REVIEW: KASE debt capital market in April 2011

/IRBIS, May 13, 2011/ - In April 2011, on the Kazakhstan Stock Exchange (KASE) on corporate bonds in all market sectors recorded 366 transactions totaling KZT42,674.4 million, or 293,500.8million U.S. dollars at the current rate at the date of the transaction. This represents 80.0%of the monthly trading volume on the corporate securities market (in March 2011 - 28.1%) and 2.7% of the total trading volume in all sectors of the market (1.1%). On April 5, 2011 in the trade system of KASE special offerings were held for KZP01Y07D853 (SKKZb22) of Fund Samruk-Kazyna (Astana). The issuer had planned to place 75.0 billion of bonds KZP01Y07D853 (whole volume of registered bonds of this issue). The subject of bargaining is the value of the coupon rate bonds, expressed as a percentage per annum up to two decimal places, which is also considered by the issuer as to the yield to maturity for a buyer. The auction was attended by 30 members of KASE, who submitted 85 bids, including 77 limited market and 8. At the end of the application period in 1977 had left active warrants to purchase 128 147.0 million of bonds, including 69 limited (for the purchase of 120 bonds of 536.0 million) and 8 of the market (to buy 7,611.0 million of bonds). Thus, the volume of demand at the auction amounted to 170.9% of the volume of proposals. Coupon rate (yield to maturity) in the active limit orders ranged from 4.50% pa to 8.00% per annum, amounting to average terms, 5.98% per annum. The volume of active orders, the proportion of pension market had 52.3%, the share of Kazakhstan's second-tier banks (STB) - 36.6%, broker-dealers - 2.0%, their customers - 9.1%. As a result of trade, the issuer has established cut-off price at the level of 99.9974%, which corresponds to the coupon rate (the yield to maturity for a buyer) 5.89% per annum, and granted on the price of 27 applications, thereby placing 19 447.0 million of bonds. The amount of involvement in this case amounted to 19,484,675 321.31 tenge. According to data of Central Securities Depository JSC (Almaty), all transactions at the time of publication of this information were fulfilled. 20.6% of the total outstanding bonds were redeemed by the subjects of the pension market, 32.6% - BWI, 0.7% - broker-dealer companies, 46.1% - by customers of broker-dealers. Ticket background of stock market of corporate bonds in April 2011 was as follows: from 74 denominations of bonds involved in the transaction on the secondary market at a discount traded debt instruments 48 items, with a premium - 26 names. Most overbought was TXBNb5, the weighted average net price of which amounted to 124.70% oversold - TEBNb16 (62.29%). Recall that in March 2011 from 73 denominations of bonds involved in the transaction on the secondary market at a discount traded debt instruments 48 items, with a premium - 25 names. Most overbought was TXBNb5, the weighted average net price of which amounted to 122.07% oversold - KKAGb2 (1.25%). The weighted average net price of corporate bonds on the secondary market in April rose to 