REVIEW: KASE debt capital market in September 2010

/IRBIS, October 19, 2010/ - In September 2010, on the Kazakhstan Stock Exchange (KASE) on corporate bonds in all market sectors recorded 359 transactions totaling KZT83,603.7 million, or 566,892.1 million U.S. dollars at the current rate at the date of the transaction. This represents 89.3% of the monthly trading volume on the corporate securities market (in August 2010 - 66.9%) and 3.7% of the total trading volume in all sectors of the market (0.4%). Ticket background of the stock market of corporate bonds in September 2010 was as follows: of the 59 items of the bonds involved in the transactions on the secondary market at a discount traded debt instruments of 41 items, with a premium - 18 names. The most overbought look CSBNb9, the weighted average net price of which amounted to 117.93%, resold - VITAb5 (8.70%). Recall that in August 2010 of the 49 items of bonds involved in the transaction on the secondary market at a discount traded debt instruments 39 items, with a premium - 10 items. The most overbought look HSBKe4, the weighted average net price of which amounted to 113.55%, resold - VITAb5 (12.51%). The average net price of corporate bonds on the secondary market in September rose to 89.4% compared with 86.2% in August 2010. A month on deals yield to maturity rose to the buyer for 21 instruments (in August 2010 - at 16), decreased in 35 instruments (31), and a bargaining tool for the first time(1). Below are the tables, characterizing this segment of exchange market in September 2010. Tab. 1. Statistic characteristic of corporate bonds market on KASE in September of 2010 (indicators are given taking into account direct deals) ----------------------------------------------------------------------------- Trend to ----------------------- Indicator September August September 2010 2009 2009 ------------------------------------------- --------- ----------- ----------- Trades volume, th., USD 566,892.1 8.0 times 4.9 times Trades volume, m., KZT 83,610.7 8.0 times 4.8 times including placement, thousand in USD 415,946.2 - - including placement, mln in KZT 61,368.7 - - Number of deals 359 +42.5% -47.5% Day average number of deals 16 +36.0% -47.5% Day average volume of deals, th. USD 25,767.8 7.6 times 4.9 times Day average volume of deals, m. KZT 3,800.5 7.6 times 4.8 times Number of instruments, 59 +20.4% -45.4% involved in deals Stake of nego deals (number), % 0 0 -0.1 times Stake of nego deals (volume), % 0 0 -0.4 times Participation of pension assets, % gross 5.4 -12.9 times -25.5 times Participation of physical entities, % gross 32.5 +15.8 times +7.3 times Participation of non residents, % gross 7.9 +2.7 times +6.3 times Number of exchange's members, 38 -5.0% -22.4% who made deals Market concentration, %* 45.2 +7.9 times -1.4 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 September 2010 corporate bonds on KASE * -------------------------------------------------------------------- Stake from total volume of trades(%) in: -------------- ----------- -------------- Branch September 2010 August 2010 September 2009 -------------------------- -------------- ----------- -------------- Finance 95.0 92.1 67.5 Main consumer sector 3.7 0.8 1.4 Telecommunication services 0.9 0.2 