REVIEW: KASE debt capital market in October 2011

/IRBIS, November 14, 2011/ - In October 2011 on the Kazakhstan Stock Exchange (KASE) on corporate bonds across all sectors were recorded 168 transactions totaling 16,438.5 million tenge, or 111.1 million U.S. dollars at current exchange rates at the dates of transactions. The said amount is 86.9% of the monthly trading volume in the market of corporate securities (Sep 2011 - 61.4%) and 0.5% of the total trading volume in all sectors (0.6%). Price background for stock market of corporate bonds in October 2011 was as follows: of 50 names of bonds involved in the transaction on the secondary market at a discount were traded 25 items, with a premium - 24 items, at face value - 1. The most overbought looked KMGZe3, the weighted average net price of which amounted to 122.29%, oversold - BTASe15 (26.35%). Recall that in September 2011 of 51 items of bonds involved in the transaction on the secondary market at a discount were traded debt instruments of 22 items, with a premium - 28 items, nominal - 1. The most overbought looked KMGZe3, the weighted average net price of which amounted to 122.89%, oversold - BTASe15 (4.04%). The weighted average net price of corporate bonds in the secondary market in October rose to 95.6% from 95.2% in September 2011. For the month on deals bond yield to maturity rose for 29 instruments (Sep 2011 - 20), decreased - for 12 instruments (22), 9 instruments were traded for the first time (8). Below are the tables, characterizing this segment of exchange market in October 2011. Tab. 1. Statistic characteristic of corporate bonds market on KASE in October 2011 (indicators are given taking into account direct deals) -------------------------------------------------------------------------- Trend to -------------------------------------------------------------------------- Indicator Oct Sep Oct 2011 2011 2010 ------------------------------------------- --------- -------- ----------- Trades volume, th., USD 111,074.2 -29.5% +8.1% Trades volume, m., KZT 16,438.5 -29.2% +8.4% Number of deals 168 +12.8% -33.9% Day average number of deals 8 +18.1% -33.9% Day average volume of deals, th. USD 5,289.2 -26.1% +8.1% Day average volume of deals, m. KZT 782.8 -25.8% +8.4% Number of instruments, 50 -2.0% -12.3% involved in deals Stake of nego deals (number), % 0 0 -0.4 pp Stake of nego deals (volume), % 0 0 -0.00003 pp Participation of pension assets, % gross 0 0 -25.2 pp Participation of physical entities, % gross 6.1 +1.3 pp +1.7 pp Participation of non residents, % gross 18.6 +4.9 pp +17.8 pp Number of exchange's members, 30 -11.8% -30.2% who made deals Market concentration, %* 32.3 -23.0 pp -40.8 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 Oct 2011 of corporate bonds on KASE * ------------------------------------------------------------------- Stake from total volume of trades(%) in: -------------- ---------- -------------- Branch Oct 2011 Sep Oct 2010 2011 -------------------------- -------------- ---------- -------------- Finance 69.7 34.8 91.6 Main consumer sector 13.2 8.0 1.9 Telecommunication services 12.1 5.5 1.5 Primary sector 3.3 0.1 2.6 Industry 1.1 50.7 0.1 Discretionary 0.5 0.1 0.02 consumer sector Utilities sector 0.2 0.1 1.3 Public health - - - Energy - 0.8 1.0 Information technologies - - - ------------------------------------------------------------------- * branch classification of turDecer structure was made in compliance with list of classification headings of Global Industry Classification Standard (GICS) of Standard and Poor Tab. 3. Main indicators of KASE corporate bond market in October 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 -------- -------- -------- ------- ------- --------- --------- 03.10.11 40,368.2 14.49 419.91 299.31 4,331.6 641.9 04.10.11 40,353.1 14.48 419.29 298.58 6,527.0 967.1 05.10.11 40,335.5 14.56 417.28 298.07 11,806.4 1,749.7 06.10.11 40,334.3 14.69 412.24 294.02 12,736.3 1,889.3 07.10.11 40,347.3 14.71 415.89 296.55 1,977.4 293.4 10.10.11 40,295.9 14.71 416.40 297.31 1,942.0 287.9 11.10.11 40,344.9 14.71 415.90 297.12 29.9 4.4 12.10.11 40,363.0 14.71 418.57 299.44 7,912.0 1,170.1 13.10.11 40,392.6 14.71 414.40 296.49 870.8 128.6 14.10.11 40,388.4 14.71 416.66 298.66 7,291.1 1,077.0 17.10.11 40,380.7 14.71 416.88 298.22 7,120.5 1,052.9 18.10.11 40,252.6 14.72 415.82 297.65 14,341.9 2,121.0 19.10.11 40,213.4 14.72 411.15 294.68 3,647.5 539.3 20.10.11 40,220.1 14.72 409.04 293.31 640.9 94.8 21.10.11 40,204.3 14.73 411.97 295.64 15,616.4 2,311.2 24.10.11 40,210.8 14.70 408.50 293.24 1,538.0 227.6 25.10.11 40,211.7 14.70 411.61 295.83 134.6 19.9 26.10.11 40,209.1 14.71 409.95 294.64 3,325.7 492.1 27.10.11 40,221.1 14.71 409.85 294.73 575.6 85.1 28.10.11 40,254.2 14.72 409.07 294.37 