REVIEW: KASE debt capital market in October 2010

/IRBIS, December 21, 2010/ - In November 2010, on the Kazakhstan Stock Exchange (KASE) on corporate bonds in all market sectors recorded 266 transactions totaling KZT21,100.0 million, or 143,013.8 million U.S. dollars at the current rate at the date of the transaction. This represents 64.9% of the monthly trading volume on the corporate securities market (in October 2010 - 6.9%) and 0.6% of the total trading volume in all sectors of the market (0.6%). Price background of stock market of corporate bonds in November 2010 was as follows: of the 53 items of the bonds involved in the transaction on the secondary market at a discount traded debt instruments 37 items, with a premium - 15 names, at face value - 1. Most overbought look SKKZb23, the weighted average net price of which amounted to 115.78% oversold - KONDb1 (32.98%). We recall that in October 2010 from 57 denominations of 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%). The weighted average net price of corporate bonds on the secondary market in November rose to 89.5% compared with 89.3% in October 2010. Per month on deals yield to maturity for a buyer increased for 17 tools (in October 2010 - at 24), decreased in 33 instruments (29), 3 instruments were traded for the first time (4). Below are the tables, characterizing this segment of exchange market in November 2010. Tab. 1. Statistic characteristic of corporate bonds market on KASE in November of 2010 (indicators are given taking into account direct deals) ------------------------------------------------------------------------ Trend to ------------------ Indicator November August November 2010 2009 2009 ------------------------------------------- --------- -------- --------- Trades volume, th., USD 143,013.8 +39.2% -16.4% Trades volume, m., KZT 21,100.0 +39.2% -17.9% Number of deals 266 +4.7% 2.0 times Day average number of deals 13 +4.7% 2.1 times Day average volume of deals, th. USD 6,810.2 +39.2% -20.4% Day average volume of deals, m. KZT 1,004.8 +39.2% -21.8% Number of instruments, 53 -7.0% -48.5% involved in deals Stake of nego deals (number), % 0.8 +0.4 pp -0.9 pp Stake of nego deals (volume), % 7.2 +7.2 pp -9.8 pp Participation of pension assets, % gross 25.5 +0.3 pp +9.7 pp Participation of physical entities, % gross 11.4 +7.0 pp -24.2 pp Participation of non residents, % gross 9.2 +8.5 pp +9.2 pp Number of exchange's members, 47 +9.3% -4.1% who made deals Market concentration, %* 60.2 -12.9 pp -4.2 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 November 2010 corporate bonds on KASE * ------------------------------------------------------------------- Stake from total volume of trades(%) in: ------------- ------------ ------------- Branch November 2010 October 2010 November 2009 -------------------------- ------------- ------------ ------------- Finance 49.6 94.2 61.8 Main consumer sector 26.3 1.8 29.9 Telecommunication services 14.8 1.3 2.2 Primary sector 6.0 1.1 0.5 Industry 3.1 0.9 0.1 Discretionary 0.1 0.04 5.3 consumer sector Utilities sector 0.1 0.7 - Public health 0.01 0.01 0.2 Energy - - - Information technologies - - 0.0004 ------------------------------------------------------------------- *branch classification of turDecer 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 November 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 -------- -------- -------- ------- ------- --------- --------- 29.10.10 22,465.2 14.20 370.52 307.11 4,396.1 648.5 01.11.10 22,466.5 14.28 371.29 306.99 14,953.2 2,205.7 02.11.10 22,471.9 14.22 372.43 309.46 3,153.1 465.3 03.11.10 22,462.4 14.26 371.51 309.82 774.9 114.4 04.11.10 22,473.9 14.26 372.33 309.28 6,680.9 986.0 05.11.10 22,493.6 14.25 372.02 309.70 10,803.4 1,593.6 08.11.10 22,443.2 14.26 372.99 309.37 936.4 138.3 09.11.10 22,428.7 14.24 371.72 309.30 39,811.4 5,878.5 10.11.10 22,441.3 14.24 374.04 312.85 3,611.0 532.5 11.11.10 22,429.4 14.24 373.89 312.79 5,211.5 768.7 12.11.10 22,428.0 14.23 373.22 312.80 2,708.0 399.5 15.11.10 22,405.0 14.23 373.95 312.85 488.2 72.1 17.11.10 22,412.3 14.23 373.41 313.06 7,018.9 1,035.4 18.11.10 22,408.9 14.24 373.68 312.29 6,782.4 999.9 19.11.10 22,420.0 14.24 373.05 312.42 3,055.0 450.3 22.11.10 22,428.2 14.24 373.31 312.21 2,468.2 363.8 23.11.10 22,432.4 14.26 369.39 309.36 4,760.9 701.6 24.11.10 22,426.7 14.26 372.95 312.40 6,441.1 948.6 25.11.10 22,400.3 14.24 373.05 312.59 2,981.1 439.3 26.11.10 22,396.5 14.23 373.42 313.02 2,292.7 337.9 29.11.10 21,031.7 14.23 373.80 312.64 1,725.6 254.5 30.11.10 21,020.8 14.23 373.60 312.51 16,356.1 