REVIEW: KASE debt capital market in October 2010

/IRBIS, November 22, 2010/ - In October 2010, on the Kazakhstan Stock Exchange (KASE) on corporate bonds in all market sectors recorded 254 transactions totaling KZT15,161.8 million, or 102,739.8 million U.S. dollars at the current rate at the date of the transaction. This represents 6.9% of the monthly trading volume on the corporate securities market (in September 2010 - 89.3%) and 0.6% of the total trading volume in all sectors of the market (3.7%). Von stock price of corporate bond market in October 2010 was as follows: of the 57 items of the bonds involved in the transaction on the secondary market at a discount traded debt instruments 43 items, with a premium - 14 items. Most overbought look MREKb6, the weighted average net price of which amounted to 117.27% oversold - VITAb5 (9.02%). Recall that in September 2010 from 59 denominations of bonds involved in the transaction on the secondary market at a discount traded debt instruments 41 items, with a premium - 18 names. Most overbought look CSBNb9, the weighted average net price of which amounted to 117.93% oversold - VITAb5 (8.70%). The weighted average net price of corporate bonds on the secondary market in October rose to 89.4% compared with 89.4% in September 2010. Per month on deals yield to maturity for a buyer rose from 24 instruments (in September 2010 - at 21), decreased in 29 instruments (35), 4 tools were traded for the first time (3). Below are the tables, characterizing this segment of exchange market in October 2010. Tab. 1. Statistic characteristic of corporate bonds market on KASE in October of 2010 (indicators are given taking into account direct deals) ----------------------------------------------------------------------------- Trend to ----------------------- Indicator October August October 2010 2009 2009 ------------------------------------------- --------- ----------- ----------- Trades volume, th., USD 102,739.8 5.5 times 2.1 times Trades volume, m., KZT 15,161.8 5.5 times 2.1 times Number of deals 254 -29.2% 2.4 times Day average number of deals 12 -25.9% 2.3 times Day average volume of deals, th. USD 4,892.4 5.3 times 2.0 times Day average volume of deals, m. KZT 722.0 5.3 times 2.0 times Number of instruments, 57 -3.4% -41.8% involved in deals Stake of nego deals (number), % 0.4 +0.4 pp +0.4 pp Stake of nego deals (volume), % 0.00003 +0.00003 pp +0.00003 pp Participation of pension assets, % gross 25.2 +19.9 pp -8.3 pp Participation of physical entities, % gross 4.4 -28.1 pp -14.7 pp Participation of non residents, % gross 0.8 -7.1 pp +0.8 pp Number of exchange's members, 43 +13.2% -12.2% who made deals Market concentration, %* 73.1 +39.1 pp +26.3 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 October 2010 corporate bonds on KASE * ------------------------------------------------------------------- Stake from total volume of trades(%) in: ------------ -------------- ------------ Branch October 2010 September 2010 October 2009 -------------------------- ------------ -------------- ------------ Finance 94.2 95.0 69.4 Main consumer sector 1.8 0.1 7.1 Telecommunication services 1.3 0.9 3.1 Primary sector 1.1 0.2 0.9 Industry 0.9 3.7 0.01 Discretionary 0.7 0.003 2.1 consumer sector Utilities sector 0.04 0.02 12.3 Public health 0.01 0.01 3.4 Energy - - - Information technologies - - 1.7 ------------------------------------------------------------------- *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 October 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 -------- -------- -------- ------- ------- --------- --------- 30.09.10 19,964.5 14.11 368.23 301.06 3,246.9 479.1 01.10.10 19,964.5 14.09 367.34 300.83 15,344.4 2,265.3 04.10.10 19,977.0 14.08 368.00 300.79 2,522.4 372.1 05.10.10 19,973.2 14.08 369.29 303.31 619.8 91.4 06.10.10 19,982.7 14.08 369.36 303.34 9,139.6 1,347.5 07.10.10 19,981.8 14.08 368.48 303.55 1,850.8 272.9 08.10.10 19,990.1 14.08 368.90 303.51 3,866.9 570.7 11.10.10 19,374.4 14.07 368.68 303.58 4,857.9 717.0 12.10.10 19,365.1 14.07 368.60 303.26 1,790.5 264.5 13.10.10 19,347.4 14.08 368.72 303.00 794.4 117.4 14.10.10 19,412.9 14.06 371.47 308.08 15,430.5 2,277.7 15.10.10 19,452.0 14.08 370.60 308.05 193.7 28.6 18.10.10 19,443.1 14.07 370.80 308.11 9,093.7 1,341.9 19.10.10 19,422.6 14.08 370.49 307.86 6,300.7 929.9 20.10.10 19,430.0 14.12 370.26 307.41 4,846.9 715.2 21.10.10 19,499.8 14.13 370.71 307.94 101.1 14.9 22.10.10 19,531.9 14.10 369.88 307.14 633.5 93.4 25.10.10 19,513.4 14.09 370.39 307.10 16,196.8 2,390.3 26.10.10 19,519.7 14.08 370.19 306.73 2,262.8 334.1 27.10.10 22,671.1 14.11 370.98 307.65 1,248.6 184.2 28.10.10 22,458.1 14.11 370.93 307.62 1,248.7 184.3 29.10.10 22,465.2 14.20 370.52 307.11 4,396.1 648.5 -------- -------- -------- ------- ------- --------- --------- Trend +2,500.7 +0.1 +2.3 +6.1 % +12.5 +0.6 +0.6 +2.0 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in October 2010 -------------------------------------------- Bonds: Issuers: Category of ------ ----- ------ ----- admission number trend number trend ------------------ ------ ----- ------ ----- Rated 71 0 25 0 ------------------ ------ ----- ------ ----- Non-rated first subcategory 111 0 31 -1 Non-rated second subcategory 36 +3 26 +3 Buffered 22 -18 7 -4 ------------------ ------ ----- ------ ----- Total 255 -15 80 -2 -------------------------------------------- Tab. 5. Summary data on deals with corporate bonds on KASE in October 2010 (purchase and sale without consideration of nego deals) ------------------------------------------------------------------------ Yield to maturity for purchaser, % APR: Code of ------ ------ ---------------- -------------- Volume of At a last deal: For At a last deal: last 365 days: ---------------- -------------- bond ------ --------- ------- ------ deals, Number on KASE min. max. yield Trend, % min. max. th. USD of deals ------- ------ ------ ------ --------- ------- ------ --------- -------- AESOb1 11.80 11.80 11.80 -0.2 11.80 13.00 114.4 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- AKFIb2 4.99 4.99 4.99 4.00 9.00 0.8 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- ALBNb2 6.00 6.00 6.00 -0.0002 6.00 10.50 949.3 8 ------- ------ ------ ------ --------- ------- ------ --------- -------- ATFBb5 6.53 7.89 7.00 6.53 12.50 10,447.4 18 ------- ------ ------ ------ --------- ------- ------ --------- -------- ATFBb6 7.20 7.20 7.20 +0.2 7.00 14.50 20.9 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- BTAIb3 36.43 38.30 37.00 +0.8 9.40 104.84 477.5 18 ------- ------ ------ ------ --------- ------- ------ --------- -------- BTTRb1 9.07 9.07 9.07 +0.4 8.64 10.22 677.5 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- CACMb1 18.00 18.00 