REVIEW: KASE debt capital market in November 2011

/IRBIS, December 22, 2011/ - In November 2011 on the Kazakhstan Stock Exchange (KASE) on corporate bonds across all sectors were recorded 236 transactions totaling 22,675.8 million tenge, or 153.2 million U.S. dollars at current exchange rates at the dates of transactions. The said amount is 92.5% of the monthly trading volume in the market of corporate securities (Oct 2011 - 86.9%) and 1.2% of the total trading volume in all sectors (0.5%). Price background for stock market of corporate bonds in November 2011 was as follows: of 63 names of bonds involved in the transaction on the secondary market at a discount were traded 34 items, with a premium - 28 items, at face value - 1. The most overbought looked CCBNb18, the weighted average net price of which amounted to 124.27%, oversold - KONDb1 (4.27%). Recall that in October 2011 of 50 items of bonds involved in the transaction on the secondary market at a discount were traded debt instruments of 25 items, with a premium - 24 items, nominal - 1. The most overbought looked KMGZe3, the weighted average net price of which amounted to 122.29%, oversold - BTASe11 (26.35%). The weighted average net price of corporate bonds in the secondary market in November rose to 93.8% from 95.6% in October 2011. For the month on deals bond yield to maturity rose for 23 instruments (Oct 2011 - 29), decreased - for 28 instruments (12), 8 instruments were traded for the first time (9). Below are the tables, characterizing this segment of exchange market in November 2011. Tab. 1. Statistic characteristic of corporate bonds market on KASE in November 2011 (indicators are given taking into account direct deals) -------------------------------------------------------------------------- Trend to ----------- -------- Indicator Nov Oct Nov 2011 2011 2010 ------------------------------------------- --------- ----------- -------- Trades volume, th., USD 153,183.1 +37.9% +7.1% Trades volume, m., KZT 22,675.8 +37.9% +7.5% Number of deals 236 +40.5% -11.3% Day average number of deals 11 +34.1% -15.3% Day average volume of deals, th. USD 6,962.9 +31.6% +2.2% Day average volume of deals, m. KZT 1,030.7 +31.7% +2.6% Number of instruments, 63 +26.0% +18.9% involved in deals Stake of nego deals (number), % 0.4 +0.4 pp -0.3 pp Stake of nego deals (volume), % 0.00001 +0.00001 pp -7.2 pp Participation of pension assets, % gross 6 +6.0 pp -19.6 pp Participation of physical entities, % gross 15.1 +9.0 pp +3.8 pp Participation of non residents, % gross 6.3 -12.3 pp -2.9 pp Number of exchange's members, 40 +33.3% -14.9% who made deals Market concentration, %* 53.4 +21.1 pp -6.8 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 Nov 2011 of corporate bonds on KASE * ------------------------------------------------------------------- Stake from total volume of trades(%) in: -------------- ---------- -------------- Branch Nov 2011 Oct Nov 2010 2011 -------------------------- -------------- ---------- -------------- Finance 85.5 69.7 49.5 Main 7.0 12.1 1.3 consumer sector Telecommunication services 5.2 3.3 26.3 Primary sector 1.5 1.1 0.1 Industry 0.4 - 0.1 Discretionary consumer sector 0.2 0.2 3.1 Utilities sector 0.1 13.2 19.6 Public health - 0.5 0.01 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 November 