97.3% compared with 93.5% in March 2011. Per month on deals yield to maturity for a buyer increased 29 instruments (in March 2011 - 22), decreased - 39 instruments (37), 5 instruments were traded for the first time (9) Below are the tables, characterizing this segment of exchange market in April 2011. Tab. 1. Statistic characteristic of corporate bonds market on KASE in April of 2011 (indicators are given taking into account direct deals) ------------------------------------------------------------------------- Trend to ------------------------------------------------------------------------- Indicator Apr Mar Apr 2011 2011 2010 ------------------------------------------- --------- --------- --------- Trades volume, th., USD 427,480.5 2.0 times 5.0 times Trades volume, m., KZT 62,159.1 2.0 times 5.0 times Number of deals 133,979.8 - - Day average number of deals 19,484.7 - - Day average volume of deals, th. USD 366 +10.9% -11.2 Day average volume of deals, m. KZT 17 +0.3% -6.9 Number of instruments, 20,356.2 1.8 times 5.3 times involved in deals Stake of nego deals (number), % 2,960.0 1.8 times 5.2 times Stake of nego deals (volume), % 74 +1.4% -15.9% Participation of pension assets, % gross 0 0 -0.2,pp Participation of physical entities, % gross 0 0 -0.01 pp Participation of non residents, % gross 12.3 -25.0 pp -11.8 pp Number of exchange's members, 7.0 -4.6 pp -8.4 pp who made deals Market concentration, %* 10.4 -3.4 pp +9.4 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 April 2011 corporate bonds on KASE * ------------------------------------------------------------------- Stake from total volume of trades(%) in: ---------------------------------------------------- -------------- Branch April 2011 March April 2010 2011 -------------------------- --------------- --------- -------------- Finance 90.1 85.1 68.0 Main consumer sector 7.5 7.0 9.0 Telecommunication services 0.8 0.8 8.8 Primary sector 0.74 0.4 9.6 Industry 0.73 5.8 0.1 Discretionary consumer sector 0.2 0.8 4.4 Utilities sector - 0.04 0.02 Public health - - - Energy - - 0.002 Information technologies - - 0.1 ------------------------------------------------------------------- *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 April 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 -------- -------- -------- ------- ------- --------- --------- 31.03.11 39,761.1 14.75 476.34 322.22 9,864.2 1,437.2 01.04.11 39,746.1 14.76 479.91 325.09 14,957.0 2,178.9 04.04.11 39,727.1 14.74 480.02 323.96 13,422.9 1,957.2 05.04.11 39,752.0 14.72 481.07 324.40 6,978.1 1,016.2 06.04.11 39,769.1 14.73 482.55 324.41 136,521.1 19,854.3 07.04.11 39,949.7 14.74 484.98 325.27 6,852.2 996.6 08.04.11 39,955.2 14.80 483.34 323.85 1,513.5 220.1 11.04.11 39,939.9 14.66 486.58 324.45 6,239.1 907.2 12.04.11 39,945.7 14.73 483.88 323.12 5,920.2 860.6 13.04.11 40,002.8 14.73 482.61 322.37 158.6 23.1 14.04.11 40,157.7 14.84 480.54 321.57 1,550.5 225.3 15.04.11 40,158.7 14.87 481.30 321.83 28,939.5 4,204.3 18.04.11 40,156.0 14.87 481.80 321.79 131,428.9 19,096.6 19.04.11 40,128.8 14.97 478.90 320.27 24,488.8 3,562.9 20.04.11 