REVIEW: KASE debt capital market in August 2010

/IRBIS, September 14, 2010/ - In August 2010, on the Kazakhstan Stock Exchange (KASE) on corporate bonds in all market sectors recorded 252 transactions totaling KZT10,467.7 million, or 71,017.5 million U.S. dollars at the current rate at the date of the transaction. This represents 66.9% of the monthly trading volume on the corporate securities market (in July 2010 - 45.4%) and 0.4% of the total trading volume in all sectors of the market (0.2%). Ticket background of the stock market of corporate bonds in August 2010 was as follows: of the 49 items of the bonds involved in the transactions on the secondary market at a discount traded debt instruments of 39 items, with a premium - 10 names. The most overbought look EUBNb5, the weighted average net price of which amounted to 113.55%, resold - VITAb5 (12.51%). Recall that in July 2010 of the 58 items of bonds involved in the transaction on the secondary market at a discount traded debt instruments 50 items, with a premium - 8 items. The most overbought look HSBKe4, the weighted average net price of which amounted to 105.65%, resold - VITAb5 (13.49%). The average net price of corporate bonds on the secondary market in August rose to 86.2% compared with 84.8% in July 2010. A month on deals yield to maturity rose to the buyer for 16 instruments (in July 2010 - at 33), decreased in 31 instruments (25), and a bargaining tool for the first time. Below are the tables, characterizing this segment of exchange market in August 2010. Tab. 1. Statistic characteristic of corporate bonds market on KASE in August of 2010 (indicators are given taking into account direct deals) ----------------------------------------------------------------------------- Trend to --------------------- Indicator August 2010 July 2009 August 2009 ------------------------------------------- ----------- --------- ----------- Trades volume, th., USD 71,017.5 +78.4% -22.5% Trades volume, m., KZT 10,467.7 +78.2% -24.2% Number of deals 252 -18.7% 2.0 times Day average number of deals 12 -18.7% 2.1 times Day average volume of deals, th. USD 3,381.8 +78.4% -26.2% Day average volume of deals, m. KZT 498.5 +78.2% -27.8% Number of instruments, 49 -15.5% -44.3% involved in deals Stake of nego deals (number), % 0 -0.3 pp -0.6 pp Stake of nego deals (volume), % 0 -0.001 pp -0.0001 pp Participation of pension assets, % gross 18.3 -0.6 pp -3.1 pp Participation of physical entities, % gross 16.7 -12.7 pp -6.8 pp Participation of non residents, % gross 5.2 +4.7 pp +5.2 pp Number of exchange's members, 40 +11.1% -2.4% who made deals Market concentration, %* 37.3 -10.8 pp -11.2 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 August 2010 corporate bonds on KASE * ------------------------------------------------------------------- Stake from total volume of trades(%) in: -------------- ----------- ------------- Branch August 2010 July 2010 August 2009 -------------------------- -------------- ----------- ------------- Finance 92.1 71.9 78.3 Main 5.5 7.1 0.1 consumer sector Telecommunication services 1.1 17.4 8.0 Primary sector 0.8 1.4 0.5 Industry 0.2 0.3 9.3 Discretionary 0.2 0.9 1.0 consumer sector Utilities sector 0.1 1.0 0.1 Public health 0.004 0.02 2.6 Energy - - - Information technologies - - 0.1 ------------------------------------------------------------------- *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 August 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 -------- -------- -------- ------- ------- --------- --------- 30.07.10 25,657.1 14.26 363.41 299.52 175.3 25.9 02.08.10 25,664.3 14.26 364.06 299.26 29.4 4.3 03.08.10 25,644.4 14.24 362.65 298.66 21,922.9 3,237.1 04.08.10 25,702.0 14.25 362.16 297.92 530.2 78.2 05.08.10 25,703.8 14.14 363.77 299.53 4,731.7 697.5 06.08.10 25,718.0 14.14 363.31 298.97 990.5 145.9 09.08.10 25,710.2 14.14 364.08 298.84 2,317.6 341.2 10.08.10 25,702.5 14.11 363.74 299.06 5,203.9 766.9 11.08.10 25,703.4 14.11 364.17 298.81 496.5 73.1 12.08.10 25,644.2 14.11 364.77 299.31 248.4 36.7 13.08.10 25,668.4 14.29 365.48 300.52 317.7 46.8 16.08.10 25,635.0 14.29 365.87 300.61 8,743.4 1,288.7 17.08.10 25,645.7 14.25 365.53 300.89 4,723.5 695.6 18.08.10 25,663.1 14.25 365.86 301.06 1,716.6 252.6 19.08.10 25,662.0 14.26 366.14 301.32 6,394.7 941.1 20.08.10 25,660.9 14.27 367.09 301.36 2,403.8 353.6 23.08.10 25,644.0 14.27 367.16 301.20 3,309.9 487.2 24.08.10 25,646.6 14.27 366.75 301.32 981.8 144.5 25.08.10 25,607.9 14.27 366.96 300.88 2,106.8 310.3 26.08.10 21,246.2 14.27 366.63 300.98 2,617.8 385.2 27.08.10 21,247.6 14.26 367.15 301.42 1,036.7 152.5 31.08.10 21,230.0 14.26 367.69 