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]