40,120.9 14.41 483.58 324.22 2,935.6 427.2 21.04.11 40,164.3 14.41 482.86 323.93 4,867.7 707.3 22.04.11 40,211.7 14.42 481.79 323.48 7,466.2 1,084.8 25.04.11 40,196.9 14.42 482.63 323.60 6,145.8 893.5 26.04.11 40,191.4 14.42 480.42 323.22 4,306.0 626.3 27.04.11 40,201.1 14.37 480.48 323.06 2,532.8 368.2 28.04.11 40,186.1 14.35 478.98 322.35 17,584.4 2,559.8 29.04.11 40,206.3 14.35 479.26 322.70 2,671.6 388.8 -------- -------- -------- ------- ------- --------- --------- Trend +445.1 -0.4 +2.9 +0.5 % +1.1 -2.7 +0.6 +0.1 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in April 2011 -------------------------------------------- Bonds: Issuers: Category of ------ ----- ------ ----- admission number trend number trend ------------------ ------ ----- ------ ----- Rated 109 -1 32 0 ------------------ ------ ----- ------ ----- Non-rated first subcategory 95 -1 25 0 Non-rated second subcategory 32 +3 22 +1 Buffered 6 -4 5 -2 ------------------ ------ ----- ------ ----- Total 242 -3 72 -2 -------------------------------------------- Tab. 5. Summary data on deals with corporate bonds on KASE in April 2011 (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 27.00 27.00 27.00 -2.0 27.00 36.00 39.5 3 ------- ----- ----- ----- ---------- ----- ------ --------- -------- AESOb1 12.98 13.00 13.00 +0.001 11.80 13.00 196.0 3 ------- ----- ----- ----- ---------- ----- ------ --------- -------- APKIb1 10.00 10.00 10.00 -2.0 10.00 12.00 2.1 1 ------- ----- ----- ----- ---------- ----- ------ --------- -------- APKIb2 10.00 10.00 10.00 -2.0 10.00 12.00 2.1 1 ------- ----- ----- ----- ---------- ----- ------ --------- -------- APKIb3 10.00 12.71 12.71 10.00 12.71 833.4 3 ------- ----- ----- ----- ---------- ----- ------ --------- -------- ASBNe8 11.09 11.52 11.09 -0.5 11.09 11.60 43.8 2 ------- ----- ----- ----- ---------- ----- ------ --------- -------- ATFBb4 8.00 8.00 8.00 8.00 9.32 67.5 4 ------- ----- ----- ----- ---------- ----- ------ --------- -------- ATFBb5 4.70 8.00 8.00 4.70 10.90 1,129.1 3 ------- ----- ----- ----- ---------- ----- ------ --------- -------- ATFBe3 4.64 4.64 4.64 -0.5 4.64 5.40 333.9 1 ------- ----- ----- ----- ---------- ----- ------ --------- -------- ATFBe5 7.35 7.43 7.43 +0.1 7.35 9.00 6,079.8 3 ------- ----- ----- ----- ---------- ----- ------ --------- -------- ATFBe6 6.43 6.75 6.75 +0.3 6.10 8.76 6,072.9 3 ------- ----- ----- ----- ---------- ----- ------ --------- -------- BKKRb1 11.00 11.00 11.00 11.00 11.00 5,066.7 2 ------- ----- ----- ----- ---------- ----- ------ --------- -------- BRKLb1 6.30 6.30 6.30 -0.2 6.00 7.50 685.3 1 ------- ----- ----- ----- ---------- ----- ------ --------- -------- BRKZe3 6.50 8.00 8.00 6.36 8.00 1,492.2 2 ------- ----- ----- ----- ---------- ----- ------ --------- -------- BRKZe4 7.10 7.10 7.10 6.85 7.50 4,520.8 1 ------- ----- ----- ----- ---------- ----- ------ --------- -------- BTAIb11 11.00 11.00 11.00 11.00 39.73 50.0 1 ------- ----- ----- ----- ---------- ----- ------ --------- -------- BTAIb2 11.00 12.00 11.00 8.99 50.90 63.6 3 ------- ----- ----- ----- ---------- ----- ------ --------- -------- BTAIb3 9.00 