REVIEW: KASE debt capital market in August 2011

/IRBIS, September 15, 2011/ - In August 2011 on the Kazakhstan Stock Exchange (KASE) on corporate bonds across all sectors were recorded 167 transactions totaling 15,559.9 million tenge, or 106.0 million U.S. dollars at current exchange rates at the dates of transactions. The said amount is 86.0% of the monthly trading volume in the market of corporate securities (July 2011 - 93.3%) and 0.6% of the total trading volume in all sectors (1.0%). Price background for stock market of corporate bonds in August 2011 was as follows: of the 51 names of bonds involved in the transaction on the secondary market at a discount were traded 26 items, with a premium - 24 items, at face value - 1. The most overbought looked KMGZe3, the weighted average net price of which amounted to 123.39%, oversold - BTASe15 (5.51%). Recall that in July 2011 of the 56 items of bonds involved in the transaction on the secondary market at a discount were traded debt instruments from 32 items, with a premium - 24 items. The most overbought looked TEBNe1, the weighted average net price of which amounted to 119.94%, oversold - BTASe15 (6.50%). The weighted average net price of corporate bonds in the secondary market in August fell to 95.2% from 97.5% in July 2011. One month on deals bond yield to maturity rose from 23 instruments (July 2011 - 22), decreased in 21 instrument (29), 7 instruments were traded for the first time (5). Below are the tables, characterizing this segment of exchange market in August 2011. Tab. 1. Statistic characteristic of corporate bonds market on KASE in August 2011 (indicators are given taking into account direct deals) ----------------------------------------------------------------------- Trend to ----------------- Indicator Aug July Aug 2011 2011 2010 ------------------------------------------- --------- -------- -------- Trades volume, th., USD 106,036.3 -26.5% +49.3% Trades volume, m., KZT 15,559.9 -26.1% +48.6% Number of deals 167 -1.2% -33.7% Day average number of deals 8 -10.2% -36.7% Day average volume of deals, th. USD 4,819.8 -33.2% +42.5% Day average volume of deals, m. KZT 707.3 -32.8% +41.9% Number of instruments, 51 -8.9% +6.3% involved in deals Stake of nego deals (number), % 0.6 +0.6 pp +0.6 pp Stake of nego deals (volume), % 0.8 +0.8 pp +0.8 pp Participation of pension assets, % gross 5.2 -5.7 pp -13.1 pp Participation of physical entities, % gross 11.8 +7.0 pp -4.7 pp Participation of non residents, % gross 16.3 -12.8 pp +11.1 pp Number of exchange's members, 37 -7.5% +2.8% who made deals Market concentration, %* 40.3 -5.5 pp +6.5 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 Aug 2011 of corporate bonds on KASE * ------------------------------------------------------------------- Stake from total volume of trades(%) in: -------------- ----------- ------------- Branch Aug 2011 July Aug 2010 2011 -------------------------- -------------- ----------- ------------- Finance 56.7 80.9 89.6 Main 20.4 0.003 0.2 consumer sector Telecommunication services 13.0 5.1 1.4 Primary sector 7.0 13.7 0.1 Industry 2.6 - 7.5 Discretionary consumer sector 0.3 0.3 1.1 Utilities sector 0.1 0.01 0.1 Public