18.00 14.00 36.00 16.3 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- CCBNb10 8.00 13.10 8.90 -2.5 8.00 13.10 23,180.4 17 ------- ------ ------ ------ --------- ------- ------ --------- -------- CCBNb17 8.00 9.00 8.00 8.00 10.00 2,768.9 4 ------- ------ ------ ------ --------- ------- ------ --------- -------- CCBNb4 7.00 8.00 8.00 +1.5 6.50 11.00 25.0 2 ------- ------ ------ ------ --------- ------- ------ --------- -------- CCBNb6 10.00 10.00 10.00 -0.000003 9.50 14.00 287.8 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- CCBNb7 10.00 10.00 10.00 -1.4 8.40 13.00 1.0 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- CCBNe3 15.4 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- CSBNb4 12.00 13.00 13.00 +0.00002 12.00 19.00 149.5 2 ------- ------ ------ ------ --------- ------- ------ --------- -------- CSBNb5 15.00 16.00 16.00 +1.0 15.00 20.00 25.3 2 ------- ------ ------ ------ --------- ------- ------ --------- -------- CSBNb7 13.00 13.00 13.00 12.00 14.00 13.8 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- CTECb1 14.00 16.00 16.00 +0.5 13.00 16.00 252.8 2 ------- ------ ------ ------ --------- ------- ------ --------- -------- EUBNb3 10.00 10.50 10.00 +0.0001 8.00 17.00 1,254.9 10 ------- ------ ------ ------ --------- ------- ------ --------- -------- EUBNb9 9.50 11.00 11.00 9.50 11.00 41,506.8 9 ------- ------ ------ ------ --------- ------- ------ --------- -------- EXBNb2 18.50 18.50 18.50 10.71 20.50 0.6 1 HSBKb11 10.00 10.00 10.00 9.30 14.20 273.0 1 HSBKb8 9.00 9.00 9.00 8.50 13.00 301.4 1 HSBKe4 5.11 5.51 5.11 -0.2 5.11 7.57 5,758.0 6 KAFIb1 6.50 6.50 6.50 6.50 14.00 18.5 1 KASSb1 7.00 9.00 7.25 -1.7 7.00 15.50 1,574.5 10 KAZIb3 14.50 14.50 14.50 8.00 14.50 0.7 1 KDTSb1 16.37 21.38 16.37 15.25 51.80 19.8 2 KKGBb4 11.00 12.00 11.00 10.00 17.80 971.3 3 KKGBb5 11.00 11.50 11.00 -0.5 7.50 11.50 218.4 4 KKGBe4 9.35 9.35 9.35 +0.1 8.85 17.22 31.5 2 KONDb1 169.46 182.93 182.93 +16.7 102.78 259.62 6.4 3 KRZHb1 60.39 111.29 111.29 +39.0 16.26 111.29 50.8 6 KSMKb2 80.07 80.07 80.07 26.90 80.07 38.9 1 KZAPe1 4.44 4.44 4.44 -0.03 4.42 4.47 1,101.2 1 KZIKb17 14.88 14.88 14.88 -0.9 9.50 15.90 402.3 1 KZIKb20 15.00 15.00 15.00 -2.0 7.00 17.00 17.0 1 KZIKb6 14.00 14.00 14.00 11.00 14.00 17.2 1 LOGCb2 11.00 11.00 11.00 7.87 20.00 1,043.9 1 MREKb6 10.00 10.00 10.00 9.00 16.00 0.8 1 NRBNb2 13.00 13.00 13.00 13.00 18.00 10.8 1 NRBNb5 12.00 12.00 12.00 12.00 19.00 4.0 1 ORDKb2 12.00 16.00 12.00 -2.5 12.00 16.00 289.0 26 PDESb1 15.00 15.00 15.00 14.00 15.00 21.6 1 PRKRb2 8.50 8.80 8.80 8.00 11.00 1,414.7 2 REALb1 9.98 10.26 9.98 -0.5 9.98 50.00 747.2 2 RESCb1 9.00 12.00 9.00 +1.0 8.01 13.84 603.2 3 RGBRb4 14.98 14.99 14.99 13.70 25.00 1,228.0 2 SKKZb23 5.00 6.50 5.00 4.50 6.50 3,018.2 6 TEBNb18 31.59 31.59 31.59 17.49 31.59 0.3 1 TEBNb6 23.07 23.07 23.07 23.07 47.49 0.8 2 TMLZb1 22.00 22.00 22.00 22.00 49.00 8.1 1 TSBNb4 9.02 9.02 9.02 9.02 32.00 14.0 1 TSBNb5 14.00 14.00 14.00 +0.00001 13.00 30.00 8.7 4 TXBNb3 7.00 8.99 7.00 -2.0 7.00 12.00 47.8 3 VITAb5 165.54 243.31 165.54 -111.6 22.82 277.13 2.1 2 ZERDb1 24.50 54.50 24.50 -19.5 10.00 119.00 1,289.5 46 ------- ------ ------ ------ --------- ------- ------ --------- -------- 57 102,739.7 253 ------------------------------------------------------------------------ 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 - September 2010. [2010-11-22]