QUESTIONING - Outlook of bonds' yield in Kazakhstan

/REUTERS, Almaty, Oljas Auezov, January 8, 02/ - Traders in Kazakhstan, examining perspectives of the most liquid instruments at the debt market, do not expect during nearest half a year increase of yields either on government bonds or on corporate ones. According to the data of Reuter' questioning, which was made on Wednesday, most questioned traders of the largest banks and state pension fund expect that yield of domestic and foreign government securities and also the most liquid corporate eurobonds - Development Bank of Kazakhstan, Kazkommertsbank, bank TuranAlem and oil transportation state company Kaztransoil - will be stable or decrease. Some traders, who one month ago expected increase of the yield of Kazakhstan eurobonds, reexamined their outlooks having noted that receiving of investment rating these instruments stopped moving after developing markets' securities. Market's participants again noted that instruments' yield might be influenced upon by starting of military operations in Iraq and as regards long-term outlook, they will keep stable spreads over key treasury bonds of the USA. Some corrections were connected with markets' reaction about new issue of Kazkommertsbank's eurobonds, and also a long (about two months) absence of auctions on securities of the Ministry of finance. Below are forecasts of yields on different instruments (average indicator between ask and bid, 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 7.40 SAPF 7.40 7.40 7.40 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 4.00-4.30 4.00 4.00 Bank TuranAlem 4.40 4.30 4.50 SAPF 4.20-4.25 - - Kazkommertsbank 4.50 4.50 4.50 Halyk Bank 4.50 4.50 4.50 --------------- --------- --------- --------- Eurobonds of Development bank of Kazakhstan Bank TuranAlem 6.50 6.40 6.00 Kazkommertsbank 6.50 6.50 6.50 Halyk Bank 6.50 6.50 6.30-6.40 --------------- --------- --------- --------- Eurobonds of Kazkommerts International B.V. Bank TuranAlem 7.70 7.60 7.40 Kazkommertsbank 8.10 8.10 8.10 Halyk Bank 7.90-8.00 7.90-8.00 7.70-7.90 --------------- --------- --------- --------- Eurobonds of TuranAlem Finance B.V. - 2007 Bank TuranAlem 7.60 7.40 7.00 Kazkommertsbank 8.00 8.00 8.00 Halyk Bank 7.50 7.50 7.30-7.40 --------------- --------- --------- --------- Eurobonds of Kaztransoil AMB 7.80-8.20 - - Kazkommertsbank 7.40 7.40 7.40 Halyk Bank 8.20 8.20 7.90-8.10 ------------------------------------------------ [2003-01-08]