REVIEW: KASE debt capital market in December 2011

/IRBIS, January 20, 2012/ - In December 2011 on the Kazakhstan Stock Exchange (KASE) on corporate bonds across all sectors were recorded 232 transactions totaling 22,334.0 million tenge, or 150.8 million U.S. dollars at current exchange rates at the dates of transactions. The said amount is 55.3% of the monthly trading volume in the market of corporate securities (Nov 2011 - 92.5%) and 1.2% of the total trading volume in all sectors (1.2%). Price background for stock market of corporate bonds in December 2011 was as follows: of 57 names of bonds involved in the transaction on the secondary market at a discount were traded 33 items, with a premium - 24 items. The most overbought looked TXBNb5, the weighted average net price of which amounted to 114.38%, oversold - BTASe (4.00%). Recall that in November 2011 of 63 items of bonds involved in the transaction on the secondary market at a discount were traded debt instruments of 34 items, with a premium - 28 items, nominal - 1. The most overbought looked CCBNb18, the weighted average net price of which amounted to 124.27%, oversold - KONDb1 (4.27%). The weighted average net price of corporate bonds in the secondary market in December fell to 92.4% from 93.8% in November 2011. For the month on deals bond yield to maturity rose for 33 instruments (Nov 2011 - 23), decreased - for 14 instruments (28), 10 instruments were traded for the first time (8). Below are the tables, characterizing this segment of exchange market in December 2011. Tab. 1. Statistic characteristic of corporate bonds market on KASE in December 2011 (indicators are given taking into account direct deals) ----------------------------------------------------------------------- Trend to ----------------- Indicator Dec Nov Dec 2011 2011 2010 ------------------------------------------- --------- -------- -------- Trades volume, th., USD 150,851.3 -1.5% -48.9% Trades volume, m., KZT 22,334.0 -1.5% -48.7% Including placement, th. USD 2,795.3 - - Including placement, mln. KZT 414.0 - - Number of deals 232 -1.7% -35.0% Day average number of deals 12 +8.1% -31.8% Day average volume of deals, th. USD 7,542.6 +8.3% -46.3% Day average volume of deals, m. KZT 1,116.7 +8.3% -46.1% Number of instruments, 57 -9.5% -30.5% involved in deals Stake of nego deals (number), % 7.8 +7.3 pp +7.8 pp Stake of nego deals (volume), % 17.9 +17.9 pp +17.9 pp Participation of pension assets, % gross 3 -2.7 pp -10.4 pp Participation of physical entities, % gross 7.0 -8.1 pp -24.0 pp Participation of non residents, % gross 4.8 -1.5 pp +1.7 pp Number of exchange's members, 31 -22.5% -34.0% who made deals Market concentration, %* 37.7 -15.6 pp -24.9 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 Dec 2011 of corporate bonds on KASE * ------------------------------------------------------------------- Stake from total volume of trades(%) in: -------------- ---------- -------------- Branch Dec 2011 Nov Dec 2010 2011 -------------------------- -------------- ---------- -------------- Finance 56.8 69.7 75.7 Main consumer sector 28.4 3.3 21.9 Telecommunication services 7.9 13.2 1.7 Primary sector 6.7 12.1 0.01 Industry 0.2 0.2 0.5 Discretionary 0.02 1.1 0.1 consumer sector Utilities sector - 0.5 0.1 Public