9.79 9.00 9.00 92.34 11.4 2 ------- ----- ----- ----- ---------- ----- ------ --------- -------- BTAIb5 11.00 11.00 11.00 9.35 46.71 34.3 1 ------- ----- ----- ----- ---------- ----- ------ --------- -------- BTAIb7 10.00 10.00 10.00 10.00 67.91 46.6 1 ------- ----- ----- ----- ---------- ----- ------ --------- -------- BTAIb8 10.00 14.03 10.00 -5.0 9.40 61.41 88.5 5 BTAIb9 11.00 13.66 13.00 -8.9 6.80 30.00 7,529.7 17 BTASe11 11.24 11.24 11.24 -0.7 11.24 11.91 96.0 2 BTTRb1 9.52 9.52 9.52 8.64 9.52 620.3 1 BVTBb1 4.60 5.00 4.60 -0.3 4.60 5.25 7,554.2 4 CBH_b1 22.38 22.38 22.38 -0.02 20.00 24.11 4.2 1 CCBNb14 10.00 10.00 10.00 -0.0000003 10.00 11.50 13.7 1 CCBNb9 9.50 9.50 9.50 8.00 9.50 13.1 1 CSBNb4 6.00 7.00 6.00 -2.0 6.00 15.00 25.5 2 CSBNb5 10.00 12.00 10.00 -2.0 10.00 17.00 89.8 7 CSBNb6 13.00 13.00 13.00 12.00 19.95 5.6 1 EUBNb3 8.20 10.00 8.50 -0.2 8.00 13.00 15,521.2 9 EUBNb4 10.00 10.00 10.00 9.00 13.00 3.9 1 EUBNb7 8.00 10.00 10.00 +1.0 8.00 10.00 1,505.7 4 EUBNb9 8.70 8.80 8.70 -1.1 8.00 11.00 3,649.5 2 EXBNb2 17.50 18.50 18.50 +2.5 10.71 18.50 6,970.2 9 HSBKb10 9.76 11.60 11.60 +1.8 9.00 11.60 555.1 6 HSBKb13 10.00 10.00 10.00 +0.001 8.50 10.50 20.0 1 HSBKb9 8.50 8.50 8.50 8.00 8.50 25.8 1 HSBKe4 4.53 4.53 4.53 -2.0 4.32 7.57 688.8 1 KDTSb1 13.00 13.37 13.09 +1.1 12.00 21.38 1,334.9 10 KKGBb4 10.40 11.50 11.39 -0.8 10.00 12.21 13,404.3 5 KKGBb5 10.70 10.70 10.70 +0.4 8.30 11.60 1,000.5 2 KKGBb8 12.00 12.00 12.00 11.00 12.00 18.4 1 KKGBe19 10.80 10.80 10.80 +1.3 9.42 10.80 64.5 1 KKGBe4 8.90 8.90 8.90 -1.2 8.75 11.92 9.5 1 KMGZe1 3.20 3.27 3.27 -0.5 3.20 3.84 1,925.9 2 KMGZe4 5.79 5.79 5.79 5.79 5.79 216.6 2 KZAPe1 4.41 4.41 4.41 4.36 4.53 1,420.7 2 KZIKb16 11.50 11.50 11.50 +1.5 9.00 11.50 1,762.2 1 KZIKb17 10.00 11.50 10.00 -1.7 10.00 15.75 16,504.8 6 KZIKb18 8.25 8.25 8.25 8.25 12.00 16,250.7 2 KZIKb21 8.00 8.00 8.00 8.00 8.00 10,581.1 3 KZIKb4 10.00 10.00 10.00 -0.00002 9.90 14.45 33.4 2 KZIKb8 8.50 8.50 8.50 8.50 16.75 1,575.0 1 NRBNb2 8.00 10.00 10.00 -1.8 8.00 16.00 18.7 2 NRBNb7 11.40 11.40 11.40 9.00 12.00 78.8 1 ORDKb2 12.00 14.00 12.00 -2.0 12.00 16.02 657.1 25 PRKRb2 7.30 7.30 7.30 7.30 9.00 10,518.6 1 REALb1 10.00 10.00 10.00 -7.5 9.98 17.50 601.3 2 RESCb1 12.00 12.00 12.00 +4.0 8.00 12.00 107.1 1 RGBRb4 6.00 10.00 6.00 -4.0 6.00 16.00 15.7 2 RGBRb5 10.00 10.00 10.00 9.00 10.00 312.3 1 RGBRb6 10.00 14.00 12.50 10.00 16.00 665.4 8 SKKZb22 5.70 5.89 5.70 5.70 5.89 124,396.9 10 SKKZb23 4.50 6.00 4.50 -0.8 4.50 6.50 1,872.7 13 TEBNb16 13.94 13.94 13.94 -0.1 11.91 14.00 4,077.4 46 TEBNb18 13.94 13.94 13.94 -0.1 12.00 31.59 3,169.1 29 TSASb1 25.00 25.00 25.00 25.00 28.64 1,699.4 2 TSBNb4 5.00 5.00 5.00 -6.1 5.00 11.08 21.4 4 TSBNb5 10.02 10.02 10.02 -4.0 10.01 16.00 33.7 1 TXBNb3 5.00 7.00 5.00 -1.0 5.00 9.00 97.0 4 TXBNb5 3.80 6.62 6.50 -0.1 3.20 7.06 3,079.0 5 ZERDb1 10.00 16.00 16.00 +6.0 5.00 119.00 579.4 23 ------- ----- ----- ----- ---------- ----- ------ --------- -------- 74 289,855.2 338 -------------------------------------------------------------------- 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 - March 2011. [2011-05-13]