.04 pp -0.8 pp Number of instruments, 0.7 +0.7 pp -0.6 pp involved in deals Stake of nego deals (number), % 19.2 -8.2 pp -31.8 pp Stake of nego deals (volume), % 19.3 -5.8 pp +3.0 pp Participation of pension assets, % gross 1.0 -1.3 pp +0.01 pp Participation of physical entities, % gross 40 0 -14.9% Participation of non residents, % gross 64.6 +14.2 pp +30.0 pp Number of exchange's members, 137,430.3 +45.4% 2.8 times who made deals Market concentration, %* 20,202.7 +45.8% 2.9 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 June 2010 corporate bonds on KASE * ------------------------------------------------------------------- Stake from total volume of trades(%) in: ------------- ------------ ------------- Branch June 2010 May 2010 June 2009 -------------------------- ------------- ------------ ------------- Finance 91.4 80.0 90.0 Main 4.0 1.8 0.5 consumer sector Telecommunication services 3.4 1.0 2.4 Primary sector 1.1 1.7 3.3 Industry 0.1 0.1 0.4 Discretionary 0.04 0.01 0.01 consumer sector Utilities sector 0.02 0.03 3.0 Public health - 15.1 0.4 Energy - - - Information technologies - 0.4 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 June 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 -------- -------- -------- ------- ------- --------- --------- 31.05.10 26,754.7 14.10 362.12 304.55 1,604.5 235.4 01.06.10 26,721.4 14.20 361.70 303.66 5,287.7 776.5 02.06.10 26,154.0 14.21 361.31 303.52 6,026.4 885.0 03.06.10 26,192.7 14.19 360.50 301.20 29,244.0 4,288.6 04.06.10 26,187.2 14.18 359.42 300.89 12,446.2 1,826.5 07.06.10 25,760.1 14.18 361.63 302.11 4,636.6 681.8 08.06.10 25,718.4 14.19 361.15 301.52 450.1 66.3 09.06.10 25,716.7 14.21 359.52 301.08 8,549.5 1,258.7 10.06.10 25,759.3 14.23 359.99 300.87 5,695.8 836.8 11.06.10 25,752.4 14.23 359.88 300.60 915.6 134.6 14.06.10 25,751.7 14.22 360.07 300.39 3,624.8 533.1 15.06.10 25,726.0 14.22 360.51 300.03 1,978.7 291.4 16.06.10 25,756.7 14.21 360.44 300.68 906.4 133.3 17.06.10 25,762.2 14.21 360.30 300.41 1,462.5 215.1 18.06.10 25,770.5 14.22 360.21 300.17 291.0 42.8 21.06.10 25,782.0 14.23 360.68 299.60 2,747.4 403.7 22.06.10 25,776.8 14.22 359.97 299.48 2,844.9 418.2 23.06.10 25,751.9 14.27 360.25 299.66 31,742.5 4,670.0 24.06.10 25,743.2 14.27 360.48 299.66 1,828.6 269.2 25.06.10 25,732.1 14.27 360.69 299.80 421.8 62.1 28.06.10 25,681.4 14.20 362.35 300.68 1,873.0 276.0 29.06.10 25,676.8 14.20 360.84 299.99 1,626.4 239.8 30.06.10 25,457.6 14.15 361.54 300.30 12,830.8 1,893.2 -------- -------- -------- ------- ------- --------- --------- Trend -1297.1 +0.05 -0.6 -4.3 % -4.8 +0.4 -0.2 -1.4 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in June 2010 -------------------------------------------- Bonds: Issuers: Category of ------ ----- ------ ----- admission number trend number