REVIEW: KASE debt capital market in June 2011

/IRBIS, July 12, 2011/ - In July 2011 on the Kazakhstan Stock Exchange (KASE) on corporate bonds across all sectors were recorded 169 transactions totaling 2,1063.3 million tenge, or 144.3 million U.S. dollars at current exchange rates at the dates of transactions. The said amount is 93.3% of the monthly trading volume in the market of corporate securities (June 2011 - 82.0%) and 1.0% of the total trading volume in all sectors (1.1%). Price background of stock market of corporate bonds in July 2011 was as follows: of the 56 items of the bonds involved in the transaction on the secondary market at a discount were traded debt instruments of 32 items, premium - 24 items. The most overbought looked TEBNe1, the weighted average net price of which amounted to 119.94%, oversold - BTASe15 (6.50%). Recall that in June 2011 from 62 denominations of 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 looked NRBNb9, the weighted average net price of which amounted to 139.46%, oversold - ORDBb2 (30.00%). The weighted average net price of corporate bonds in the secondary market in July rose to 97.5% from 95.3% in June 2011. For month on deals bond yield to maturity rose for 22 instruments (in June 2011 - 26), decreased in 29 instruments (28), 5 were instruments traded for the first time (8). Below are the tables, characterizing this segment of exchange market in July 2011. Tab. 1. Statistic characteristic of corporate bonds market on KASE in July 2011 (indicators are given taking into account direct deals) ------------------------------------------------------------------------ Trend to ------------------ Indicator July June June 2011 2011 2010 ------------------------------------------- --------- -------- --------- Trades volume, th., USD 144,254.8 -13.2% 3.6 times Trades volume, m., KZT 21,063.3 -13.1% 3.6 times Number of deals 169 -32.7% -45.5% Day average number of deals 8 -25.9% -42.8% Day average volume of deals, th. USD 7,212.7 -4.5% 3.8 times Day average volume of deals, m. KZT 1,053.2 -4.4% 3.8 times Number of instruments, 56 -9.7% -5.1% involved in deals Stake of nego deals (number), % 0 -0.4 pp -0.3 pp Stake of nego deals (volume), % 0 -1.7 pp -0.001 pp Participation of pension assets, % gross 10.9 -2.4 pp -8.1 pp Participation of physical entities, % gross 4.8 -12.1 pp -24.1 pp Participation of non residents, % gross 29.1 +17.8 pp +28.5 pp Number of exchange's members, 40 -9.1% +11.1% who made deals Market concentration, %* 45.8 +2.5 pp -14.3 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 July 2011 of corporate bonds on KASE * ------------------------------------------------------------------- Stake from total volume of trades(%) in: --------------- --------- -------------- Branch July 2011 June July 2010 2011 -------------------------- --------------- --------- -------------- Finance 80.9 94.5 71.9 Main 13.7 2.6 7.1 consumer sector Telecommunication services 5.1 2.5 17.4 Primary sector 0.3 - 1.4 Industry 0.01 0.04 1.0 Discretionary 0.003 0.1 0.9 consumer sector Utilities sector - - - Public health - - 0.02 Energy - - - Information technologies - 0.3 0.3 ------------------------------------------------------------------- * 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 July 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 -------- -------- -------- ------- ------- --------- --------- 30.06.11 39,836.4 14.81 459.77 317.17 5,351.8 780.4 01.07.11 39,844.1 14.77 460.82 317.75 6,877.1 1,002.7 04.07.11 40,313.7 14.73 465.42 320.98 7,597.6 1,108.0 05.07.11 40,329.6 14.71 464.60 321.16 7,157.2 1,042.9 07.07.11 40,844.9 14.72 464.39 321.30 4,839.5 704.1 08.07.11 40,895.8 14.69 463.56 320.94 1,455.2 211.6 11.07.11 40,875.8 14.69 462.73 320.22 5,250.5 764.6 12.07.11 40,819.0 14.68 462.44 319.56 4,955.4 724.2 13.07.11 40,804.7 14.68 461.69 319.96 5,343.2 780.8 14.07.11 40,814.8 14.68 461.07 319.87 32,383.0 4,733.7 15.07.11 40,848.4 14.71 460.15 319.08 7,245.1 1,058.0 18.07.11 40,847.4 14.71 461.25 319.82 1,428.6 208.4 19.07.11 40,790.5 14.69 459.58 319.02 11,563.1 1,691.8 20.07.11 40,822.2 14.68 458.71 318.66 1,177.5 172.5 21.07.11 40,847.5 14.71 459.02 319.12 5,495.0 803.4 22.07.11 40,842.8 14.72 457.75 318.33 15,203.9 2,220.5 25.07.11 40,874.3 14.70 457.98 318.15 9,271.4 1,352.7 26.07.11 40,918.8 14.71 456.51 317.69 386.1 56.1 27.07.11 41,281.9 14.72 456.52 317.92 3,594.7 523.1 28.07.11 41,223.1 14.75 456.17 317.93 9,832.3 1,436.7 29.07.11 41,215.5 14.73 455.22 317.53 3,198.5 467.4 -------- -------- -------- ------- ------- --------- --------- Trend +1379.1 -0.08 -4.6 +0.4 % +3.5 -0.6 -1.0 +0.1 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in July 2011 -------------------------------------------- Bonds: Issuers: Category of ------ ----- ------ ----- admission number trend number trend ------------------ ------ ----- ------ ----- Rated 131 +8 38 +2 ------------------ ------ ----- ------ ----- Non-rated first subcategory 81 -1 23 -1 Non-rated second subcategory 31 +2 21 +2 Buffered 3 -3 2 -3 ------------------ ------ ----- ------ ----- Total 246 +6 70 -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: 365 days Vol of bond ----- --------- ----- ----- deals, Number on KASE min. max. yield Trend, % min. max. th. USD of deals ------- ----- ----- ----- --------- ----- ----- --------- -------- AGKKb1 8.49 8.49 8.49 -0.01 8.00 9.64 65.3 1 ------- ----- ----- ----- --------- ----- ----- --------- -------- ASBNe8 12.36 12.36 12.36 11.09 12.36 263.7 2 ------- ----- ----- ----- --------- ----- ----- --------- -------- ATFBb4 9.00 9.00 9.00 8.00 9.00 20.5 1 ------- ----- ----- ----- --------- ----- ----- --------- -------- ATFBb6 7.50 9.00 9.00 6.70 10.12 7,155.4 6 ------- ----- ----- ----- --------- ----- ----- --------- -------- BKKRb1 11.30 1,467.8 4 ------- ----- ----- ----- --------- ----- ----- --------- -------- BTAIb3 9.01 12.00 12.00 +0.7 9.00 38.30 333.5 4 ------- ----- ----- ----- --------- ----- ----- --------- -------- BTAIb9 13.00 13.00 13.00 -0.000001 6.80 21.92 20.8 1 ------- ----- ----- ----- --------- ----- ----- --------- -------- BTASe15 68.3 2 ------- ----- ----- ----- --------- ----- ----- --------- -------- BTASe7 15.96 15.96 15.96 +0.8 9.67 16.00 196.5 1 ------- ----- ----- ----- --------- ----- ----- --------- -------- BVTBb1 