REVIEW: KASE debt capital market in December 2010

/IRBIS, January 18, 2011/ - In December 2010, on the Kazakhstan Stock Exchange (KASE) on corporate bonds in all market sectors recorded 357 transactions totaling KZT43,498.4 million, or 295,147.3 million U.S. dollars at the current rate at the date of the transaction. This represents 88.4% of the monthly trading volume on the corporate securities market (in November 2010 - 64.9%) and 1.8% of the total trading volume in all sectors of the market (0.6%). Price background of stock market of corporate bonds in December 2010 was as follows: of the 82 items of the bonds involved in the transaction on the secondary market at a discount traded debt instruments 57 items, with a premium - 25 names. Most overbought look TXBNb5, the weighted average net price of which amounted to 124.16% oversold - VITAb5 (11.51%). We recall that in November 2010 from 53 denominations of 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%). The weighted average net price of corporate bonds on the secondary market in December rose to 92.6% compared with 89.5% in November 2010. Per month on deals yield to maturity for a buyer increased for 33 tools (in November 2010 - at 17), decreased in 44 instruments (33), 5 instruments were traded for the first time (3). Below are the tables, characterizing this segment of exchange market in December 2010. Tab. 1. Statistic characteristic of corporate bonds market on KASE in December of 2010 (indicators are given taking into account direct deals) --------------------------------------------------------------------------- Trend to --------------------- Indicator December August December 2010 2009 2009 ------------------------------------------- --------- ---------- ---------- Trades volume, th., USD 295,148.3 2.1 times 1.7 times Trades volume, m., KZT 43,498.4 2.1 times 1.7 times Number of deals 357 +34.2% -15.2% Day average number of deals 17 +34.2% -15.2% Day average volume of deals, th. USD 14,054.7 2.1 times 1.7 times Day average volume of deals, m. KZT 2,071.4 2.1 times 1.7 times Number of instruments, 82 +54.7% -18.8% involved in deals Stake of nego deals (number), % 0 -0.8 pp -0.7 pp Stake of nego deals (volume), % 0 -7.2 pp -0.02 pp Participation of pension assets, % gross 13.6 -11.9 pp -17.2 pp Participation of physical entities, % gross 31.1 +19.6 pp +12.8 pp Participation of non residents, % gross 3.1 -6.1 pp +3.0 pp Number of exchange's members, 47 0 -2.1% who made deals Market concentration, %* 62.6 +2.4 pp +15.0 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 December 2010 corporate bonds on KASE * -------------------------------------------------------------------- Stake from total volume of trades(%) in: ------------- ------------- ------------- Branch December 2010 December 2010 December 2009 -------------------------- ------------- ------------- ------------- Finance 75.7 49.6 55.8 Main consumer sector 21.9 26.3 24.9 Telecommunication services 1.3 14.8 2.9 Primary sector 0.5 3.1 0.8 Industry 0.4 6.0 3.4 Discretionary 0.1 0.1 11.8 consumer sector Utilities sector 0.1 0.01 0.1 Public health 0.02 0.1 0.2 Energy 0.004 - - Information technologies - - - -------------------------------------------------------------------- *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 December 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 -------- -------- -------- ------- ------- --------- --------- 30.11.10 21,020.8 14.23 373.60 312.51 16,356.1 