trend ------------------ ------ ----- ------ ----- Rated 55 +15 15 0 ------------------ ------ ----- ------ ----- Non-rated first subcategory 118 -17 33 -1 Non-rated second subcategory 38 0 28 0 Buffered 65 -6 10 0 ------------------ ------ ----- ------ ----- Total 276 -8 82 0 -------------------------------------------- Tab. 5. Summary data on deals with corporate bonds on KASE in June 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 9.00 9.50 9.50 -0.000003 7.70 16.00 661.8 3 ------- ------ ------ ------ ---------- ----- ------ --------- -------- AKFIb2 4.10 4.10 4.10 4.00 14.00 1,298.5 1 ------- ------ ------ ------ ---------- ----- ------ --------- -------- APKIb1 12.00 12.00 12.00 10.00 16.50 1,023.0 2 ------- ------ ------ ------ ---------- ----- ------ --------- -------- APKIb3 121.8 5 ------- ------ ------ ------ ---------- ----- ------ --------- -------- ATFBb5 8.00 8.00 8.00 -2.9 8.00 23.00 1,063.2 2 ------- ------ ------ ------ ---------- ----- ------ --------- -------- ATFBb6 7.70 10.16 8.00 -0.00001 7.70 22.00 6,379.7 9 ------- ------ ------ ------ ---------- ----- ------ --------- -------- ATFBb7 7.10 8.80 8.10 +0.1 7.10 9.74 24,825.5 15 ------- ------ ------ ------ ---------- ----- ------ --------- -------- BTAIb2 41.31 50.90 48.66 +2.0 30.25 53.00 1,783.3 4 ------- ------ ------ ------ ---------- ----- ------ --------- -------- BTAIb3 81.83 91.99 89.10 -3.2 9.40 104.84 474.3 10 ------- ------ ------ ------ ---------- ----- ------ --------- -------- BTAIb5 37.57 46.45 37.57 34.00 51.00 2,074.7 3 ------- ------ ------ ------ ---------- ----- ------ --------- -------- BTAIb6 7.66 7.66 7.66 7.66 77.00 291.9 1 ------- ------ ------ ------ ---------- ----- ------ --------- -------- BTAIb8 39.64 49.81 39.64 -21.8 6.17 64.00 24.9 2 ------- ------ ------ ------ ---------- ----- ------ --------- -------- BTAIb9 7.42 30.00 7.42 -1.6 7.00 45.00 397.4 3 ------- ------ ------ ------ ---------- ----- ------ --------- -------- CACMb1 14.00 14.00 14.00 -2.0 14.00 36.00 21.6 2 ------- ------ ------ ------ ---------- ----- ------ --------- -------- CCBNb12 7.00 7.00 7.00 -0.0001 7.00 20.00 286.2 1 ------- ------ ------ ------ ---------- ----- ------ --------- -------- CCBNb14 10.00 11.50 11.50 +1.0 10.00 25.42 167.4 5 ------- ------ ------ ------ ---------- ----- ------ --------- -------- CCBNb17 8.70 8.70 8.70 -0.3 8.70 10.00 204.4 1 ------- ------ ------ ------ ---------- ----- ------ --------- -------- CCBNe2 7.97 12.47 12.47 7.97 12.47 882.2 2 ------- ------ ------ ------ ---------- ----- ------ --------- -------- CCBNe5 8.23 9.36 9.36 8.23 9.36 2,435.8 7 ------- ------ ------ ------ ---------- ----- ------ --------- -------- CSBNb3 8.00 8.00 8.00 +0.5 7.50 16.94 3,575.1 1 ------- ------ ------ ------ ---------- ----- ------ --------- -------- CSBNb4 