4.9 Primary sector 0.2 5.5 0.03 Industry 0.1 1.1 16.4 Discretionary 0.02 0.2 1.7 consumer sector Utilities sector 0.01 0.1 0.9 Public health 0.003 0.004 - Energy - - 0.1 Information technologies - - 7.2 -------------------------------------------------------------------- * 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 September 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 -------- -------- -------- ------- ------- --------- --------- 31.08.10 21,230.0 14.26 367.69 301.13 193.8 28.5 01.09.10 20,336.8 14.25 367.66 300.92 2,558.6 376.7 02.09.10 20,337.3 14.20 366.88 300.87 289.5 42.6 03.09.10 19,525.6 14.20 366.64 300.76 6,044.0 890.2 06.09.10 19,514.2 14.19 367.97 300.97 13,319.1 1,961.6 07.09.10 19,511.1 14.16 367.49 301.49 5,307.5 782.1 08.09.10 19,490.3 14.14 367.41 301.28 8,352.7 1,231.9 09.09.10 19,488.4 14.14 367.29 301.23 5,544.7 817.7 10.09.10 19,499.3 14.13 367.38 301.18 6,084.9 896.8 13.09.10 19,513.8 14.14 368.35 301.01 16,196.6 2,384.8 14.09.10 19,521.7 14.13 368.18 300.81 7,361.7 1,083.6 15.09.10 19,527.8 14.08 368.22 300.87 7,242.3 1,065.8 16.09.10 19,524.3 14.12 367.24 300.72 14,521.8 2,138.8 17.09.10 19,522.8 14.12 367.20 300.67 14,113.9 2,080.2 20.09.10 19,529.6 14.12 368.31 300.75 1,441.0 212.4 21.09.10 19,518.6 14.13 367.38 300.55 685.6 101.1 22.09.10 19,536.1 14.20 366.75 299.78 9,740.4 1,434.9 23.09.10 19,533.7 14.17 367.45 300.55 10,592.5 1,562.3 24.09.10 19,530.7 14.11 367.37 300.47 6,036.2 890.6 27.09.10 19,534.8 14.11 368.60 300.61 418,949.5 61,811.8 28.09.10 19,968.7 14.10 367.98 301.83 8,387.5 1,236.5 29.09.10 19,960.7 14.11 367.80 301.45 875.2 129.1 -------- -------- -------- ------- ------- --------- --------- Trend -1265.6 -0.1 +0.5 -0.1 % -6.0 -1.0 +0.1 -0.02 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in September 2010 -------------------------------------------- Bonds: Issuers: Category of ------ ----- ------ ----- admission number trend number trend ------------------ ------ ----- ------ ----- Rated 71 +11 25 +5 ------------------ ------ ----- ------ ----- Non-rated first subcategory 111 -1 32 0 Non-rated second subcategory 33 -1 23 -1 Buffered 40 -7 11 0 ------------------ ------ ----- ------ ----- Total 255 +2 82 +1 -------------------------------------------- Tab. 5. Summary data on deals with corporate bonds on KASE in September 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 32.00 36.00 748.6 1 ------- ------ ------ ------ --------- ----- ------ --------- -------- AESOb1 12.00 12.00 12.00 11.80 13.00 749.7 5 ------- ------ ------ ------ --------- ----- ------ --------- -------- ALBNb2 6.00 6.00 6.00 6.00 10.50 16.8 1 ------- ------ ------ ------ --------- ----- ------ --------- -------- ATFBb4 8.00 8.00 8.00 8.00 14.00 16.6 1 ------- ------ ------ ------ --------- ----- ------ --------- -------- ATFBb6 7.00 7.00 7.00 -0.2 7.00 17.00 684.0 2 ------- ------ ------ ------ --------- ----- ------ --------- -------- ATFBe6 6.27 7.20 6.27 6.27 8.76 6,975.1 4 ------- ------ ------ ------ --------- ----- ------ --------- -------- BTAIb11 24.89 32.51 24.89 -7.6 24.89 39.73 758.3 3 ------- ------ ------ ------ --------- ----- ------ --------- -------- BTAIb2 19.40 30.68 28.69 +7.5 19.22 53.00 730.6 4 ------- ------ ------ ------ --------- ----- ------ --------- -------- BTAIb3 