REVIEW: KASE debt capital market in September 2011

/IRBIS, October 14, 2011/ - In September 2011 on the Kazakhstan Stock Exchange (KASE) on corporate bonds across all sectors were recorded 149 transactions totaling 23,208.5 million tenge, or 157.6 million U.S. dollars at current exchange rates at the dates of transactions. The said amount is 61.4% of the monthly trading volume in the market of corporate securities (Aug 2011 - 86.0%) and 0.9% of the total trading volume in all sectors (0.6%). Price background for stock market of corporate bonds in September 2011 was as follows: of the 51 names of bonds involved in the transaction on the secondary market at a discount were traded 22 items, with a premium - 28 items, at face value - 1. The most overbought looked KMGZe3, the weighted average net price of which amounted to 122.39%, oversold - BTASe15 (4.04%). Recall that in August 2011 of the 56 items of bonds involved in the transaction on the secondary market at a discount were traded debt instruments from 26 items, with a premium - 24 items, nominal - 1. The most overbought looked KMGZe3, the weighted average net price of which amounted to 123.39%, oversold - BTASe15 (5.51%). The weighted average net price of corporate bonds in the secondary market in September fell to 95.2% from 97.5% in August 2011. For the month on deals bond yield to maturity rose for 20 instruments (Aug 2011 - 23), decreased - for 22 instruments (21), 8 instruments were traded for the first time (7). Below are the tables, characterizing this segment of exchange market in September 2011. Tab. 1. Statistic characteristic of corporate bonds market on KASE in September 2011 (indicators are given taking into account direct deals) ------------------------------------------------------------------------ Trend to ------------------ Indicator Sep Aug Sep 2011 2011 2010 ------------------------------------------- --------- -------- --------- Trades volume, th., USD 157,562.6 +48.6% 3.6 times Trades volume, m., KZT 23,208.5 +49.2% 3.6 times Number of deals 149 -10.8% 2.4 times Day average number of deals 7 -10.8% 2.4 times Day average volume of deals, th. USD 7,161.9 +48.6% 3.6 times Day average volume of deals, m. KZT 1,054.9 +49.2% 3.6 times Number of instruments, 51 0 -13.6% involved in deals Stake of nego deals (number), % 0 -0.6 pp 0 Stake of nego deals (volume), % 0 -0.8 pp 0 Participation of pension assets, % gross 0 -5.2 pp -5.4 pp Participation of physical entities, % gross 4.8 -7.0 pp -27.5 pp Participation of non residents, % gross 13.6 -2.7 pp +5.8 pp Number of exchange's members, 34 -8.1% -8.1% who made deals Market concentration, %* 55.3 +15.0 pp +10.1 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 Sep 2011 of corporate bonds on KASE * ------------------------------------------------------------------- Stake from total volume of trades(%) in: -------------- ---------- -------------- Branch Sep 2011 Aug Sep 2010 2011 -------------------------- -------------- ---------- -------------- Finance 50.7 20.4 50.7 Main 34.8 56.7 34.8 consumer sector Telecommunication services 8.0 2.6 8.0 Primary sector 5.5 7.0 5.5 Industry 0.8 - 0.8 Discretionary 0.1 0.1 0.1 consumer sector Utilities sector 0.1 0.3 0.1 Public health 0.1 13.0 0.1 Energy - - - 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 September 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 -------- -------- -------- ------- ------- --------- --------- 31.08.11 41,150.5 14.67 440.60 311.25 692.5 101.4 01.09.11 41,126.7 14.67 439.96 310.82 1,936.6 284.0 02.09.11 41,107.9 14.67 440.04 310.58 140.5 20.6 05.09.11 41,093.9 14.67 438.83 310.27 162.4 23.8 06.09.11 41,073.9 14.67 437.91 309.83 3,287.5 483.0 07.09.11 41,083.4 14.67 436.95 309.40 3,175.1 466.3 08.09.11 41,087.5 14.60 437.12 309.18 22,550.2 3,312.6 09.09.11 41,063.8 14.66 435.79 308.36 10,679.3 1,571.0 12.09.11 41,027.2 14.66 435.22 308.39 22,618.8 3,332.0 13.09.11 41,024.2 14.54 432.76 306.30 2,748.1 404.9 14.09.11 41,007.8 14.55 431.85 306.50 2,824.0 415.9 15.09.11 41,030.7 14.55 431.10 306.01 2,147.3 315.8 16.09.11 41,039.5 14.54 426.96 303.07 18,801.4 2,765.3 19.09.11 41,039.9 14.54 430.48 305.39 2,244.0 330.1 20.09.11 41,001.9 14.54 428.72 304.56 12,142.3 1,789.2 21.09.11 41,001.4 14.54 428.39 304.72 20,018.7 2,950.4 22.09.11 40,989.8 14.56 426.90 303.54 374.4 55.2 23.09.11 40,957.0 14.55 424.48 303.89 7,295.0 1,077.3 26.09.11 40,937.6 14.55 426.56 303.93 5,129.9 758.1 27.09.11 40,938.9 14.52 426.70 303.53 1,065.9 157.4 28.09.11 42,459.3 14.53 422.70 300.69 3,043.0 449.3 29.09.11 40,938.2 14.53 