health - - - Energy - - 0.01 Information technologies - - - ------------------------------------------------------------------- * 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 August 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 -------- -------- -------- ------- ------- --------- --------- 29.07.11 41,215.5 14.73 455.22 317.53 3,198.5 467.4 01.08.11 41,232.9 14.78 453.51 316.16 4,271.1 623.1 02.08.11 41,260.2 14.82 455.10 317.24 6,180.5 903.2 03.08.11 41,231.3 14.75 454.48 317.62 329.3 48.2 04.08.11 41,222.3 14.68 454.15 317.68 5,074.1 743.2 05.08.11 41,214.9 14.68 455.49 318.76 210.8 30.9 08.08.11 41,162.7 14.63 454.45 317.94 1,320.3 193.6 09.08.11 41,169.2 14.63 453.69 318.04 13,187.7 1,936.5 10.08.11 41,141.6 14.61 452.33 317.23 1,177.3 173.1 11.08.11 41,149.7 14.61 448.31 314.58 27,876.5 4,099.8 12.08.11 41,128.6 14.59 447.76 314.30 4,290.0 631.4 15.08.11 41,138.9 14.62 449.68 315.81 7,499.5 1,103.0 16.08.11 41,165.3 14.62 449.29 315.60 4,653.9 683.6 17.08.11 41,232.6 14.66 448.01 314.91 3,032.2 443.5 18.08.11 41,227.4 14.66 446.86 314.30 20.8 3.0 19.08.11 41,179.4 14.66 446.56 313.83 3,049.2 447.6 22.08.11 41,184.9 14.66 445.44 313.47 6,838.3 1,003.2 23.08.11 41,221.0 14.69 444.09 312.67 1,731.0 253.4 24.08.11 41,226.4 14.69 443.39 312.32 985.5 144.3 25.08.11 41,216.4 14.67 439.34 309.96 6,489.0 950.3 26.08.11 41,217.2 14.68 441.67 311.43 6,833.7 1,000.7 27.08.11 41,217.9 14.67 441.10 311.23 293.2 42.9 31.08.11 41,150.5 14.67 440.60 311.25 692.5 101.4 -------- -------- -------- ------- ------- --------- --------- Trend -65.0 -0.1 -14.6 -6.3 % -0.2 -0.4 -3.2 -2.0 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in Aug 2011 -------------------------------------------- Bonds: Issuers: Category of ------ ----- ------ ----- admission number trend number trend ------------------ ------ ----- ------ ----- Rated 131 0 38 0 ------------------ ------ ----- ------ ----- Non-rated first subcategory 78 -3 21 -2 Non-rated second subcategory 30 -1 20 -1 Buffered 4 +1 3 +1 ------------------ ------ ----- ------ ----- Total 243 -3 70 0 -------------------------------------------- Tab. 5. Summary data on deals with corporate bonds on KASE in Aug 2011 (purchase and sale without consideration of nego deals) ------------------------------------------------------------------------ Yield to maturity for purchaser, % APR: ------ ------ ---------------- -------------- For Code of At a last deal: last 365 days: Volume of bond ------ --------- ------- ------ deals, Number on KASE min. max. yield Trend, % min. max. th. USD of deals ------- ------ ------ ------ --------- ------- ------ --------- -------- APKIb4 9.99 9.99 9.99 9.99 9.99 34.7 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- APKIb5 10.00 10.00 10.00 9.87 10.00 20,432.8 4 ------- ------ ------ ------ --------- ------- ------ --------- -------- ATFBb5 7.23 7.23 7.23 4.70 8.00 33.3 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- ATFBb6 7.40 7.40 7.40 -1.6 6.70 9.00 364.5 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- ATFBe3 5.70 5.70 5.70 4.64 5.70 1,582.9 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- BRKLb1 6.30 6.30 6.30 6.00 7.50 7.5 