301.13 193.8 28.5 -------- -------- -------- ------- ------- --------- --------- Trend -4427.1 +0.004 +4.3 +1.6 % -17.3 +0.02 +1.2 +0.5 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in August 2010 -------------------------------------------- Bonds: Issuers: Category of ------ ----- ------ ----- admission number trend number trend ------------------ ------ ----- ------ ----- Rated 60 0 20 +1 ------------------ ------ ----- ------ ----- Non-rated first subcategory 112 -1 32 0 Non-rated second subcategory 34 -2 24 -2 Buffered 47 -19 11 +1 ------------------ ------ ----- ------ ----- Total 253 -22 81 -1 -------------------------------------------- Tab. 5. Summary data on deals with corporate bonds on KASE in August 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 8.50 9.64 8.50 -0.8 7.70 13.00 1,962.0 10 ------- ------ ------ ------ --------- ----- ------ --------- -------- ATFBb6 7.20 10.12 7.20 7.00 19.00 9,532.8 10 ------- ------ ------ ------ --------- ----- ------ --------- -------- BRKZe2 4.60 5.00 4.60 4.60 5.73 8,763.8 6 ------- ------ ------ ------ --------- ----- ------ --------- -------- BTAIb11 32.45 39.73 32.45 24.89 39.73 1,817.7 6 ------- ------ ------ ------ --------- ----- ------ --------- -------- BTAIb14 35.21 37.89 35.21 15.00 45.84 78.1 2 ------- ------ ------ ------ --------- ----- ------ --------- -------- BTAIb2 19.22 24.16 21.22 -16.0 19.22 53.00 1,095.7 7 ------- ------ ------ ------ --------- ----- ------ --------- -------- BTAIb3 31.92 31.92 31.92 +0.02 9.40 104.84 33.5 1 ------- ------ ------ ------ --------- ----- ------ --------- -------- BTAIb5 33.81 38.38 38.38 +10.9 27.40 51.00 326.0 5 ------- ------ ------ ------ --------- ----- ------ --------- -------- BTAIb7 58.88 58.88 58.88 +0.3 29.00 67.91 19.1 1 ------- ------ ------ ------ --------- ----- ------ --------- -------- BTAIb9 7.02 7.02 7.02 -0.4 7.00 40.00 102.0 5 ------- ------ ------ ------ --------- ----- ------ --------- -------- CACMb1 18.00 24.00 18.00 -6.0 14.00 36.00 51.8 5 ------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNb20 8.00 8.00 8.00 8.00 12.00 286.4 2 ------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNb4 7.00 7.00 7.00 -2.0 7.00 14.00 12.9 1 ------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNb6 10.86 12.00 10.86 +0.9 9.50 18.00 1,126.0 3 ------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNb7 10.86 10.93 10.93 +1.9 8.40 18.01 640.1 2 ------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNe2 8.00 8.00 8.00 7.97 12.47 38.7 2 ------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNe4 7.50 9.00 7.50 7.10 9.00 1,892.4 4 ------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNe5 7.50 10.00 7.50 -2.5 7.50 10.00 2,198.4 7 ------- ------ ------ ------ --------- ----- ------ --------- -------- CSBNb3 7.50 7.50 7.50 -1.5 7.50 16.94 6,249.7 4 ------- ------ ------ ------ --------- ----- ------ --------- -------- CSBNb6 15.95 15.95 15.95 13.95 20.00 10.6 1 ------- ------ ------ ------ --------- ----- ------ --------- -------- CTECb1 15.00 15.90 15.90 +1.9 12.50 16.00 1,400.2 2 DTJLb1 13.47 13.47 13.47 10.05 43.72 128.7 1 EKGSb1 8.00 8.50 8.00 8.00 11.60 3,875.2 3 EUBNb3 11.25 13.00 12.01 +0.01 10.00 22.00 4,126.6 13 EUBNb5 7.00 7.00 7.00 7.00 10.00 18.6 1 HSBKb8 8.50 8.50 8.50 8.50 14.00 10.8 1 HSBKb9 8.00 8.00 8.00 8.00 17.00 12.7 1 KIBNb3 10.25 10.25 10.25 +0.0003 10.00 13.99 272.1 4 KKGBb5 10.00 10.70 10.70 +1.0 7.50 10.70 1,174.3 5 KKGBb9 8.00 8.00 8.00 8.00 8.00 16,930.8 1 KKGBe4 10.08 10.08 10.08 -0.8 9.26 22.81 11.9 1 KKGBe5 10.02 10.02 10.02 10.02 16.13 13.2 1 KRZHb1 16.26 16.26 16.26 -52.8 16.26 98.42 166.1 1 KZIKb17 15.50 15.75 15.75 +1.3 7.50 15.90 154.9 2 KZIKb20 14.00 14.00 14.00 +2.0 7.00 14.00 17.3 1 KZIKb6 13.00 13.00 13.00 -0.0001 11.00 13.50 26.9 1 LOGCb1 26.00 28.00 28.00 -0.001 6.82 32.70 3.1 3 MREKb2 6.00 6.00 6.00 5.00 15.00 9.0 1 NFBNb1 32.90 34.90 34.90 +0.9 31.20 36.00 128.2 16 NRBNb2 13.00 16.00 13.00 -0.00002 13.00 19.00 166.1 3 ORDKb2 14.00 16.00 14.00 -2.0 14.00 16.00 445.5 17 PDENb1 10.00 10.00 10.00 10.00 16.40 0.6 1 PRKRb2 8.00 8.00 8.00 -0.0003 8.00 11.50 702.2 1 RESCb1 9.00 12.00 9.00 -1.0 8.00 14.39 1,176.2 3 SATCb1 9.95 9.95 9.95 -0.000004 4.05 10.00 32.7 1 TMLZb1 24.00 24.00 24.00 -2.0 24.00 49.99 13.7 1 TSBNb5 14.00 16.00 14.00 -2.0 14.00 43.00 3,114.0 9 VITAb5 120.00 152.00 131.00 +9.0 22.82 156.44 45.3 20 ZERDb1 31.50 75.00 44.00 -42.7 10.00 119.00 602.7 53 ------- ------ ------ ------ --------- ----- ------ --------- -------- 49 71,017.5 252 ---------------------------------------------------------------------- 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 - July 2010. [2010-09-14]