REVIEW: KASE debt capital market in January 2011

/IRBIS, February 10, 2011/ - In January 2011, on the Kazakhstan Stock Exchange (KASE) on corporate bonds in all market sectors recorded 228 transactions totaling KZT12,564.9 million, or 85,496.7million U.S. dollars at the current rate at the date of the transaction. This represents 59.6%of the monthly trading volume on the corporate securities market (in December 2010 - 88.4%) and 0.7% of the total trading volume in all sectors of the market (1.8%). Von stock market price of corporate bonds in January 2011 was as follows: from 65 denominations of bonds involved in the transaction on the secondary market at a discount traded debt instruments 44 items, with a premium - 21 items. Most overbought look TXBNb5, the weighted average net price of which amounted to 123.53% oversold - KONDb1 (23.02%). Recall that in December 2010 from 82 denominations of 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%). The weighted average net price of corporate bonds on the secondary market in December rose to 92.8% compared with 92.6% in December 2010. Per month on deals yield to maturity for a buyer grown in 31 instrument (in December 2010 - 33), decreased in 28 instruments (44), 4 tools were traded for the first time (5). Below are the tables, characterizing this segment of exchange market in January 2011. Tab. 1. Statistic characteristic of corporate bonds market on KASE in January of 2011 (indicators are given taking into account direct deals) ----------------------------------------------------------------------- Trend to ------------------ Indicator January December January 2011 2010 2010 ------------------------------------------- -------- --------- -------- Trades volume, th., USD 85,496.7 3.5 times -15.2% Trades volume, m., KZT 12,564.9 3.5 times -15.8% Number of deals 228 -36.1% -21.9% Day average number of deals 13 -25.5% -21.9% Day average volume of deals, th. USD 4,749.8 3.0 times -15.2% Day average volume of deals, m. KZT 698.0 3.0 times -15.8% Number of instruments, 65 -20.7 -20.7% involved in deals Stake of nego deals (number), % 0 0 0 Stake of nego deals (volume), % 0 0 0 Participation of pension assets, % gross 17.8 +4.2 pp -6.7 pp Participation of physical entities, % gross 16.2 -14.9 pp +5.8 pp Participation of non residents, % gross 5.1 +2.0 pp +5.1 pp Number of exchange's members, 38 -19.1% -9.5% who made deals Market concentration, %* 33.4 -29.2 pp -10.9 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 January 2011 corporate bonds on KASE * ------------------------------------------------------------------- Stake from total volume of trades(%) in: -------------- ---------- -------------- Branch January 2011 December January 2010 2010 -------------------------- -------------- ---------- -------------- Finance 86.3 75.7 44.2 Main consumer sector 11.9 21.9 35.3 Telecommunication services 1.5 0.1 6.8 Primary sector 0.1 0.5 0.3 Industry 0.05 0.1 0.02 Discretionary 0.03 0.4 0.04 consumer sector Utilities sector 0.02 0.02 3.8 Public health 0.01 1.3 2.2 Energy - - - Information technologies - 0.004 7.3 ------------------------------------------------------------------- *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 January 2011 --------------------------------------------------------------- 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 -------- --------- -------- ------- ------- --------- --------- 31.12.10 20,930.0 13.88 395.69 310.80 14,832.2 2,187.7 05.01.11 20,942.9 13.89 398.34 311.12 540.8 79.6 06.01.11 20,946.3 13.87 401.41 314.26 1,931.4 284.2 10.01.11 20,920.3 13.87 402.17 313.42 4,157.7 612.6 11.01.11 20,911.9 13.87 403.69 313.48 10,353.5 1,524.9 12.01.11 21,311.4 13.87 408.38 316.04 827.5 122.0 13.01.11 29,603.7 14.02 408.68 315.21 601.0 88.4 14.01.11 31,046.8 14.04 408.76 314.98 2,106.8 309.8 17.01.11 31,077.7 14.05 412.11 315.79 4,565.2 671.0 18.01.11 31,129.0 14.10 415.75 320.19 5,658.7 831.8 19.01.11 31,151.9 14.12 415.92 320.01 10,746.9 1,579.4 20.01.11 30,625.7 14.12 417.81 320.76 177.0 26.0 21.01.11 30,890.1 14.13 418.96 320.81 455.0 66.9 24.01.11 31,863.2 14.14 416.69 317.06 4,794.5 704.1 25.01.11 31,866.7 14.19 420.42 319.86 6,064.0 890.3 26.01.11 31,873.1 14.20 420.27 318.86 13,363.1 1,961.7 27.01.11 31,879.5 14.19 421.52 318.73 5,068.7 744.0 28.01.11 31,873.1 14.18 424.04 319.88 8,937.2 1,312.2 31.01.11 31,857.4 14.21 423.16 317.79 5,147.7 756.0 -------- --------- -------- ------- ------- --------- --------- Trend +10,927.4 +0.3 +27.5 +7.0 % +52.2 +2.3 +6.9 +2.25 --------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in January 2011 -------------------------------------------- Bonds: Issuers: Category of ------ ----- ------ ----- admission number trend number trend ------------------ ------ ----- ------ ----- Rated 108 +13 29 -1 ------------------ ------ ----- ------ ----- Non-rated first subcategory 100 0 28 0 Non-rated second subcategory 30 -2 22 -1 Buffered 8 -15 6 -2 ------------------ ------ ----- ------ ----- Total 246 -4 74 -3 -------------------------------------------- Tab. 5. Summary data on deals with corporate bonds on KASE in January 2011 (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 26.4 5 ------- ------ ------ ------ ---------- ------- ------ --------- -------- ALBNb2 1.50 1.50 1.50 -3.5 1.50 10.50 17.3 1 ------- ------ ------ ------ ---------- ------- ------ --------- -------- APKIb1 10.00 10.00 10.00 10.00 16.00 63.0 4 ------- ------ ------ ------ ---------- ------- ------ --------- -------- ASBNe10 0.9 6 ------- ------ ------ ------ ---------- ------- ------ --------- -------- ASBNe12 130.7 2 ------- ------ ------ ------ ---------- ------- ------ --------- -------- ASBNe13 165.3 4 ------- ------ ------ ------ ---------- ------- ------ --------- -------- ASNDb2 44.09 44.22 44.22 +0.3 15.00 68.62 3.7 2 ------- ------ ------ ------ ---------- ------- ------ --------- -------- ATFBe6 6.60 6.60 6.60 -0.5 6.10 8.76 4,116.6 1 ------- ------ ------ ------ ---------- ------- ------ --------- -------- BRKZe4 7.26 7.26 7.26 +0.02 6.85 7.50 369.9 1 ------- ------ ------ ------ ---------- ------- ------ --------- -------- BTAIb2 14.00 16.50 14.00 -3.5 11.00 50.90 193.6 5 ------- ------ ------ ------ ---------- ------- ------ --------- -------- BTAIb3 15.59 15.59 15.59 -5.9 15.59 103.53 6.4 1 ------- ------ ------ ------ ---------- ------- ------ --------- -------- BTAIb5 13.00 16.50 13.00 -4.5 11.00 46.71 748.2 7 ------- ------ ------ ------ ---------- ------- ------ --------- -------- BTAIb8 14.00 17.48 14.00 -3.5 6.17 61.41 7,107.1 6 ------- ------ ------ ------ ---------- ------- ------ --------- -------- BTAIb9 6.80 6.80 6.80 +0.001 6.80 30.00 1,052.7 20 ------- ------ ------ ------ ---------- ------- ------ --------- -------- CCBNb11 8.10 8.70 8.10 -1.4 8.10 9.50 846.9 2 ------- ------ ------ ------ ---------- ------- ------ --------- -------- CCBNb17 9.00 9.00 9.00 +1.0 8.00 10.00 4.1 1 ------- ------ ------ ------ ---------- ------- ------ --------- -------- CCBNb20 8.00 8.90 8.20 8.00 8.90 6,671.6 5 ------- ------ ------ ------ ---------- ------- ------ --------- -------- CCBNb4 7.50 7.50 7.50 -0.5 6.00 11.00 70.7 1 ------- ------ ------ ------ ---------- ------- ------ --------- -------- CCBNb6 8.02 8.02 8.02 +0.02 8.00 12.00 534.1 1 ------- ------ ------ ------ ---------- ------- ------ --------- -------- CCBNb7 8.10 8.40 8.10 8.10 13.00 701.0 2 ------- ------ ------ ------ ---------- ------- ------ --------- -------- CCBNb8 10.00 10.00 10.00 9.00 11.70 1.7 1 CCBNe3 11.51 12.01 1,051.1 2 CCBNe5 8.50 8.50 8.50 +0.3 6.50 10.00 13.9 1 CSBNb6 14.00 14.00 14.00 -1.0 13.00 19.95 17.1 2 ERKAb1 9.00 9.00 9.00 8.85 9.00 545.0 1 EUBNb3 10.00 10.75 10.75 +0.8 8.00 14.00 4,641.6 4 EUBNb4 10.50 10.70 10.70 9.00 13.00 4,303.9 2 EUBNb9 9.80 9.80 9.80 -0.1 8.00 11.00 3,904.6 1 EXBNb1 16.50 16.50 16.50 -0.00002 11.35 20.00 11.5 1 HSBKb10 9.80 9.80 9.80 -0.00002 9.00 11.20 95.8 2 HSBKb13 10.50 10.50 10.50 -0.00001 8.50 12.10 131.1 1 HSBKe3 7.00 7.03 7.03 +0.03 6.94 7.50 2,049.7 3 JGOKb2 41.9 2 KASTb2 7.00 7.00 7.00 7.00 21.00 14.2 1 KDTSb1 14.89 15.84 14.89 -0.6 13.50 51.80 689.3 7 KKGBb5 9.70 9.70 9.70 -0.0000002 7.50 11.50 132.0 1 KKGBb6 11.50 11.50 11.50 +0.00003 9.50 11.55 3.0 1 KKGBe8 8.91 8.94 8.91 -0.1 8.91 11.02 3,931.8 5 KONDb1 187.20 201.46 201.46 +18.6 108.66 259.62 9.7 3 KZIKb12 13.19 13.19 13.19 13.19 13.19 1,438.4 2 KZIKb16 9.00 9.40 9.40 -0.1 9.00 9.50 459.6 2 KZIKb17 13.90 13.90 13.90 +0.9 12.00 15.90 54.8 1 KZIKb18 12.00 12.00 12.00 12.00 12.00 49.6 1 KZIKb19 11.00 11.90 11.50 +0.5 10.00 11.90 984.3 3 KZIKb20 10.00 10.00 10.00 +3.0 7.00 17.00 348.4 1 KZIKb6 4.50 9.00 4.50 4.50 14.00 62.8 3 KZIKb8 12.95 12.95 12.95 +1.0 9.80 16.75 14.9 1 LOGCb2 10.25 10.25 10.25 -1.8 10.25 26.00 16.4 1 MREKb4 8.00 8.00 8.00 8.00 9.50 6.9 1 NFBNb1 32.00 32.00 32.00 +13.0 18.95 36.00 7,559.7 3 NRBNb7 9.00 11.00 11.00 9.00 11.00 33.3 2 OILAb1 16.00 16.00 16.00 16.00 16.00 15.9 1 ORDKb2 12.00 16.00 14.00 +2.0 12.00 16.00 1,175.7 36 PRKRb4 7.90 8.20 7.90 -0.1 6.15 8.50 7,945.4 3 RESCb1 8.00 9.00 9.00 +1.0 8.00 12.00 872.4 3 RGBRb5 9.00 9.00 9.00 9.00 9.00 1,160.7 1 RGBRb6 15.57 16.00 16.00 14.00 16.00 1,090.8 4 SKKZb23 4.60 5.10 5.10 +0.5 4.50 6.50 224.7 10 TEBNb18 13.89 13.89 13.89 +0.03 12.00 31.59 23.3 2 TEBNb7 12.56 12.56 12.56 12.00 17.64 24.2 1 TSBNb5 14.00 14.00 14.00 +1.0 13.00 20.00 9.9 7 TSBNb6 14.00 14.00 14.00 -1.0 12.00 15.00 60.7 6 TXBNb4 3.10 6.60 5.50 +0.5 3.10 6.80 13,048.9 10 TXBNb5 6.40 6.40 6.40 -0.1 3.40 6.53 4,335.8 1 ZERDb1 18.00 19.00 18.00 +0.0001 5.00 119.00 60.2 4 ------- ------ ------ ------ ---------- ------- ------ --------- -------- 65 85,496.7 228 ------------------------------------------------------------------------- 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 - December 2010. [2011-02-10]