REVIEW: Government Securities market on KASE in May 2011

/IRBIS, June 9, 2011/ - In May 2011, on the Kazakhstan Stock Exchange (KASE) in the sector of sale of GS, including location, were recorded 162 transactions totaling KZT 65,893.1 million (equivalent to USD452.8 million), accounting for 3.2 % of total trading volume on KASE (in April 2011 - 4.9%). With regard to April 2011 trading volume in the sector decreased by 41.0%, relative to May 2010 - by 49.8%. Ministry of Finance of Kazakhstan in May 2011 held 4 auctions at KASE on placement of bonds: May 12, 2011 was held an auction on placement of mid-term treasury bills of the Ministry of Finance MEOKAM-60 exhaust 38 (KZK2KY050385, MOM060_0038; 1,000 tenge, 12.05.1911 - 05.12.1916, 30/360). Negotiable advocated the coupon rate. It was originally planned to place the bonds in the amount of 10 000,0 million tenge. In the auction was attended by 19 primary dealers, filed 65 active bids. Total volume of active bids (demand volume) was 49 842.0 million tenge (498.4% of the offered volume of bonds). Coupon submitted by active bids ranged from 3.20% to 5.90% per annum, amounting in average terms, 4.2823% per annum. As a result of trade, the issuer has established the rate at 3.20% per annum, meeting the request for $ 6 666.7 million tenge (66.7% of the offered volume of bonds). May 18, 2011 was held auction of government treasury bonds of the Ministry of Finance MEUKAM-84 of the ninth issue (KZKDKY070099, MUM084_0009; 1,000 tenge, 18.05.1911 - 18.05.1918, 30/360). Negotiable advocated the coupon rate. It was originally planned to place the bonds at $ 15,000.0 million tenge. In the auction was attended by 18 primary dealers that have filed 62 active application. Total volume of active bids (demand volume) was 51,314.0 million tenge (342.1% of the offered volume of bonds). Coupon submitted by active bids ranged from 3.50% to 6.00% per annum, amounting in average terms, 4.9435% per annum. As a result of trade, the issuer has established the rate at 4.00% per annum, meeting the request for $ 15,763.3 million tenge (105.1% of the offered volume of bonds). May 23, 2011 was held auction of government treasury bonds of the Ministry of Finance MEUKAM-108 of the sixth issue (KZKDKY090063, MUM108_0006; 1,000 tenge, 23.05.1911 - 05.23.1920, 30/360). Negotiable advocated the coupon rate. It was originally planned to place the bonds at $ 15 000.0 million tenge. In the auction was attended by 18 primary dealers that have filed 54 active application. Total volume of active bids (demand volume) was 34,885.0 million tenge (232.6% of the offered volume of bonds). Coupon submitted by active bids ranged from 4.50% to 6.00% per annum, amounting in average terms, 5.2067% per annum. As a result of trade, the issuer has established the rate at 5.00% per annum, meeting the request for $ 14,635.0 million tenge (97.6% of the offered volume of bonds). May 30, 2011 were held specialized trades on placement of long-term treasury bills of the Ministry of Finance MEUJKAM-132 of the first issue (KZKAKY110013, MUJ132_0001; 1,000 tenge, 05.30.1911 - 05.30.1922, 30/360). Negotiable performed a fixed coupon. It was originally planned to place bonds worth $ 5,000.0 million tenge. In the auction was attended by 11 primary dealers, filed 29 active applications. Total volume of active bids (demand volume) was 78,667.0 million tenge for a nominal value of bonds (1573.3% of the offered volume of bonds). As a result of trade, the issuer a fixed coupon rate at 0.01% per annum, meeting the application for purchase of 5,0 million of bonds (100.0% of the suggested amount). Statistical indicators of the secondary market GS in May 2011 are shown in table (in brackets - the comparable figures of the previous month). -------------------------------------------------------------------------- Yield to maturity for the buyer, %APR Term ------------------------------------- Volume, m. KZT Number till maturity min max last till maturity min max -------------- ------- ------ ------ --------------- -------------- ------ Discounted GS (KZT): MEKKAM, National Bank's notes - 13.6% (46.1%) of the market -------------------------------------------------------------------------- 15 - 28 0.20 0.80 0.40 0.53 (0.30) 1,226.6 5 29 - 36 0.60 0.60 0.60 0.60 (0.73) 799.5 1 57 - 63 0.72 0.72 0.72 0.72 499.4 1 64 - 91 0.79 0.79 0.79 0.79 (0.88) 64.9 1 92 - 181 1.15 1.15 1.15 1.15 14.9 1 182 - 364 1.40 1.59 1.55 1.53 (1.62) 642.7 4 -------------- ------- ------ ------ --------------- -------------- ------ Total 3,248.1 13 (29,019.0) (31) -------------- ------- ------ ------ --------------- -------------- ------ Coupon GS: МЕОКАМ, МЕUКАМ, МЕUJКАМ - 86.4% (53.9%) of the market -------------------------------------------------------------------------- Less than 730 -4.66 1.85 1.70 -0.56 (1.46) 573.9 9 731 - 1095 2.35 2.60 2.50 2.49 720.5 4 1096 - 1460 -2.71 2.97 2.97 0.74 (-0.17) 1,646.2 8 1461 - 1825 4.80 4.80 4.80 4.80 (3.95) 37.1 1 1826 - 2190 3.79 5.03 4.00 4.52 2,433.1 8 More than 2191 4.31 5.55 5.00 5.00 (3.64) 15,169.3 41 -------------- ------- ------ ------ --------------- -------------- ------ Total 20,580.1 71 (33,937.6) (71) -------------- ------- ------ ------ --------------- -------------- ------ TOTAL 23,828.2 84 (62,956.7) (102) -------------------------------------------------------------------------- The share of exchange trading volume of total transactions in the Kazakhstan's GS secondary market in May 2011 amounted to 95.6% (in March 2011 - 98.9%). [2011-06-09]