2,413.8 01.12.10 21,002.8 14.23 373.14 312.51 3,538.0 522.3 02.12.10 21,002.7 14.14 373.96 312.79 17,380.2 2,566.7 03.12.10 21,012.2 14.12 374.48 315.88 3,411.8 503.6 06.12.10 20,981.3 14.11 375.53 317.49 4,257.8 628.3 07.12.10 20,991.9 14.07 375.96 320.44 8,213.5 1,211.5 08.12.10 20,999.5 14.04 378.06 324.73 722.4 106.5 09.12.10 20,995.8 14.08 378.19 327.41 8,002.0 1,179.3 10.12.10 20,999.3 14.06 380.79 331.78 8,545.3 1,259.5 13.12.10 21,006.3 13.95 384.32 337.24 1,207.4 177.9 14.12.10 21,001.5 13.96 384.24 339.99 3,823.5 563.2 15.12.10 21,007.6 13.94 386.10 344.25 690.1 101.7 20.12.10 21,007.5 13.96 388.18 347.66 5,174.8 762.5 21.12.10 20,999.7 13.96 389.08 351.69 16,571.5 2,440.3 22.12.10 21,003.6 13.91 390.35 355.21 9,938.9 1,463.0 23.12.10 21,002.6 13.91 387.87 355.09 28,142.4 4,140.6 24.12.10 20,985.5 13.91 388.77 358.47 22,162.0 3,260.9 27.12.10 20,929.3 13.86 390.61 362.08 41,862.1 6,170.5 28.12.10 20,930.0 13.91 391.38 366.04 19,558.9 2,883.4 29.12.10 20,932.2 13.89 392.59 369.92 48,138.4 7,098.0 30.12.10 20,929.5 13.86 394.47 374.86 28,975.1 4,270.9 31.12.10 20,930.0 13.88 395.69 378.36 14,832.2 2,187.7 -------- -------- -------- ------- ------- --------- --------- Trend -90.8 -0.34 +22.1 +65.9 % -0.4 -2.4 +5.9 +21.1 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in December 2010 -------------------------------------------- Bonds: Issuers: Category of ------ ----- ------ ----- admission number trend number trend ------------------ ------ ----- ------ ----- Rated 95 +14 30 +4 ------------------ ------ ----- ------ ----- Non-rated first subcategory 100 -3 28 -1 Non-rated second subcategory 32 -3 23 -2 Buffered 23 0 8 0 ------------------ ------ ----- ------ ----- Total 250 +8 77 -1 -------------------------------------------- Tab. 5. Summary data on deals with corporate bonds on KASE in December 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 ------- ------ ------ ------ -------- ------- ------ --------- -------- AGKKb1 8.50 8.50 8.50 7.70 9.80 607.1 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- AKFIb2 5.00 5.00 5.00 4.00 5.00 14.5 3 ------- ------ ------ ------ -------- ------- ------ --------- -------- ALBNb2 5.00 5.00 5.00 5.00 10.50 104.1 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- ALTMb1 22.22 22.22 22.22 22.22 22.22 6.7 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- APKIb3 237.3 11 ------- ------ ------ ------ -------- ------- ------ --------- -------- ASNDb2 43.94 43.94 43.94 -21.9 15.00 68.62 3.7 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- ATFBb6 6.70 6.70 6.70 6.70 13.15 1,198.6 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- ATFBe5 8.29 9.00 8.29 8.29 9.00 205.1 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- ATFBe6 7.12 7.12 7.12 +1.0 6.10 8.76 7,565.8 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- BRKZe4 7.03 7.33 7.23 +0.4 6.85 7.50 8,416.1 5 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTAIb11 22.38 22.38 22.38 +0.05 21.80 39.73 2.0 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTAIb2 17.50 17.50 17.50 -1.7 17.50 50.90 141.5 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTAIb3 21.52 21.52 21.52 -6.1 15.59 103.53 5.4 3 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTAIb5 17.50 17.50 17.50 17.50 46.71 1,878.3 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTAIb8 17.50 26.36 17.50 6.17 61.41 6,754.4 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTAIb9 6.80 6.80 6.80 +0.001 6.80 30.00 427.9 