REVIEW: KASE debt capital market in June 2011

/IRBIS, July 12, 2011/ - In June 2011, on the Kazakhstan Stock Exchange (KASE) in field of corporate bonds across all sectors was registered 251 transaction for a total of 23,826.3 million tenge, or 163.4 million U.S. dollars at current exchange rates at the dates of transactions. The said amount is 82.0% of the monthly trading volume in the market of corporate securities (May 2011 - 68.2%) and 1.1% of the total trading volume in all sectors (0.7%). Price background for stock market of corporate bonds in June 2011 was as follows: prices of the 62 items of the bonds involved in the transaction on the secondary market at a discount debt instruments traded 40 items, with a premium - 22 items. The most overbought look NRBNb9, the weighted average net price of which amounted to 139.46%, oversold - ORDBb2 (30.00%). Recall that in May 2011 from 54 denominations of bonds involved in the transaction on the secondary market at a discount were traded 34 titles, at a premium - 20 names. The most overbought was TXBNb5, the weighted average net price of which amounted to 149.21%, oversold - VITAb5 (15.70%). The weighted average of net price of corporate bonds in the secondary market in June rose to 95.3% from 93.5% in May 2011. One month on deals bond yield to maturity increased for 26 instruments (in May 2011 - 18), decreased - in 28 instruments (30), 8 instruments were traded for the first time (6). Below are the tables, characterizing this segment of exchange market in June 2011. Tab. 1. Statistic characteristic of corporate bonds market on KASE in June 2011 (indicators are given taking into account direct deals) ----------------------------------------------------------------------- Trend to --------- -------- -------- Indicator June May June 2011 2011 2010 ------------------------------------------- --------- -------- -------- Trades volume, th., USD 166,184.5 +80.9% +20.9% Trades volume, m., KZT 24,231.3 +81.3% +19.9% Number of deals 251 +84.6% -18.2% Day average number of deals 11 +67.8% -18.2% Day average volume of deals, th. USD 7,553.8 +64.5% +20.9% Day average volume of deals, m. KZT 1,101.4 +64.8% +19.9% Number of instruments, 62 +14.8% -16.2% involved in deals Stake of nego deals (number), % 0.4 -1.1 pp +0.1 pp Stake of nego deals (volume), % 1.7 +1.3 pp +0.9 pp Participation of pension assets, % gross 13.3 +0.3 pp -5.8 pp Participation of physical entities, % gross 16.9 +1.8 pp -1.4 pp Participation of non residents, % gross 11.3 -2.4 pp +10.2 pp Number of exchange's members, 44 +15.8% +10.0% who made deals Market concentration, %* 43.3 -11.1 pp -21.3 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 June 2011 of corporate bonds on KASE * ------------------------------------------------------------------- Stake from total volume of trades(%) in: --------------- --------- -------------- Branch June 2011 May June 2010 2011 -------------------------- --------------- --------- -------------- Finance 94.5 76.5 91.4 Main 2.6 4.7 0.0 consumer sector Telecommunication services 2.5 1.4 3.4 Primary sector 0.3 17.3 1.1 Industry 0.1 - 4.0 Discretionary 0.04 0.01 0.02 consumer sector Utilities sector - 0.1 0.1 Public health - - - Energy - - - Information technologies - - 0.04 ------------------------------------------------------------------- * 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 