14.00 15.00 14.00 +1.0 13.00 22.00 34.9 3 CSBNb5 15.00 16.00 16.00 +0.0001 15.00 20.00 31.5 3 CSBNb6 16.95 19.95 16.95 +0.9 13.95 20.00 454.6 11 CSBNb7 13.05 13.05 13.05 12.00 14.00 1,913.7 1 CSBNb8 9.00 9.00 9.00 9.00 13.00 28,336.0 9 CTECb1 15.00 16.00 16.00 +1.0 12.50 20.00 16.0 2 EUBNb3 11.00 13.00 11.25 +0.3 10.00 23.00 102.0 7 EXBNb1 11.35 11.35 11.35 11.35 20.00 381.4 2 EXBNb2 10.71 10.71 10.71 10.71 20.50 1,141.9 2 EXBNb3 13.00 13.00 13.00 13.00 18.00 1,191.1 1 HSBKb10 10.15 10.15 10.15 10.00 14.50 9.4 1 HSBKb14 7.50 7.50 7.50 +1.0 6.50 12.06 87.2 6 HSBKe4 7.57 7.57 7.57 6.50 7.57 415.0 1 IMSKb2 6.00 11.00 11.00 -0.000002 6.00 11.00 517.3 6 KAFIb1 9.20 9.20 9.20 +0.3 8.93 16.00 1,182.0 1 KATRb2 9.20 9.20 9.20 9.20 19.00 2,388.4 3 KDTSb1 15.25 21.34 18.21 +1.2 15.25 103.55 889.5 10 KIBNb3 10.25 10.25 10.25 +0.00003 10.00 13.99 272.8 5 KKGBb5 8.30 8.80 8.80 7.50 8.80 25.5 2 KKGBb6 9.50 9.50 9.50 -0.0001 9.50 11.55 2,852.2 1 KKGBe4 10.71 11.92 10.71 +0.9 9.85 26.87 1,034.0 2 KKGBe8 11.02 11.02 11.02 11.02 20.00 891.2 1 KRZHb1 41.02 49.84 41.02 -21.2 21.33 108.05 35.3 2 KZIKb11 12.00 12.00 12.00 11.00 12.00 54.2 2 KZIKb17 12.51 12.51 12.51 +0.5 5.50 15.90 453.9 1 KZIKb19 10.00 10.00 10.00 7.00 10.00 96.9 2 KZIKb20 7.25 10.00 10.00 +3.0 7.00 10.62 29,236.2 7 KZIKb3 13.50 13.50 13.50 13.00 22.00 93.0 2 KZIKb6 13.50 13.50 13.50 11.00 13.50 363.3 1 KZIKb7 13.50 13.50 13.50 10.95 20.00 116.1 1 KZIKb8 13.50 16.75 16.75 13.00 21.28 208.2 3 KZTCb1 7.50 13.50 7.50 -6.0 7.50 35.00 56.9 5 MAG_b1 65.02 2.88 65.02 1,937.0 4 MREKb2 5.00 9.00 5.00 -4.0 5.00 17.00 82.3 8 MREKb3 10.00 11.00 10.00 +1.0 7.00 17.00 30.4 2 MREKb5 10.00 10.00 10.00 -0.5 9.03 16.00 37.9 2 NFBNb1 34.00 36.00 36.00 +1.0 16.75 36.00 2,921.8 17 NRBNb2 15.00 15.00 15.00 -0.00004 14.00 27.60 10.1 1 NRBNb5 12.00 12.00 12.00 -0.0000001 12.00 26.00 3.3 2 ORDKb2 14.00 16.00 14.00 -1.0 14.00 16.00 618.7 11 PRKRb2 8.00 8.00 8.00 -1.0 8.00 11.50 13.9 1 PRKRb3 9.00 9.50 9.00 9.00 10.00 2,173.5 2 REALb1 9.99 9.99 9.99 9.99 50.00 251.5 2 RESCb1 12.00 12.00 12.00 8.00 14.39 4,803.8 4 RGBRb4 14.00 16.00 16.00 13.70 35.00 26.4 2 RGBRb6 15.00 15.00 15.00 9.00 16.34 11.9 1 TEBNb6 47.40 47.49 47.40 40.00 47.49 187.2 2 TMLZb1 30.00 30.00 30.00 24.00 49.99 12.1 1 TSBNb2 14.00 14.04 14.00 13.00 25.00 20.6 2 TSBNb4 11.00 11.00 11.00 +0.00003 11.00 35.00 0.7 1 TSBNb5 14.00 14.00 14.00 +0.0001 14.00 50.00 194.3 3 TXBNb2 7.00 10.00 7.00 +1.7 4.00 15.18 56.9 5 VITAb5 124.50 134.00 124.50 -9.5 22.82 134.00 22.2 12 ZERDb1 110.54 119.00 114.00 -5.0 10.00 119.00 131.3 36 ------- ------ ------ ------ ---------- ----- ------ --------- -------- 74 136,422.0 306 ----------------------------------------------------------------------- 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 - May 2010. [2010-07-16]