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- BRKZe6 4.60 4.60 4.60 4.49 4.80 3,007.8 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- BTAIb9 13.00 13.00 13.00 +0.00001 6.80 21.92 47.8 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- BTASe15 12.6 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- BTASe7 16.00 16.00 16.00 +0.04 9.67 23.77 19.9 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- CACMb1 12.00 12.00 12.00 -0.01 9.00 18.00 54.6 3 ------- ------ ------ ------ --------- ------- ------ --------- -------- CBH_b1 23.00 40.02 36.34 20.00 40.02 108.6 12 ------- ------ ------ ------ --------- ------- ------ --------- -------- CCBNb15 8.00 8.05 8.00 -0.2 8.00 10.00 2,964.0 2 ------- ------ ------ ------ --------- ------- ------ --------- -------- CCBNb4 9.00 10.00 10.00 6.00 10.00 34.9 2 ------- ------ ------ ------ --------- ------- ------ --------- -------- CCBNb7 10.00 10.00 10.00 8.10 11.40 414.1 2 ------- ------ ------ ------ --------- ------- ------ --------- -------- CCBNe4 8.21 8.21 8.21 7.01 8.21 1,014.3 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- CSBNb5 7.50 7.52 7.52 -0.5 7.50 16.00 27.8 2 ------- ------ ------ ------ --------- ------- ------ --------- -------- CSBNb6 11.50 12.00 12.00 +2.0 10.00 14.95 65.5 4 ------- ------ ------ ------ --------- ------- ------ --------- -------- ERKAb1 9.00 9.00 9.00 8.85 9.00 1,155.4 1 ------- ------ ------ ------ --------- ------- ------ --------- -------- EUBNb3 9.00 9.91 9.00 +0.000003 8.00 12.01 118.6 2 ------- ------ ------ ------ --------- ------- ------ --------- -------- EUBNb9 8.00 8.80 8.80 +0.8 8.00 11.00 9,984.8 3 EXBNb1 12.50 14.50 12.50 -2.0 12.50 17.00 54.8 4 EXBNb2 10.00 14.50 10.00 -4.5 10.00 18.50 404.5 21 HSBKb12 10.30 10.30 10.30 +0.1 8.00 10.51 71.5 1 HSBKb9 8.50 8.50 8.50 8.50 8.50 585.1 2 HSBKe2 4.52 5.08 5.08 +0.7 4.34 5.13 6,953.1 3 HSBKe3 6.42 6.42 6.42 -0.2 6.30 7.14 5,354.2 1 HSBKe4 5.20 5.20 5.20 +0.3 4.29 6.49 3,340.9 1 KIBNb1 10.70 10.70 10.70 10.50 12.00 691.2 1 KKGBe19 7.34 7.39 7.34 +0.5 6.81 10.80 275.6 2 KKGBe23 10.39 10.39 10.39 10.39 10.39 934.3 1 KKGBe4 9.22 9.22 9.22 +1.0 7.14 10.08 96.9 1 KKGBe8 9.01 9.01 9.01 8.49 9.20 20.7 1 KMGZe3 -5.61 -5.25 -5.61 -5.61 -5.23 7,403.5 2 KONDb1 660.81 669.34 669.34 166.23 880.71 36.9 2 KZAPe1 4.60 4.85 4.85 4.36 4.85 2,673.3 3 KZIKb12 8.14 14.00 11.30 +2.7 8.14 14.00 7,908.6 7 MREKb3 7.00 7.00 7.00 7.00 9.00 67.6 1 NRBNe2 6.79 6.82 6.79 -1.4 6.79 9.31 671.1 2 ORDKb2 12.00 12.00 12.00 -0.00003 12.00 16.02 769.5 26 PRKRb4 5.00 8.00 6.00 -1.3 5.00 8.50 12,310.9 12 RESCb1 8.00 9.70 8.00 8.00 12.00 546.3 2 RGBRb6 11.80 15.00 15.00 10.00 16.00 1,376.6 3 SKKZb22 5.25 5.25 5.25 -0.05 5.25 5.89 2,151.7 1 TEBNb18 12.10 12.10 12.10 +0.000001 12.00 31.59 3.1 1 TSBNb10 8.00 8.00 8.00 8.00 8.00 8,510.3 8 TSBNb5 8.00 9.75 8.00 8.00 14.00 96.2 4 TSBNb6 8.50 8.50 8.50 8.50 15.00 17.9 1 TSBNb8 8.75 8.75 8.75 -1.3 8.75 12.00 67.4 1 ZERDb1 16.00 16.00 16.00 -0.0001 5.00 54.50 308.0 4 ------- ------ ------ ------ --------- ------- ------ --------- -------- 50 105,188.3 166 ------------------------------------------------------------------------ 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 - July 2011. [2011-09-15]