424.39 302.88 555.9 82.2 30.09.11 40,803.2 14.49 424.65 302.26 14,622.4 2,164.0 -------- -------- -------- ------- ------- --------- --------- Trend -347.3 -0.2 -15.9 -9.0 % -0.8 -1.2 -3.6 -2.9 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in Sep 2011 -------------------------------------------- Bonds: Issuers: Category of ------ ----- ------ ----- admission number trend number trend ------------------ ------ ----- ------ ----- Rated 133 +2 40 +2 ------------------ ------ ----- ------ ----- Non-rated first subcategory 77 -1 21 0 Non-rated second subcategory 29 -1 19 -1 Buffered 5 +1 4 +1 ------------------ ------ ----- ------ ----- Total 244 +1 70 0 -------------------------------------------- Tab. 5. Summary data on deals with corporate bonds on KASE in Sep 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 ------- ------ ------ ------ -------- ------- ------ --------- -------- AESOb1 12.80 12.95 12.95 11.80 13.00 30.8 3 ------- ------ ------ ------ -------- ------- ------ --------- -------- AKFIb3 7.09 7.09 7.09 7.09 7.09 4,972.7 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- APKIb5 9.87 9.87 9.87 -0.1 9.87 10.00 20,672.7 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- APKIb6 9.97 12.87 10.00 9.97 12.87 59,141.7 11 ------- ------ ------ ------ -------- ------- ------ --------- -------- ATFBe3 6.28 7.61 6.72 +1.0 4.64 7.61 4,756.2 3 ------- ------ ------ ------ -------- ------- ------ --------- -------- ATFBe6 7.26 7.86 7.86 6.10 7.86 2,979.2 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- BRKZe4 6.98 6.98 6.98 6.85 7.33 671.5 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTAIb11 16.99 16.99 16.99 11.00 22.38 1,802.4 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTAIb14 27.90 27.90 27.90 27.90 34.00 2,358.0 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTAIb3 7.00 8.30 7.00 7.00 38.30 291.4 4 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTAIb8 34.26 34.26 34.26 9.40 34.26 790.2 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTAIb9 20.50 20.50 20.50 +7.5 6.80 21.92 1,254.5 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTASe11 20.11 31.13 31.13 11.24 31.13 232.0 11 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTASe15 88.0 5 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTASe7 20.18 26.51 26.51 +10.5 9.67 28.19 1,276.4 7 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTTRb1 10.03 10.03 10.03 8.65 10.13 339.0 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- CBH_b1 24.02 25.00 24.02 -12.3 20.00 40.02 89.9 5 ------- ------ ------ ------ -------- ------- ------ --------- -------- CCBNb13 7.99 8.00 8.00 7.99 9.90 7,343.4 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- CCBNb18 9.60 9.60 9.60 9.60 9.60 20.9 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- CCBNb19 7.82 7.82 7.82 7.82 7.82 161.3 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- CCBNb4 7.00 7.00 7.00 -3.0 6.00 10.00 20.6 1 CCBNe3 6.21 13.80 13.80 6.21 13.80 1,091.0 2 CSBNb5 7.00 7.00 7.00 -0.5 7.00 16.00 20.9 1 CSBNb6 12.50 12.50 12.50 +0.5 10.00 14.95 27.4 2 EUBNb3 8.00 9.84 9.84 +0.8 8.00 11.00 198.7 3 EUBNb4 10.00 10.81 10.00 10.00 10.81 153.3 3 EUBNb7 8.00 8.00 8.00 8.00 10.00 20.8 1 EUBNb9 7.96 8.00 8.00 -0.8 7.96 11.00 6,250.7 3 HSBKb12 10.26 10.51 10.51 +0.2 8.00 10.51 601.8 3 HSBKe2 5.10 5.10 5.10 +0.0 4.34 5.13 2,132.3 2 HSBKe3 6.82 7.12 7.11 +0.7 6.30 7.12 6,124.0 3 HSBKe4 4.99 5.18 4.99 -0.2 4.29 6.49 4,476.0 3 KKGBb6 8.00 8.00 8.00 8.00 11.50 537.6 2 KKGBe19 7.25 7.25 7.25 -0.1 6.81 10.80 339.7 2 KKGBe4 8.84 8.84 8.84 -0.4 7.14 10.08 624.9 2 KMGZe1 6.44 6.44 6.44 3.20 6.44 2,103.9 1 KMGZe3 -5.54 -5.40 -5.54 +0.1 -5.61 -5.23 3,317.9 2 KONDb1 871.81 880.71 880.71 +211.4 169.46 880.71 35.3 2 KZAPe1 4.60 5.39 5.39 +0.5 4.36 5.39 7,301.2 3 KZIKb18 10.09 10.09 10.09 8.25 12.00 104.7 2 KZIKb20 9.05 10.00 9.05 7.00 15.00 402.2 2 LOGCb2 10.60 11.00 11.00 10.25 26.00 1,199.1 3 ORDBb2 542.97 542.97 542.97 375.00 595.74 183.8 1 ORDKb2 12.00 12.00 12.00 -0.00002 12.00 16.02 336.8 11 REALb1 10.00 10.00 10.00 9.98 17.50 351.4 2 TKUDb1 9.26 9.26 9.26 0.51 9.26 171.9 1 TSBNb10 9.00 9.00 9.00 +1.0 8.00 9.00 6,557.0 1 TSBNb5 8.00 8.00 8.00 -0.00001 8.00 14.00 11.5 7 TXBNb3 3.00 4.00 4.00 3.00 8.99 397.7 5 ZERDb1 15.00 17.00 16.00 +0.0001 5.00 54.50 95.7 4 ZHMNe1 10.43 11.52 11.52 10.43 14.16 3,100.5 4 ------- ------ ------ ------ -------- ------- ------ --------- -------- 51 157,562.6 149 ----------------------------------------------------------------------- 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 - Aug 2011. [2011-10-14]