QUESTIONING - Outlook of bonds' yield in Kazakhstan
09.12.02 00:00
/REUTERS, Almaty, Oljas Auezov, December 9, 02/ - Traders in
Kazakhstan, examining perspectives of the most liquid instruments at the
debt market, do not exclude further corporate eurobonds' yield decrease, but
their opinions differ about outlooks concerning government securities' yield.
According to the data of Reuter' questioning, which was made since
December 6 till 9 of 2002, traders of the largest banks and state pension
fund expect that yield of the most liquid corporate eurobonds - Development
Bank of Kazakhstan, Kazkommertsbank, bank TuranAlem and oil
transportation state company Kaztransoil - will be stable or decrease.
At the same time, traders differently estimate perspectives of government
bonds market, forecasting both decrease and increase of yield.
Market's participants also note that instruments' yield may be influenced
such factors as starting of military operations in Iraq and changing of
interest rates of US FRS.
Below are forecasts of yields on different instruments (as % APR, by the end
of the period - month, three months and half a year):
------------------------------------------------
in 1 in 3 in 6
month months months
--------------- --------- --------- ---------
Three year МЕОКАМ (GTO) (yield at the last
auction on November 14 - 7.40% APR)
ABN AMRO Bank 7.40 7.40 7.40
Citibank 7.50 7.50 7.75
AMB 7.40 7.40 7.10-7.20
Bank TuranAlem 7.50 7.60 7.80
SAPF 7.20 7.60 8.20
Kazkommertsbank 7.50-7.70 7.50-7.70 7.50-7.70
Halyk Bank 7.20-7.30 6.80-7.00 6.50-6.70
--------------- --------- --------- ---------
Eurobonds of Kazakhstan with maturity in 2007
AMB 4.70-4.80 4.70-4.80 4.70-4.80
Bank TuranAlem 4.40 4.80 5.00
SAPF 4.40 4.40 4.20
Kazkommertsbank 4.50 4.50 4.50
--------------- --------- --------- ---------
Eurobonds of Development bank of Kazakhstan
Bank TuranAlem 6.40 6.20 6.00
Kazkommertsbank 6.50 6.50 6.50
--------------- --------- --------- ---------
Eurobonds of Kazkommerts International B.V.
Bank TuranAlem 7.60 7.40 7.00
Kazkommertsbank 8.10 8.10 8.10
--------------- --------- --------- ---------
Eurobonds of TuranAlem Finance B.V.
with maturity in 2007
Bank TuranAlem 7.60 7.40 7.00
Kazkommertsbank 8.00 8.00 8.00
--------------- --------- --------- ---------
Eurobonds of Kaztransoil
AMB 7.50 7.50 7.50
Bank TuranAlem 7.40 7.20 6.80
Kazkommertsbank 7.40 7.40 7.40
------------------------------------------------
[2002-12-09]