health - - - Energy - - 0.02 Information technologies - - 0.004 ------------------------------------------------------------------- * 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 December 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 -------- -------- -------- ------- ------- --------- --------- 30.11.11 40,050.7 15.72 400.59 287.91 12,275.8 1,813.0 01.12.11 40,047.8 15.07 400.57 287.59 1,093.5 161.5 02.12.11 40,072.5 15.07 402.89 288.69 1,738.8 256.6 05.12.11 40,065.2 15.07 403.64 288.10 2,513.0 371.0 06.12.11 40,059.7 15.07 403.67 287.22 7,481.1 1,104.6 07.12.11 40,051.5 15.07 403.91 286.47 355.7 52.5 08.12.11 40,086.3 15.06 402.94 285.72 2,007.7 296.4 09.12.11 40,069.4 15.05 404.94 287.06 20.5 3.0 12.12.11 40,016.9 15.05 405.91 286.68 1,175.2 173.8 13.12.11 40,012.5 15.05 406.02 286.09 777.3 114.9 14.12.11 39,994.6 15.12 404.11 283.23 11,532.2 1,706.3 15.12.11 39,962.5 15.12 406.45 284.82 4,907.5 726.7 20.12.11 39,942.3 15.01 405.17 282.75 14,463.2 2,144.5 21.12.11 39,990.0 15.04 407.09 283.80 300.0 44.4 22.12.11 39,983.7 15.09 408.37 283.82 8,097.2 1,198.3 23.12.11 39,968.3 15.04 407.02 282.54 28,021.9 4,150.3 26.12.11 39,972.3 15.04 407.36 282.17 7,741.6 1,146.4 27.12.11 39,953.4 15.04 408.04 281.82 7,949.3 1,178.6 28.12.11 39,954.6 15.10 407.82 280.95 6,494.0 962.9 29.12.11 39,977.0 15.10 407.83 280.36 42,370.8 6,272.6 30.12.11 40,067.1 15.12 409.62 281.06 1,810.6 268.7 -------- -------- -------- ------- ------- --------- --------- Trend +16.4 -0.6 +9.0 -6.8 % +0.04 -3.8 +2.3 -2.4 -------------------------------------------------------------- Tab.4 Change of corporate bonds lists, traded on KASE, in Dec 2011 -------------------------------------------- Bonds: Issuers: Category of ------ ----- ------ ----- admission number trend number trend ------------------ ------ ----- ------ ----- Rated 114 +1 33 0 ------------------ ------ ----- ------ ----- Non-rated first subcategory 72 -1 19 0 Non-rated second subcategory 26 0 17 0 Buffered 4 0 4 0 ------------------ ------ ----- ------ ----- Total 216 0 65 0 -------------------------------------------- Tab. 5. Summary data on deals with corporate bonds on KASE in Dec 2011 (purchase and sale without consideration of nego deals) ------------------------------------------------------------------- Yield to maturity for purchaser, % APR: ---------------------------------------- Code of At a last deal: 365 days: Volume of bond ----- ---------- ----- ----- deals, Number on KASE min. max. yield Trend, % min. max. th. USD of deals ------- ----- ----- ----- ---------- ----- ----- --------- -------- AESOb1 11.50 12.50 11.50 -1.0 11.50 13.00 109.5 3 ------- ----- ----- ----- ---------- ----- ----- --------- -------- ASBNe11 9.61 10.82 10.62 -0.1 9.61 10.82 4,318.7 17 ------- ----- ----- ----- ---------- ----- ----- --------- -------- ASBNe13 16.20 17.73 17.73 +1.8 13.22 18.58 83.8 4 ------- ----- ----- ----- ---------- ----- ----- --------- -------- ASBNe8 12.89 17.33 17.33 11.09 17.33 133.4 7 ------- ----- ----- ----- ---------- ----- ----- --------- -------- ATFBb4 9.00 9.00 9.00 8.00 9.00 64.8 5 ------- ----- ----- ----- ---------- ----- ----- --------- -------- ATFBb5 7.93 9.00 8.00 4.70 9.00 3,934.2 5 ------- ----- ----- ----- ---------- ----- ----- --------- -------- ATFBb6 