June 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 -------- -------- -------- ------- ------- --------- --------- 31.05.11 39,981.8 14.72 466.51 318.00 740.4 107.7 01.06.11 40,003.4 14.73 467.00 318.23 1,939.7 281.9 02.06.11 39,983.4 14.73 465.36 317.17 9,385.8 1,365.6 03.06.11 39,940.0 14.81 465.14 317.47 13,760.0 2,002.5 06.06.11 39,944.2 14.72 465.15 317.06 18,151.6 2,642.0 07.06.11 39,967.0 14.72 463.92 316.78 6,749.0 981.8 08.06.11 39,968.6 14.78 464.24 317.23 514.9 74.9 09.06.11 39,966.4 14.78 462.41 316.40 7,090.8 1,031.6 10.06.11 39,960.9 14.77 462.45 316.22 3,269.5 475.8 13.06.11 39,898.3 14.76 462.66 315.94 5,864.5 854.7 14.06.11 39,886.9 14.75 461.65 315.81 4,607.1 671.5 15.06.11 39,900.1 14.66 462.03 315.91 9,961.0 1,451.7 16.06.11 39,894.4 14.67 463.40 317.46 7,930.5 1,154.8 17.06.11 39,843.5 14.70 462.84 317.32 3,624.4 528.9 20.06.11 39,838.2 14.69 462.47 316.86 5,627.1 821.7 21.06.11 39,863.9 14.71 462.07 316.89 13,740.8 2,004.0 22.06.11 39,865.3 14.70 461.79 317.34 3,156.3 460.5 23.06.11 39,861.5 14.69 461.87 317.52 9,009.8 1,315.4 24.06.11 39,837.3 14.70 461.05 317.10 801.0 117.0 27.06.11 39,826.4 14.75 460.15 316.53 4,838.9 707.8 28.06.11 39,768.2 14.75 460.94 316.76 8,541.4 1,249.9 -------- -------- -------- ------- ------- --------- --------- Trend -213.6 +0.03 -5.6 -1.2 % -0.5 +0.2 -1.2 -0.4 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in June 2011 -------------------------------------------- Bonds: Issuers: Category of ------ ----- ------ ----- admission number trend number trend ------------------ ------ ----- ------ ----- Rated 123 +11 36 +2 ------------------ ------ ----- ------ ----- Non-rated first subcategory 82 -10 24 -1 Non-rated second subcategory 29 -2 19 -2 Buffered 6 +2 5 +2 ------------------ ------ ----- ------ ----- Total 240 +1 72 +2 -------------------------------------------- Tab. 5. Summary data on deals with corporate bonds on KASE in June 2011 (purchase and sale without consideration of nego deals) ------------------------------------------------------------------------ Yield to maturity for purchaser, % APR: ------------------------------------------------- Code of At a last deal: For last year Volume of bond ------ --------- ------- ------ deals, Number on KASE min. max. yield Trend, % min. max. th. USD of deals ------- ------ ------ ------ --------- ------- ------ --------- -------- AGKKb1 8.50 8.50 8.50 8.00 9.64 7.0 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- APKIb3 10.00 10.00 10.00 10.00 12.71 161.3 9 ------- ------ ------ ------ --------- ------- ------ --------- -------- ATFBb7 3.17 3.17 3.17 3.17 8.10 18.5 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- BRKZe3 8.00 9.00 9.00 6.36 9.00 6,897.2 3 ------- ------ ------ ------ --------- ------- ------ --------- -------- BRKZe4 7.02 7.02 7.02 6.85 7.33 5,523.2 2 ------- ------ ------ ------ --------- ------- ------ --------- -------- BTAIb3 9.61 11.30 11.30 -0.8 9.00 91.40 245.3 4 ------- ------ ------ ------ --------- ------- ------ --------- -------- BTAIb5 21.06 21.06 21.06 9.35 46.71 7,814.0 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- BTAIb7 32.52 32.52 32.52 10.00 67.91 5,750.3 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- BTAIb9 13.00 13.00 13.00 -0.000004 6.80 21.92 153.7 2 ------- ------ ------ ------ --------- ------- ------ --------- -------- BTASe11 