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 -------- -------- -------- ------- ------- --------- --------- 31.10.11 40,247.3 14.71 408.78 293.98 1,250.6 184.8 01.11.11 40,195.0 14.71 407.19 292.75 7,421.0 1,098.2 02.11.11 40,166.8 14.66 408.01 294.70 9,154.5 1,355.2 03.11.11 40,187.4 14.61 404.85 293.18 4,957.4 733.2 04.11.11 40,075.4 14.61 404.39 292.59 3,062.6 453.1 07.11.11 40,080.5 14.61 403.49 292.32 239.5 35.4 08.11.11 40,072.1 14.62 402.67 291.86 3,664.9 542.3 09.11.11 40,085.0 14.62 402.16 291.34 1,979.3 292.8 10.11.11 40,070.9 14.74 396.37 287.48 13,804.1 2,044.1 11.11.11 40,045.1 14.74 404.45 293.98 8,373.5 1,240.4 14.11.11 40,051.4 14.77 400.35 290.71 14,857.3 2,201.0 15.11.11 40,051.8 14.79 400.53 291.08 45,297.2 6,714.0 16.11.11 40,065.0 14.76 400.77 290.99 8,076.9 1,196.0 17.11.11 40,051.2 14.79 399.62 290.91 5,558.7 822.7 18.11.11 40,044.5 14.75 398.23 289.92 5,175.0 766.0 21.11.11 40,054.7 14.74 399.61 290.60 21.3 3.1 22.11.11 40,078.4 14.70 398.38 290.50 183.8 27.1 23.11.11 40,102.1 14.74 399.32 289.91 1,338.1 197.2 24.11.11 40,115.3 14.74 397.51 288.25 4,737.3 697.3 25.11.11 40,094.6 14.74 399.86 289.38 554.9 81.7 28.11.11 40,059.6 14.74 400.43 289.04 314.9 46.4 29.11.11 40,048.5 14.96 399.62 287.27 2,135.2 315.4 30.11.11 40,050.7 15.72 400.59 287.91 12,275.8 1,813.0 -------- -------- -------- ------- ------- --------- --------- Trend -196.7 +1.0 -8.2 -6.1 % -0.5 +6.9 -2.0 -2.1 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in Nov 2011 -------------------------------------------- Bonds: Issuers: Category of ------ ----- ------ ----- admission number trend number trend ------------------ ------ ----- ------ ----- Rated 113 0 33 +1 ------------------ ------ ----- ------ ----- Non-rated first subcategory 73 -2 19 -1 Non-rated second subcategory 26 -2 17 -1 Buffered 4 -1 4 0 ------------------ ------ ----- ------ ----- Total 216 -5 65 -1 -------------------------------------------- Tab. 5. Summary data on deals with corporate bonds on KASE in Nov 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 12.50 12.50 12.50 -0.5 12.50 13.00 32.7 3 ------- -------- -------- -------- ---------- ------ -------- --------- -------- AKFIb2 7.00 9.00 9.00 +0.00001 5.00 9.00 64.8 4 ------- -------- -------- -------- ---------- ------ -------- --------- -------- ASBNe11 10.33 10.68 10.68 9.61 10.82 550.7 10 ------- -------- -------- -------- ---------- ------ -------- --------- -------- ASBNe13 15.93 15.93 15.93 +0.0003 13.22 16.20 650.3 1 ------- -------- -------- -------- ---------- ------ -------- --------- -------- ATFBb6 5.50 9.00 5.50 5.50 9.00 1,542.6 4 ------- -------- -------- -------- ---------- ------ -------- --------- -------- ATFBe3 7.21 7.81 7.21 +0.1 4.64 7.99 2,741.6 3 ------- -------- -------- -------- ---------- ------ -------- --------- -------- ATFBe5 9.76 9.76 9.76 +0.4 7.35 9.76 389.7 1 ------- -------- -------- -------- ---------- ------ -------- --------- -------- BTAIb3 7.00 8.50 7.00 7.00 21.52 133.4 4 ------- -------- -------- -------- ---------- ------ -------- --------- -------- BTASe11 34.31 39.76 39.76 +10.5 11.24 48.32 124.5 4 ------- -------- -------- -------- ---------- ------ -------- --------- -------- BTTRb1 9.56 9.56 9.56 -0.6 8.65 10.13 40.0 2 ------- -------- -------- -------- ---------- ------ -------- --------- -------- BVTBb1 