35.06 36.25 36.25 +4.3 9.40 104.84 192.7 7 ------- ------ ------ ------ --------- ----- ------ --------- -------- BTAIb9 6.80 7.02 6.80 -0.2 6.80 33.00 866.0 15 ------- ------ ------ ------ --------- ----- ------ --------- -------- BTTRb1 8.64 8.64 8.64 8.64 10.22 55.0 4 ------- ------ ------ ------ --------- ----- ------ --------- -------- CBH_b1 22.38 22.38 22.38 22.38 24.11 11.7 1 ------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNb10 11.40 11.40 11.40 9.00 13.10 24.1 1 ------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNb11 9.45 9.45 9.45 9.45 12.50 14.7 1 ------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNb12 3.50 4.50 4.00 3.50 10.00 40.8 5 ------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNb20 8.00 8.00 8.00 +0.00001 8.00 10.00 7.2 1 ------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNb4 6.50 8.00 6.50 -0.5 6.50 11.00 667.6 6 ------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNb6 10.00 10.00 10.00 -0.9 9.50 14.00 350.7 2 ------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNb7 11.40 11.40 11.40 +0.5 8.40 13.00 20.2 1 ------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNb8 9.00 11.40 9.00 9.00 11.70 3,768.2 6 ------- ------ ------ ------ --------- ----- ------ --------- -------- CCBNb9 9.45 9.45 9.45 9.00 11.50 20.3 1 CCBNe2 7.00 7.00 7.00 -1.0 7.00 12.47 1,574.8 1 CCBNe3 5,882.0 9 CCBNe4 7.10 7.44 7.10 -0.4 7.10 9.00 10,311.6 5 CSBNb4 13.00 15.00 13.00 13.00 19.00 8,922.6 6 CSBNb5 15.00 15.00 15.00 15.00 20.00 12.6 1 CSBNb9 8.00 9.00 9.00 8.00 9.00 24,526.7 5 CTECb1 15.50 15.50 15.50 -0.4 12.50 16.00 231.0 1 EUBNb3 8.00 12.00 10.00 -2.0 8.00 21.00 26,914.2 40 EUBNb4 9.00 12.00 9.70 9.00 13.01 6,179.7 4 HSBKb10 9.00 9.00 9.00 9.00 14.50 66.9 1 HSBKe3 6.94 7.14 6.94 6.94 7.50 16,785.7 10 HSBKe4 5.31 5.82 5.31 5.11 7.57 11,161.5 8 KASSb1 8.99 9.00 8.99 7.00 17.00 320.3 7 KIBNb1 12.00 12.00 12.00 11.25 12.00 529.2 1 KKAGb3 22.93 22.93 22.93 22.93 22.93 18.9 1 KKGBb5 11.00 11.50 11.50 +0.8 7.50 11.50 161.7 3 KKGBe4 9.26 9.30 9.26 -0.8 9.26 17.22 221.5 3 KONDb1 166.23 166.23 166.23 55.84 259.62 1.5 1 KRZHb1 54.48 72.32 72.32 +56.1 16.26 85.31 27.4 5 KZAPe1 4.47 4.47 4.47 4.47 4.47 547.7 1 KZIKb17 15.75 15.75 15.75 +0.000002 7.50 15.90 185.6 1 KZIKb20 13.00 17.00 17.00 +3.0 7.00 17.00 40.5 3 KZIKb4 14.45 14.45 14.45 11.01 14.45 176.0 1 LOGCb1 26.01 26.01 26.01 -2.0 6.82 32.70 5.0 1 MREKb3 9.00 9.00 9.00 7.00 17.00 14.6 2 MREKb5 10.00 10.00 10.00 9.03 16.00 0.8 1 NFBNb1 32.90 32.90 32.90 -2.0 32.90 36.00 6.7 1 ORDKb2 12.00 16.00 14.50 +0.5 12.00 16.00 553.2 19 REALb1 9.99 10.50 10.50 9.99 50.00 1,015.3 4 RESCb1 8.01 12.00 8.01 -1.0 8.00 14.39 11,786.2 3 RGBRb6 16.00 16.00 16.00 13.97 16.34 7.1 1 TSBNb2 13.00 15.50 13.00 13.00 23.00 837.3 6 TSBNb5 14.00 14.00 14.00 +0.00002 14.00 37.00 6.3 2 TSBNb6 14.00 14.00 14.00 12.00 14.00 120.4 1 TXBNb3 9.00 9.00 9.00 7.00 17.27 60.6 3 VITAb5 131.00 277.13 277.13 +146.1 22.82 277.13 94.0 52 VMZVb1 15.00 15.00 15.00 13.90 15.00 35.8 2 ZERDb1 42.00 45.86 44.00 +0.00004 10.00 119.00 4,884.1 55 ------- ------ ------ ------ --------- ----- ------ --------- -------- 59 150,946.0 343 ---------------------------------------------------------------------- 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 - August 2010. [2010-10-19]