REVIEW: KASE debt capital market in July 2010

/IRBIS, August 10, 2010/ - In July 2010, on the Kazakhstan Stock Exchange (KASE) on corporate bonds in all market sectors recorded 310 transactions totaling KZT5,873.1 million, or 39.8 million U.S. dollars at the current rate at the date of the transaction. This represents 45.4% of the monthly trading volume on the corporate securities market (in June 2010 - 74.2%) and 0.2% of the total trading volume in all sectors of the market (1.0%). Ticket background of the stock market of corporate bonds in July 2010 was as follows: Of the 58 names of the bonds involved in the transactions on the secondary market at a discount traded debt instruments of 50 items, with a premium - 8 items. The most overbought look HSBCKe4, the weighted average net price of which amounted to 105.65%, resold - VITAb5 (13.49%). Recall that in June 2010 of the 74 items of bonds involved in the transactions on the secondary market at a discount traded debt instruments 56 titles, 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%). The average net price of corporate bonds on the secondary market in July dropped to 84.8% compared with 87.7% in June 2010. A month on deals yield to maturity for a buyer grown in 33 instruments (in June 2010 - at 35), decreased in 25 instruments (36). Below are the tables, characterizing this segment of exchange market in July 2010. Tab. 1. Statistic characteristic of corporate bonds market on KASE in July of 2010 (indicators are given taking into account direct deals) ------------------------------------------------------------------------- Trend to ------------------- Indicator July 2010 June 2009 July 2009 ------------------------------------------- --------- --------- --------- Trades volume, th., USD 39,817.6 3.5 times 7.5 times Trades volume, m., KZT 5,873.1 3.4 times 7.6 times Number of deals 310 +1.0% 2.1 times Day average number of deals 15 +5.8% 2.0 times Day average volume of deals, th. USD 1,896.1 3.3 times 7.1 times Day average volume of deals, m. KZT 279.7 3.3 times 7.3 times Number of instruments, 58 -21.6% -49.6% involved in deals Stake of nego deals (number), % 0.3 -0.003 pp -1.9 pp Stake of nego deals (volume), % 0.001 -0.7 pp -2.8 pp Participation of pension assets, % gross 19.0 -0.2 pp -39.8 pp Participation of physical entities, % gross 29.4 +10.1 pp +19.2 pp Participation of non residents, % gross 0.5 -0.5 pp +0.4 pp Number of exchange's members, 36 -10.0% -26.5% who made deals Market concentration, %* 48.0 -16.6 pp +9.4 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 July 2010 corporate bonds on KASE * ------------------------------------------------------------------- Stake from total volume of trades(%) in: ------------- ------------- ------------ Branch July 2010 June 2010 July 2009 -------------------------- ------------- ------------- ------------ Finance 71.9 91.4 88.0 Main consumer sector 17.4 3.4 3.6 Telecommunication services 7.1 - 2.8 Primary sector 1.4 0.1 0.5 Industry 1.0 0.02 0.05 Discretionary 0.9 4.0 0.2 consumer sector Utilities sector 0.3 1.1 3.8 Public health 0.02 - 0.2 Energy - - 0.02 Information technologies - 0.04 0.8 ------------------------------------------------------------------- * 