21 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTTRb1 8.65 8.66 8.66 8.64 10.22 3,626.6 7 ------- ------ ------ ------ -------- ------- ------ --------- -------- CACMb1 10.50 14.00 10.50 10.50 34.00 139.0 3 ------- ------ ------ ------ -------- ------- ------ --------- -------- CBH_b1 22.38 22.38 22.38 -0.03 22.38 24.11 8.0 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- CCBNb11 9.50 9.50 9.50 +0.00003 9.45 9.50 108.5 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- CCBNb17 8.00 8.00 8.00 8.00 10.00 137.4 1 CCBNb4 8.00 8.00 8.00 +0.2 6.50 11.00 349.1 2 CCBNb6 8.00 8.50 8.00 -1.0 8.00 12.00 2,165.5 4 CCBNe3 712.9 3 CCBNe5 6.50 8.22 8.22 6.50 10.00 697.4 4 CSBNb5 12.00 15.00 12.00 12.00 18.50 40.3 4 CSBNb6 14.95 14.95 14.95 13.95 19.95 11.0 1 EKGSb1 8.00 9.00 8.00 +0.00002 8.00 11.60 1,218.3 2 EUBNb3 9.00 11.00 10.00 +0.5 8.00 14.00 175.0 5 EUBNb9 8.00 9.93 9.93 8.00 11.00 64,177.3 14 EXBNb1 16.50 16.50 16.50 11.35 20.00 8.6 1 HSBKb10 9.80 9.80 9.80 9.00 11.20 1,339.1 1 HSBKb11 10.50 10.50 10.50 9.30 14.20 6.3 1 HSBKb13 8.50 10.50 10.50 8.50 13.91 211.2 5 HSBKe3 7.00 7.10 7.00 6.94 7.50 2,502.4 4 HSBKe4 5.37 6.00 6.00 5.11 7.57 5,587.0 3 JGOKb2 41.5 3 KAFIb1 7.50 8.50 8.50 6.50 13.00 7,959.2 8 KASSb1 7.50 7.50 7.50 -0.02 7.00 14.75 0.7 1 KATRb2 9.20 9.63 9.63 9.20 16.00 6,779.9 2 KDTSb1 15.39 15.48 15.48 -1.5 15.25 51.80 95.6 2 KKGBb5 9.70 11.00 9.70 7.50 11.50 3,249.3 2 KKGBb6 11.50 11.50 11.50 -0.00001 9.50 11.55 320.4 1 KKGBb7 10.00 10.50 10.50 10.00 10.50 12,192.6 3 KKGBe15 9.35 9.35 9.35 9.35 9.35 3,216.8 1 KKGBe16 9.68 9.68 9.68 9.68 12.76 1,012.3 1 KKGBe4 9.46 9.81 9.81 +1.1 8.75 16.00 733.5 4 KKGBe8 9.01 9.20 9.01 9.01 11.02 3,276.3 2 KONDb1 174.65 220.83 182.84 -15.8 102.78 259.62 6.9 3 KRZHb1 32.70 55.47 55.47 -19.0 16.26 111.29 104.4 7 KZIKb16 9.50 9.50 9.50 9.00 9.50 48.1 3 KZIKb17 12.10 14.70 13.00 12.00 15.90 9,275.8 10 KZIKb19 10.98 11.00 11.00 10.00 11.00 55.2 3 KZIKb2 12.00 13.00 12.00 12.00 13.50 29.6 2 KZIKb20 7.00 11.00 7.00 7.00 17.00 473.4 11 KZIKb21 8.00 8.00 8.00 8.00 8.00 47,437.6 6 KZIKb3 12.00 13.00 12.00 12.00 13.50 24.9 2 KZIKb4 12.00 13.00 12.00 11.01 14.45 211.4 3 KZIKb7 7.00 9.00 9.00 -2.0 7.00 13.50 31.2 2 KZIKb8 12.00 13.00 12.00 12.00 16.75 60.3 4 KZTCb2 11.8 1 LOGCb2 12.00 24.00 12.00 -14.0 7.87 26.00 57.4 8 NFBNb1 18.95 18.95 18.95 18.95 36.00 5.9 1 NRBNb2 13.00 13.50 13.50 13.00 18.00 307.0 2 NRBNb6 4.00 4.00 4.00 4.00 4.00 7.9 1 ORDKb2 12.00 14.50 12.00 -0.00001 12.00 16.00 214.0 18 PRKRb4 6.15 8.25 8.00 -0.5 6.15 8.50 57,019.9 31 RESCb1 8.00 8.00 8.00 8.00 13.84 2,404.6 5 RGBRb4 15.00 15.00 15.00 +0.001 13.70 16.20 813.8 1 SATCb1 10.00 10.50 10.50 8.20 10.50 34.3 2 SKKZb23 4.50 4.60 4.60 +0.1 4.50 6.50 325.7 14 TEBNb18 13.86 18.21 13.86 -6.2 13.86 31.59 176.5 9 TEBNb3 15.46 15.46 15.46 15.46 15.46 49.4 1 TSBNb2 13.00 14.00 14.00 13.00 17.00 452.6 5 TSBNb4 9.02 11.00 11.00 9.02 17.00 516.7 5 TSBNb5 13.00 13.00 13.00 +0.00001 13.00 20.00 24.4 2 TSBNb6 14.00 15.00 15.00 12.00 15.00 22.1 2 TXBNb3 6.00 6.01 6.00 -1.0 6.00 12.00 94.0 2 TXBNb4 5.00 6.80 5.00 -1.4 5.00 6.80 16,179.3 10 TXBNb5 5.20 6.53 6.53 5.20 6.53 7,453.1 11 VITAb5 157.63 157.63 157.63 22.82 277.13 10.1 1 ZERDb1 18.00 18.00 18.00 -0.4 10.00 119.00 1,541.2 12 ------- ------ ------ ------ -------- ------- ------ --------- -------- 82 295,148.3 357 ----------------------------------------------------------------------- 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 - November 2010. [2011-01-18]