5.30 5.50 5.50 4.60 5.50 70,992.3 22 ------- -------- -------- -------- ---------- ------ -------- --------- -------- CCBNb15 6.96 7.50 6.98 +0.2 6.80 10.00 10,763.3 11 ------- -------- -------- -------- ---------- ------ -------- --------- -------- CCBNb18 6.00 7.17 6.64 6.00 9.60 289.3 9 ------- -------- -------- -------- ---------- ------ -------- --------- -------- CCBNb20 10.00 10.00 10.00 -1.1 8.00 11.10 42.6 1 ------- -------- -------- -------- ---------- ------ -------- --------- -------- CCBNe3 13.78 15.46 13.78 -1.6 6.21 16.35 728.8 12 ------- -------- -------- -------- ---------- ------ -------- --------- -------- CCBNe4 7.77 7.78 7.77 -0.004 7.77 8.21 799.9 2 ------- -------- -------- -------- ---------- ------ -------- --------- -------- CSBNb10 9.00 9.00 9.00 +0.00004 9.00 9.00 4,793.8 4 ------- -------- -------- -------- ---------- ------ -------- --------- -------- CSBNb5 6.00 6.50 6.00 6.00 15.00 42.0 3 ------- -------- -------- -------- ---------- ------ -------- --------- -------- CSBNb6 12.50 12.50 12.50 +0.0000001 10.00 14.95 35.1 3 ------- -------- -------- -------- ---------- ------ -------- --------- -------- DTJLb1 14.35 15.57 14.35 14.35 15.57 2,081.2 3 ------- -------- -------- -------- ---------- ------ -------- --------- -------- EKGSb1 8.00 8.00 8.00 +0.04 7.29 9.00 10.1 1 EUBNb10 7.50 7.50 7.50 7.50 7.50 3,276.1 4 EUBNb3 9.03 10.00 10.00 -0.04 8.00 11.00 172.3 6 EUBNb4 9.52 9.52 9.52 9.52 10.81 61.7 2 EUBNb9 7.00 7.00 7.00 -1.0 7.00 9.93 20.6 1 EXBNb1 15.50 15.50 15.50 12.50 17.00 21.1 1 HSBKb10 8.00 8.00 8.00 8.00 11.60 12.4 1 HSBKb9 10.50 10.50 10.50 8.50 10.50 5.1 1 KASTb3 8.50 10.00 10.00 8.50 10.00 3,168.1 5 KDTSb1 6.00 8.00 7.88 -2.4 6.00 15.84 257.1 8 KKGBb5 11.70 11.70 11.70 +1.2 9.50 11.70 505.1 1 KKGBe16 9.05 9.05 9.05 -0.6 8.81 9.68 20.5 1 KKGBe4 8.37 10.80 9.33 -1.0 7.14 10.80 206.6 3 KMGZe1 4.40 4.40 4.40 -1.4 3.20 6.44 545.4 1 KMGZe4 5.63 5.63 5.63 5.46 5.79 547.4 1 KMGZe5 -0.78 -0.48 -0.78 -0.82 -0.48 5,438.4 2 KONDb1 2 102.85 7 146.80 7 146.80 174.65 7 146.80 20.4 3 KZIKb12 12.00 12.00 12.00 8.14 14.00 20.8 1 KZIKb17 11.00 12.50 11.00 +0.2 10.00 14.70 5,435.2 5 KZIKb19 9.50 10.50 9.50 9.50 11.90 2,038.9 4 KZIKb20 10.50 10.50 10.50 7.00 11.00 348.9 1 KZIKb21 8.00 8.00 8.00 8.00 8.00 6,805.3 1 LOGCb2 10.60 10.60 10.60 10.25 24.00 687.0 1 MREKb3 5.00 5.00 5.00 5.00 7.00 13.3 1 NRBNb5 12.00 12.00 12.00 12.00 13.00 25.0 2 NRBNb7 8.00 8.00 8.00 8.00 12.00 2,299.8 5 ORDKb2 12.00 16.00 12.00 -0.0001 12.00 16.02 287.8 12 REALb1 10.00 10.00 10.00 9.99 17.50 159.8 1 SKKZb22 5.70 6.00 5.70 +0.05 5.25 6.00 5,938.7 7 SKKZb23 6.30 6.30 6.30 +0.6 4.50 6.40 1,724.8 1 TEBNb12 12.00 12.00 12.00 12.00 12.00 59.3 2 TEBNb7 15.00 15.00 15.00 12.00 15.00 860.3 11 TEBNb8 12.00 12.00 12.00 12.00 12.00 28.5 1 TEBNe1 -1.13 -1.13 -1.13 -1.89 -1.13 27.3 1 TSBNb10 9.00 9.00 9.00 8.00 9.00 5,943.9 1 TSBNb2 7.50 7.50 7.50 7.50 14.02 13.3 1 TSBNb5 10.00 11.50 10.00 -0.00002 8.00 14.00 39.5 7 ZERDb1 16.00 16.50 16.00 +0.00003 5.00 19.00 240.2 6 ZHMNe1 10.75 11.14 10.75 -3.4 10.43 14.16 2,787.4 6 ------- -------- -------- -------- ---------- ------ -------- --------- -------- 59 146,912.2 226 -------------------------------------------------------------------------------- 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 - Nov 2011. [2011-12-22]