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 July 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 -------- -------- -------- ------- ------- --------- --------- 30.06.10 25,457.6 14.15 361.54 300.30 12,830.8 1,893.2 01.07.10 25,468.2 14.15 362.14 300.09 464.8 68.6 02.07.10 25,468.2 14.15 362.49 300.54 524.9 77.4 03.07.10 25,508.7 14.15 362.29 300.74 5,929.9 873.7 07.07.10 25,502.5 14.10 363.63 301.06 1,241.9 182.9 08.07.10 25,509.4 14.10 362.54 300.55 5,031.1 742.0 09.07.10 25,719.0 14.11 363.29 300.63 2,480.8 366.0 12.07.10 25,693.0 14.13 363.59 300.62 1,976.1 291.7 13.07.10 25,661.7 14.15 362.90 300.31 1,930.8 285.2 14.07.10 25,672.5 14.20 362.98 300.61 3,984.2 588.6 15.07.10 25,708.5 14.21 363.74 300.44 481.3 71.0 16.07.10 25,728.4 14.21 363.02 300.31 746.6 110.2 19.07.10 25,738.9 14.20 363.72 300.07 5,916.1 872.4 20.07.10 25,680.0 14.17 362.88 299.83 788.4 116.3 21.07.10 25,677.9 14.20 363.56 300.62 512.7 75.6 22.07.10 25,653.6 14.20 363.57 300.52 262.3 38.7 23.07.10 25,682.4 14.20 363.34 300.28 412.1 60.8 26.07.10 25,693.0 14.20 364.36 300.12 375.6 55.3 27.07.10 25,680.1 14.23 363.42 299.77 3,328.6 490.6 28.07.10 25,663.2 14.24 363.60 300.00 1,565.9 231.1 29.07.10 25,666.0 14.26 363.57 299.83 1,688.3 249.2 30.07.10 25,657.1 14.26 363.41 299.52 175.3 25.9 -------- -------- -------- ------- ------- --------- --------- Trend +199.5 +0.1 +1.9 -0.8 % +0.8 +0.8 +0.5 -0.3 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in July 2010 -------------------------------------------- Bonds: Issuers: Category of ------ ----- ------ ----- admission number trend number trend ------------------ ------ ----- ------ ----- Rated 60 +5 19 +4 ------------------ ------ ----- ------ ----- Non-rated first subcategory 113 -5 32 -1 Non-rated second subcategory 36 -2 26 -2 Buffered 66 +1 10 0 ------------------ ------ ----- ------ ----- Total 275 -1 82 0 -------------------------------------------- Tab. 5. Summary data on deals with corporate bonds on KASE in July 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 --------- ------ ------ ------ -------- ----- ------ --------- -------- ABDIb1 36.00 36.00 36.00 28.00 50.00 4.1 1 --------- ------ ------ ------ -------- ----- ------ --------- -------- AGKKb1 9.30 9.30 9.30 -0.2 7.70 13.00 1,333.7 1 --------- ------ ------ ------ -------- ----- ------ --------- -------- ASNDb2 66.90 66.90 66.90 12.74 68.62 2.4 2 --------- ------ ------ ------ -------- ----- ------ --------- -------- ATFBb7 8.10 8.10 8.10 >+0.0001 7.10 9.74 123.2 1 --------- ------ ------ ------ -------- ----- ------ --------- -------- BTAIb2 37.20 48.84 37.20 -11.5 30.25 53.00 1,555.3 7 --------- ------ ------ ------ -------- ----- ------ --------- -------- BTAIb3 31.90 91.40 31.90 -57.2 9.40 104.84 536.5 3 --------- ------ ------ ------ -------- ----- ------ --------- -------- BTAIb5 27.40 46.71 27.45 -10.1 27.40 51.00 452.1 6 --------- ------ ------ ------ -------- ----- ------ --------- -------- BTAIb7 58.60 67.91 58.60 29.00 67.91 356.8 3 --------- ------ ------ ------ -------- ----- ------ --------- -------- BTAIb9 7.40 9.75 7.42 +0.001 7.00 45.00 224.3 11 --------- ------ ------ ------ -------- ----- ------ --------- -------- CACMb1 14.00 25.00 24.00 +10.0 14.00 36.00 384.1 14 --------- ------ ------ ------ -------- ----- ------ --------- -------- CCBNb12 7.00 7.55 7.00 +0.0001 7.00 20.00 4,823.4 11 --------- ------ ------ ------ -------- ----- ------ --------- -------- CCBNb14 11.00 11.00 11.00 -0.5 10.00 25.42 57.9 1 --------- ------ ------ ------ -------- ----- ------ --------- -------- CCBNb4 9.00 9.00 9.00 8.00 16.00 55.6 2 --------- ------ ------ ------ -------- ----- ------ --------- -------- CCBNb6 10.00 10.00 10.00 9.50 18.00 11.7 1 --------- ------ ------ ------ -------- ----- ------ --------- -------- CCBNb7 9.00 9.00 9.00 8.40 25.08 11.3 1 --------- ------ ------ ------ -------- ----- ------ --------- -------- CCBNb9 9.00 9.00 9.00 9.00 26.00 8.9 1 --------- ------ ------ ------ -------- ----- ------ --------- -------- CCBNe5 8.23 10.00 10.00 +0.6 8.23 10.00 2,474.2 8 --------- ------ ------ ------ -------- ----- ------ --------- -------- CSBNb3 9.00 9.00 9.00 +1.0 7.50 16.94 12.4 1 --------- ------ ------ ------ -------- ----- ------ --------- -------- CSBNb5 17.00 17.00 17.00 +1.0 15.00 20.00 1.2 1 --------- ------ ------ ------ -------- ----- ------ --------- -------- CTECb1 14.03 15.00 14.03 -2.0 12.50 20.00 5,037.5 2 --------- ------ ------ ------ -------- ----- ------ --------- -------- EUBNb3 10.00 12.00 12.00 +0.8 10.00 22.00 30.1 6 HSBKb10 10.15 10.15 10.15 >+0.0001 10.00 14.50 44.4 4 HSBKb11 10.00 10.00 10.00 9.30 15.00 9.4 1 HSBKb14 7.50 7.50 7.50 +0.0001 6.50 12.06 10.6 1 HSBKb7 8.00 8.00 8.00 8.00 17.00 9.0 1 HSBKe4 7.25 7.25 7.25 -0.3 6.50 7.57 173.0 1 KASSb1 11.00 12.00 12.00 11.00 17.00 28.5 2 KDTSb1 18.54 18.54 18.54 +0.3 15.25 103.55 355.8 2 KIBNb3 10.25 10.25 10.25 +0.0001 10.00 13.99 725.2 7 KKGBb4 10.00 10.00 10.00 10.00 22.00 12.4 1 KKGBb5 9.70 9.70 9.70 +0.9 7.50 10.70 12.2 1 KKGBe4 10.88 10.88 10.88 +0.2 9.85 23.59 120.4 1 KONDb1 140.10 143.30 143.30 55.84 259.62 10.0 3 KRZHb1 60.00 69.08 69.08 +28.1 21.33 98.42 66.4 6 KZIKb17 14.50 15.50 14.50 +2.0 7.50 15.90 446.8 5 KZIKb18 12.00 12.00 12.00 11.50 13.50 8.7 1 KZIKb20 8.00 12.00 12.00 +2.0 7.00 12.00 138.6 7 KZIKb6 13.00 13.00 13.00 -0.5 11.00 13.50 33.6 1 KZIKb7 13.00 13.00 13.00 -0.5 10.95 20.00 32.7 1 LOGCb1 28.00 28.00 28.00 6.82 32.70 6.2 1 MREKb3 8.00 9.00 9.00 -1.0 7.00 17.00 35.9 3 NFBNb1 34.00 36.00 34.00 -2.0 31.20 36.00 29.6 5 NRBNb2 13.00 16.00 13.00 -2.0 13.00 27.60 198.6 9 ORDKb2 14.00 16.00 16.00 +2.0 14.00 16.00 544.2 29 PRKRb2 8.00 8.50 8.00 >-0.0001 8.00 11.50 6,906.6 6 REALb1 9.99 9.99 9.99 >+0.0001 9.99 50.00 420.4 3 RESCb1 10.00 12.00 10.00 -2.0 8.00 14.39 1,165.1 2 RGBRb4 14.00 14.00 14.00 -2.0 13.70 35.00 8.6 1 SATCb1 9.95 9.95 9.95 4.05 10.00 2,783.7 1 TMLZb1 24.00 28.45 26.00 -4.0 24.00 49.99 40.3 4 TSBNb2 13.00 13.00 13.00 -1.0 13.00 25.00 8.9 1 TSBNb5 16.00 16.00 16.00 +2.0 14.00 50.00 33.2 4 TSBNb6 14.00 14.00 14.00 10.00 14.00 117.2 1 TSBNb7 7.50 7.50 7.50 7.50 7.50 14.9 1 US_JPM_e1 8.93 10.33 8.93 4.87 10.33 7,176.5 6 VITAb5 122.00 126.50 122.00 -2.5 22.82 134.00 26.5 13 ZERDb1 67.00 115.00 86.67 -27.3 10.00 119.00 566.6 89 --------- ------ ------ ------ -------- ----- ------ --------- -------- 57 39,817.2 309 ----------------------------------------------------------------------- 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 - June 2010. [2010-08-10]