5.00 5.00 5.00 -0.00004 4.60 5.25 20.7 1 ------- ----- ----- ----- --------- ----- ----- --------- -------- CACMb1 12.00 12.00 12.00 +3.0 9.00 24.00 17.8 1 ------- ----- ----- ----- --------- ----- ----- --------- -------- CCBNb15 8.21 8.21 8.21 +0.1 8.05 10.00 1,461.9 1 ------- ----- ----- ----- --------- ----- ----- --------- -------- CCBNb9 9.50 9.50 9.50 8.00 9.50 20.7 1 ------- ----- ----- ----- --------- ----- ----- --------- -------- CSBNb5 8.00 8.00 8.00 8.00 16.00 20.9 1 ------- ----- ----- ----- --------- ----- ----- --------- -------- CSBNb6 10.00 11.00 10.00 -3.0 10.00 15.95 3,983.0 3 ------- ----- ----- ----- --------- ----- ----- --------- -------- CSBNb7 12.00 12.00 12.00 12.00 14.00 131.5 1 ------- ----- ----- ----- --------- ----- ----- --------- -------- EUBNb3 9.00 9.00 9.00 +0.002 8.00 13.00 141.0 1 ------- ----- ----- ----- --------- ----- ----- --------- -------- EUBNb4 10.00 10.00 10.00 9.00 12.00 98.9 2 ------- ----- ----- ----- --------- ----- ----- --------- -------- EUBNb5 8.00 8.00 8.00 -0.00001 7.00 8.00 3,466.5 1 ------- ----- ----- ----- --------- ----- ----- --------- -------- EUBNb9 8.00 8.00 8.00 8.00 11.00 4,972.3 2 ------- ----- ----- ----- --------- ----- ----- --------- -------- EXBNb1 14.50 14.50 14.50 -0.00001 14.50 17.00 1.4 1 EXBNb2 14.50 14.50 14.50 -0.0001 11.50 18.50 7.7 1 HSBKb12 9.00 10.36 10.19 -0.2 8.00 10.36 489.4 4 HSBKe2 4.34 4.34 4.34 4.34 5.13 4,296.6 1 HSBKe3 6.62 6.86 6.62 +0.05 6.30 7.14 2,075.1 2 HSBKe4 4.90 4.96 4.90 +0.1 4.29 6.49 6,690.7 2 KDTSb1 12.80 12.80 12.80 +2.8 10.00 21.38 4.8 1 KKGBb4 11.50 11.50 11.50 -0.00001 10.40 12.21 2.0 1 KKGBe19 6.81 6.81 6.81 6.81 10.80 11,068.9 1 KKGBe4 8.05 8.98 8.20 +0.9 7.14 10.08 14,898.2 6 KKGBe5 8.49 8.49 8.49 8.49 10.02 10,062.2 1 KMGZe4 5.46 5.46 5.46 5.46 5.79 111.9 1 KMGZe5 -0.82 -0.65 -0.82 -0.82 -0.65 16,118.9 4 KZIKb11 6.70 6.70 6.70 6.70 12.00 18.2 1 KZIKb12 8.55 8.55 8.55 8.14 14.00 20.9 1 KZIKb17 10.80 11.25 10.80 -0.2 10.00 15.75 475.5 2 KZIKb19 10.00 10.00 10.00 10.00 11.90 10,472.4 1 KZIKb2 7.10 7.10 7.10 -1.4 7.10 13.00 54.5 1 KZIKb20 9.00 10.00 10.00 +1.5 7.00 17.00 1,682.1 4 KZIKb21 8.00 8.00 8.00 +0.00001 8.00 8.00 41.7 2 KZIKb8 10.00 10.00 10.00 -0.00001 8.50 13.00 13.9 1 NRBNb5 13.00 13.00 13.00 12.00 13.00 1,678.4 1 NRBNe2 8.21 8.28 8.21 6.79 9.31 1,205.3 2 ORDKb2 12.00 12.00 12.00 -2.0 12.00 16.02 768.7 24 PRKRb4 7.30 8.30 7.30 5.00 8.50 5,813.5 2 RGBRb4 10.00 10.00 10.00 +0.0005 6.00 15.00 5.0 7 SATCb1 11.00 11.00 11.00 9.95 11.00 3,469.6 1 SKKZb22 5.30 5.30 5.30 5.30 5.89 287.7 1 TEBNb18 12.00 12.50 12.10 -2.5 12.00 31.59 946.8 10 TEBNb6 12.50 12.50 12.50 +0.004 12.00 23.10 1,919.1 23 TEBNe1 1,079.5 1 TSBNb2 9.00 9.00 9.00 9.00 15.50 14.3 1 TSBNb8 9.00 10.00 10.00 -2.0 9.00 12.00 24,012.0 13 TXBNb3 7.00 7.00 7.00 +0.8 5.00 9.00 21.2 2 TXBNb5 7.00 7.00 7.00 +1.0 3.20 7.06 28.5 1 ZERDb1 15.46 16.00 16.00 5.00 75.00 471.5 4 ------- ----- ----- ----- --------- ----- ----- --------- -------- 56 144,254.8 169 ------------------------------------------------------------------ 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 - June 2011. [2011-08-12]