13.67 14.39 14.39 11.24 14.39 23.4 2 ------- ------ ------ ------ --------- ------- ------ --------- -------- BTASe7 15.16 15.16 15.16 9.67 15.96 10.6 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- BVTBb1 5.00 5.00 5.00 4.60 5.25 11,684.2 2 ------- ------ ------ ------ --------- ------- ------ --------- -------- CACMb1 9.00 9.00 9.00 9.00 25.00 72.2 3 ------- ------ ------ ------ --------- ------- ------ --------- -------- CBH_b1 22.37 22.37 22.37 -0.04 20.00 22.41 6.9 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- CCBNb11 8.00 8.00 8.00 8.00 9.50 182.7 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- CCBNb13 9.10 9.90 9.10 9.10 9.90 5,078.1 2 ------- ------ ------ ------ --------- ------- ------ --------- -------- CCBNb14 9.10 9.90 9.10 9.10 11.00 6,544.5 2 ------- ------ ------ ------ --------- ------- ------ --------- -------- CCBNb15 8.11 10.00 8.11 8.11 10.00 19,727.3 8 ------- ------ ------ ------ --------- ------- ------ --------- -------- CCBNb17 6.00 6.00 6.00 6.00 9.01 70.6 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- CSBNb4 5.01 5.01 5.01 5.01 15.00 12.9 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- CSBNb6 12.98 12.98 12.98 +1.0 12.00 15.95 16.9 1 CTECb1 14.00 14.00 14.00 +0.00001 14.00 16.00 102.7 7 EUBNb3 9.00 10.00 9.00 -1.0 8.00 13.00 114.4 7 EUBNb5 8.00 8.00 8.00 7.00 8.00 3,451.1 1 EXBNb1 14.50 14.50 14.50 -0.00001 14.50 17.00 17.1 2 EXBNb2 14.50 14.50 14.50 -4.0 14.50 18.50 19.7 2 HSBKb12 10.36 10.36 10.36 +0.4 8.00 10.36 332.1 1 HSBKe3 6.57 6.57 6.57 +0.3 6.30 7.14 4,171.1 2 HSBKe4 4.83 4.83 4.83 +0.5 4.29 7.25 1,113.5 1 HSBKe5 7.00 7.10 7.10 7.00 7.25 6,663.1 3 KDTSb1 10.00 12.50 10.00 -2.7 10.00 21.38 42.6 2 KKGBb4 11.50 11.50 11.50 +1.0 10.00 12.21 12.8 1 KKGBb5 9.50 9.50 9.50 -2.1 9.50 11.60 562.3 1 KKGBe4 7.30 8.05 7.30 -0.04 7.14 10.88 12,589.3 5 KMGZe3 -5.23 -5.23 -5.23 -5.23 -5.23 3,939.8 1 KZAPe1 4.69 4.69 4.69 4.36 4.69 530.9 1 KZIKb16 10.00 10.00 10.00 -1.5 9.00 11.50 455.7 1 KZIKb17 11.00 11.00 11.00 10.00 15.75 42.0 1 KZIKb2 8.50 10.70 8.50 +0.2 7.10 13.00 553.6 2 KZIKb20 8.50 8.50 8.50 7.00 17.00 64.2 1 KZIKb21 8.00 8.00 8.00 +0.000001 8.00 8.00 18.0 1 KZIKb3 8.20 8.20 8.20 -0.000001 8.20 13.00 113.5 2 KZIKb4 9.50 11.70 10.00 +0.1 9.50 14.45 759.8 3 KZIKb7 5.00 5.00 5.00 5.00 13.50 28.5 1 KZIKb8 10.00 10.00 10.00 8.50 16.75 13.8 1 NFBNb1 22.36 22.36 22.36 18.95 36.00 24.5 1 NRBNb9 2.00 2.00 2.00 2.00 2.00 2.0 2 ORDBb2 595.74 595.74 595.74 375.00 595.74 319.4 1 ORDKb2 12.00 14.00 14.00 +2.0 12.00 16.02 167.6 5 PRKRb2 7.33 7.33 7.33 7.30 8.80 706.3 1 RESCb1 8.00 9.50 9.50 8.00 12.00 7,824.6 4 RGBRb4 10.00 10.00 10.00 6.00 15.00 2.1 3 RGBRb6 14.00 14.50 14.13 +1.1 10.00 16.00 3,401.6 3 TEBNb16 13.40 14.00 13.50 +1.6 11.91 14.00 4,069.0 55 TEBNb18 14.00 14.60 14.60 12.00 31.59 839.4 16 TEBNb6 12.50 14.00 12.50 12.00 23.10 1,841.4 25 TEBNe1 1.20 1.27 1.27 -0.4 1.20 1.27 1,818.1 5 TSBNb4 2.01 5.00 2.01 -3.0 2.01 11.08 46.3 7 TSBNb6 10.54 10.54 10.54 10.54 15.00 26.4 1 TSBNb8 11.00 12.00 12.00 9.00 12.00 7,427.9 2 TXBNb3 6.23 6.23 6.23 -0.8 5.00 9.00 1,228.7 1 TXBNb5 3.20 6.60 6.00 +2.8 3.20 7.06 27,951.7 19 ------- ------ ------ ------ --------- ------- ------ --------- -------- 62 163,408.8 250 ------------------------------------------------------------------------ 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 - May 2011. [2011-07-12]