8.50 9.00 9.00 +3.5 5.50 9.50 1,714.8 7 ------- ----- ----- ----- ---------- ----- ----- --------- -------- ATFBe3 7.69 7.99 7.69 +0.5 4.64 7.99 1,531.2 2 ------- ----- ----- ----- ---------- ----- ----- --------- -------- BRKLb1 6.50 6.50 6.50 6.00 7.50 22.2 1 ------- ----- ----- ----- ---------- ----- ----- --------- -------- BTAIb3 8.00 8.00 8.00 +1.0 7.00 15.59 10.6 1 ------- ----- ----- ----- ---------- ----- ----- --------- -------- BTASe11 48.32 48.32 48.32 +8.6 11.24 53.82 18.7 1 ------- ----- ----- ----- ---------- ----- ----- --------- -------- BTASe15 14.9 1 ------- ----- ----- ----- ---------- ----- ----- --------- -------- BTASe7 43.17 53.21 53.21 9.67 58.02 46.2 4 ------- ----- ----- ----- ---------- ----- ----- --------- -------- BVTBb1 5.29 5.50 5.29 -0.2 4.60 5.50 13,490.6 6 ------- ----- ----- ----- ---------- ----- ----- --------- -------- CBH_b1 24.50 24.50 24.50 20.00 40.02 9.7 1 ------- ----- ----- ----- ---------- ----- ----- --------- -------- CCBNb10 10.00 11.00 11.00 8.70 11.00 26.3 2 ------- ----- ----- ----- ---------- ----- ----- --------- -------- CCBNb14 11.00 12.00 12.00 9.10 12.00 29.7 2 ------- ----- ----- ----- ---------- ----- ----- --------- -------- CCBNb20 8.50 8.50 8.50 -1.5 8.00 11.10 6,232.2 2 ------- ----- ----- ----- ---------- ----- ----- --------- -------- CCBNb7 10.00 10.00 10.00 8.10 10.00 11.4 1 CCBNb9 11.00 11.00 11.00 8.00 11.00 12.8 1 CCBNe3 13.84 13.84 13.84 +0.1 6.21 16.35 28.6 2 CSBNb10 9.00 9.00 9.00 +0.0000002 9.00 9.00 5,529.3 6 CSBNb11 7.50 7.50 7.50 7.50 7.50 14,221.7 1 CSBNb5 7.50 7.50 7.50 +1.5 6.00 13.80 25.3 1 CSBNb6 11.50 11.70 11.50 -1.0 10.00 14.00 1,135.8 10 EKGSb1 7.97 7.97 7.97 -0.03 7.29 8.00 353.3 1 ERKAb1 19.62 19.62 19.62 8.04 19.62 3.2 1 EUBNb3 10.00 10.50 10.22 +0.2 8.00 10.80 59.2 4 EUBNb4 10.50 10.50 10.50 +1.0 9.52 10.81 21.6 1 EUBNb7 8.00 8.00 8.00 8.00 10.00 18.1 1 EXBNb2 8.80 12.90 8.80 8.50 18.50 265.6 14 HSBKb11 9.00 9.00 9.00 9.00 9.00 13.0 1 HSBKb13 12.00 12.00 12.00 8.00 12.20 17.2 1 HSBKb7 8.50 9.50 9.50 8.50 9.50 25.8 2 HSBKb8 10.50 10.50 10.50 10.50 10.50 17.5 1 KDTSb1 7.56 7.56 7.56 -0.3 6.00 15.84 32.3 1 KKGBb4 12.50 12.50 12.50 10.40 12.50 96.1 2 KKGBb5 11.70 13.50 13.50 +1.8 9.50 13.50 43.5 4 KKGBb8 11.50 13.00 13.00 11.50 13.00 58.3 4 KKGBe4 8.80 9.10 9.10 -0.2 7.14 10.80 1,615.8 9 KMGZb4 7.81 7.81 7.81 7.58 8.48 4,620.0 1 KZAPe1 4.70 5.05 5.05 4.36 5.47 9,222.7 6 KZIKb12 12.50 13.00 13.00 +1.0 8.14 14.00 40.9 2 KZIKb16 0.89 0.89 0.89 0.89 0.89 606.2 1 KZIKb21 8.00 8.00 8.00 +0.0001 8.00 8.00 7,743.0 2 ORDKb2 12.00 14.00 12.00 +0.00001 12.00 16.02 3,491.1 12 PRKRb3 7.00 7.00 7.00 7.00 7.00 13,849.9 2 PRKRb4 7.00 7.50 7.50 5.00 8.30 13,898.6 9 RESCb1 11.00 11.00 11.00 8.00 12.00 58.2 2 RGBRb5 9.00 12.60 12.60 9.00 13.00 351.9 4 SKKZb22 5.55 5.81 5.65 -0.05 5.25 6.00 10,438.0 9 TEBNe1 1.11 1.11 1.11 1.11 1.11 23.1 1 TSBNb2 7.49 7.50 7.50 -0.0002 7.49 14.02 44.0 3 TSBNb5 1.03 1.03 1.03 1.03 1.03 0.7 1 TXBNb5 6.86 6.86 6.86 3.20 7.06 239.8 1 ZERDb1 16.50 17.00 17.00 +1.0 5.00 19.00 330.9 14 ZHMNe1 0.99 0.99 0.99 0.99 0.99 664.9 2 ------- ----- ----- ----- ---------- ----- ----- --------- -------- 57 121,020.4 212 ------------------------------------------------------------------- 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. [2012-01-20]