2,413.8 -------- -------- -------- ------- ------- --------- --------- Trend -1,444.3 +0.02 +3.1 +5.4 % -6.4 +0.2 +0.8 +1.8 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in November 2010 -------------------------------------------- Bonds: Issuers: Category of ------ ----- ------ ----- admission number trend number trend ------------------ ------ ----- ------ ----- Rated 81 +10 26 +1 ------------------ ------ ----- ------ ----- Non-rated first subcategory 103 -8 29 -2 Non-rated second subcategory 35 -1 25 -1 Buffered 23 +1 8 +1 ------------------ ------ ----- ------ ----- Total 242 +2 78 -2 -------------------------------------------- Tab. 5. Summary data on deals with corporate bonds on KASE in November 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 ------- ------ ------ ------ -------- ------- ------ --------- -------- ABDIb1 34.00 34.00 34.00 34.00 36.00 5.6 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- APKIb3 34.3 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- ASNDb2 65.85 65.85 65.85 15.00 68.62 2.4 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- ATFBe6 6.10 6.10 6.10 6.10 8.76 666.7 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- BRKZe2 4.50 4.99 4.50 4.50 5.69 1,108.6 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- BRKZe3 6.36 6.36 6.36 6.36 7.10 2,076.3 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- BRKZe4 6.85 6.85 6.85 6.85 7.50 139.0 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTAIb11 21.80 22.33 22.33 21.80 39.73 6.0 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTAIb2 19.17 19.17 19.17 19.17 53.00 1.5 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTAIb3 27.00 27.67 27.67 -9.3 9.40 103.53 1,074.8 4 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTAIb9 6.80 6.80 6.80 6.80 33.00 362.4 17 ------- ------ ------ ------ -------- ------- ------ --------- -------- CBH_b1 22.41 22.41 22.41 22.38 24.11 2.6 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- CCBNb11 9.50 9.50 9.50 9.45 12.50 326.3 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- CCBNb15 9.00 9.00 9.00 9.00 9.00 6.4 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- CCBNb4 7.80 8.00 7.80 -0.2 6.50 11.00 1,393.0 4 ------- ------ ------ ------ -------- ------- ------ --------- -------- CCBNb6 9.00 9.00 9.00 -1.0 9.00 12.00 438.2 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- CCBNb7 9.00 9.00 9.00 -1.0 8.40 13.00 356.8 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- CCBNe4 7.01 7.01 7.01 7.01 9.00 9,393.7 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- CSBNb4 12.00 12.00 12.00 -1.0 12.00 18.00 693.3 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- CSBNb7 14.00 14.00 14.00 +1.0 12.00 14.00 5.7 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- EKGSb1 8.00 8.90 8.00 8.00 11.60 6,724.8 4 EUBNb3 9.50 10.50 9.50 -0.5 8.00 14.50 39.2 4 EUBNb4 10.00 10.50 10.11 9.00 13.01 9,932.3 11 EXBNb2 16.50 16.50 16.50 -2.0 10.71 20.50 7.0 1 HSBKe2 5.13 5.13 5.13 5.13 6.40 4,780.7 1 KASSb1 7.15 7.52 7.52 +0.3 7.00 15.50 1,902.9 4 KAZIb2 26.50 26.50 26.50 12.00 39.56 2.1 1 KDTSb1 17.00 17.00 17.00 +0.6 15.25 51.80 123.3 1 KKGBb4 11.50 11.50 11.50 +0.5 10.00 15.50 212.4 1 KKGBb6 11.50 11.50 11.50 9.50 11.55 29,753.6 4 KKGBe4 8.75 9.44 8.75 -0.6 8.75 16.00 1,595.7 4 KONDb1 198.67 198.67 198.67 +15.7 102.78 259.62 2.0 1 KRZHb1 30.68 74.47 74.47 -36.8 16.26 111.29 729.9 7 KZAPe1 4.42 4.46 4.44 -0.0 4.42 4.47 20,522.4 3 KZIKb6 8.00 14.00 8.23 -5.8 8.00 14.00 1,041.3 5 KZIKb7 11.00 13.50 11.00 7.00 13.50 118.8 3 LOGCb2 11.00 26.00 26.00 +15.0 7.87 26.00 149.3 13 NRBNb5 12.00 12.00 12.00 +0.00003 12.00 19.00 1.7 3 ORDKb2 12.00 14.00 12.00 +0.00001 12.00 16.00 439.7 27 PRKRb2 8.00 8.00 8.00 -0.8 8.00 11.00 1,422.9 1 PRKRb4 8.40 8.50 8.50 6.15 8.50 25,579.7 21 REALb1 9.99 9.99 9.99 +0.01 9.98 50.00 35.6 1 RGBRb4 15.00 15.00 15.00 +0.01 13.70 23.00 406.4 1 SKKZb23 4.50 4.50 4.50 -0.5 4.50 6.50 466.2 19 TEBNb18 17.49 20.03 20.03 -11.6 17.23 31.59 30.1 2 TEBNb6 23.07 23.10 23.10 +0.03 23.07 47.49 191.3 9 TEBNb7 17.64 17.64 17.64 17.64 17.64 70.3 1 TKUDb1 8.13 8.13 8.13 7.00 8.13 16.9 1 TMLZb1 19.50 19.50 19.50 -2.5 19.50 49.00 4.1 1 TSBNb5 13.00 13.00 13.00 -1.0 13.00 26.00 7.9 5 TXBNb3 7.00 7.00 7.00 -0.0001 7.00 12.00 12.4 1 TXBNb4 6.40 6.50 6.40 5.00 6.50 3,941.0 3 ZERDb1 10.00 43.00 18.42 -6.1 10.00 119.00 4,399.0 51 ------- ------ ------ ------ -------- ------- ------ --------- -------- 53 132,756.3 264 ----------------------------------------------------------------------- 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 - October 2010. [2010-12-21]