7,458.1 1,100.4 31.10.11 40,247.3 14.71 408.78 293.98 1,250.6 184.8 -------- -------- -------- ------- ------- --------- --------- Trend -555.9 +0.2 -15.9 -8.3 % -1.4 +1.5 -3.7 -2.7 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in Oct 2011 -------------------------------------------- Bonds: Issuers: Category of ------ ----- ------ ----- admission number trend number trend ------------------ ------ ----- ------ ----- Rated 113 -20 32 -8 ------------------ ------ ----- ------ ----- Non-rated first subcategory 75 -2 20 -1 Non-rated second subcategory 28 -1 18 -1 Buffered 5 0 4 0 ------------------ ------ ----- ------ ----- Total 221 -23 66 -4 -------------------------------------------- Tab. 5. Summary data on deals with corporate bonds on KASE in Oct 2011 (purchase and sale without consideration of nego deals) ----------------------------------------------------------------------- Yield to maturity for purchaser, % APR: ----------------------------------------------------------------------- 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 12.98 13.00 12.98 +0.04 12.50 13.00 81.7 6 ------- ------ ------ ------ -------- ------- ------ --------- -------- AKFIb2 9.00 9.00 9.00 5.00 9.00 6.7 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- ASBNe13 15.51 15.93 15.93 13.22 15.93 800.7 12 ------- ------ ------ ------ -------- ------- ------ --------- -------- ATFBe3 7.08 7.17 7.08 +0.4 4.64 7.61 2,424.5 4 ------- ------ ------ ------ -------- ------- ------ --------- -------- ATFBe5 9.31 9.31 9.31 7.35 9.31 295.5 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- ATFBe6 9.19 9.19 9.19 +1.3 6.10 9.19 173.2 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- BRKZe3 6.77 6.77 6.77 6.36 9.00 629.5 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- BRKZe4 7.12 7.12 7.12 +0.1 6.85 7.33 162.9 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTASe11 29.22 29.22 29.22 -1.9 11.24 31.13 20.4 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTASe7 24.84 28.19 28.19 +1.7 9.67 28.19 61.4 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- BTTRb1 10.13 10.13 10.13 +0.1 8.65 10.13 347.1 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- CBH_b1 24.20 28.30 28.30 +4.3 20.00 40.02 12.3 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- CCBNb13 7.71 7.71 7.71 -0.3 7.71 9.90 7,271.1 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- CCBNb15 6.80 8.90 6.80 6.80 10.00 7,228.7 6 ------- ------ ------ ------ -------- ------- ------ --------- -------- CCBNb20 10.00 11.10 11.10 8.00 11.10 203.2 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- CCBNe3 14.46 16.35 15.34 +1.5 6.21 16.35 576.0 6 ------- ------ ------ ------ -------- ------- ------ --------- -------- CCBNe4 7.78 8.00 7.78 7.01 8.21 103.7 2 ------- ------ ------ ------ -------- ------- ------ --------- -------- CSBNb10 9.00 9.00 9.00 9.00 9.00 17,461.8 6 ------- ------ ------ ------ -------- ------- ------ --------- -------- CSBNb6 12.50 12.50 12.50 +0.00002 10.00 14.95 13.0 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- CSBNb7 12.00 12.00 12.00 12.00 14.00 21.2 1 ------- ------ ------ ------ -------- ------- ------ --------- -------- EKGSb1 7.96 8.00 7.96 7.29 9.00 5,045.7 4 ERKAb1 8.04 8.08 8.04 8.04 9.00 1,178.5 2 EUBNb3 8.00 10.04 10.04 +0.2 8.00 11.00 303.6 6 EUBNb7 8.00 8.00 8.00 +0.002 8.00 10.00 20.9 1 EUBNb9 7.99 8.00 8.00 +0.00003 7.00 9.93 6,269.0 5 EXBNb2 13.00 13.00 13.00 10.00 18.50 5.5 1 HSBKb13 10.00 10.00 10.00 8.50 10.50 20.0 1 HSBKe2 6.44 6.82 6.44 +1.3 4.34 6.82 1,757.9 2 HSBKe3 8.10 8.10 8.10 +1.0 6.30 8.10 2,488.8 3 KDTSb1 10.29 10.29 10.29 6.00 17.00 19.4 1 KKGBb5 10.50 11.60 10.50 9.50 11.60 3,252.4 2 KKGBe15 12.34 12.50 12.50 7.72 12.50 3,218.3 5 KKGBe16 9.68 9.68 9.68 8.81 9.68 20.5 1 KKGBe21 13.00 13.00 13.00 13.00 13.00 4,034.0 1 KKGBe4 10.35 10.35 10.35 +1.5 7.14 10.80 18.1 1 KMGZe1 5.77 6.22 5.77 -0.7 3.20 6.44 4,247.2 2 KMGZe3 -5.69 -5.48 -5.69 -0.2 -5.69 -5.23 4,891.5 2 KZAPe1 5.17 5.47 5.17 -0.2 4.36 5.47 9,226.8 3 KZIKb17 10.80 13.00 10.80 10.00 14.70 6,276.9 12 ORDBb2 435.83 435.83 435.83 -107.1 375.00 595.74 723.0 1 ORDKb2 12.00 13.80 12.00 +0.0001 12.00 16.02 178.0 19 PRKRb3 7.00 7.00 7.00 7.00 7.00 3,614.7 1 SKKZb22 5.40 5.75 5.65 5.25 5.89 9,187.0 4 SKKZb23 5.70 6.30 5.70 4.50 6.40 2,655.7 4 TEBNe1 65.7 2 TKUDb1 0.51 0.51 0.51 -8.7 0.51 9.26 504.7 3 TSBNb5 8.00 10.00 10.00 +2.0 8.00 14.00 117.6 9 TSBNb6 8.50 8.50 8.50 8.50 15.00 35.1 2 ZERDb1 16.00 16.00 16.00 -0.00001 5.00 43.00 258.3 7 ZHMNe1 14.16 14.16 14.16 +2.6 10.43 14.16 3,545.0 3 ------- ------ ------ ------ -------- ------- ------ --------- -------- 50 111,074.2 168 ----------------------------------------------------------------------- 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 - Sep 2011. [2011-10-14]