In April of 2004 volume of deals in KASE's repo sector increased by 14.1% to KZT410.4 bn
/IRBIS, Ranida Gabdeyeva, Andrey Tsalyuk, May 7, 04/ - In April of 2004 at Kazakhstan stock exchange (KASE) in repo-transactions sector there were registered 3,191 deals to the total amount of KZT410.4 bn. or USD2,970.5 m. at the current rate on deals making date, that is 75.0% of the whole April's turnover.
In comparison with March of 2004 volume of transactions increased by KZT50,853.5 m. ($383.7 m.) or by 14.1% (by 14.8% in dollar terms). Relative to April of 2003 volume of transactions increased by KZT129.7 bn. ($1,123.9 m.) or by 46.2% (by 60.7% in dollar terms).
Structure of repo market's turnover at KASE in April, which was calculated in tenge equivalent, was as follows:
- the stake of automatic repo transactions was 91.1% of the sector's turnover (KZT374.0 bn.), including deals in Government securities (GS) - 90.2% (KZT370.1 bn.), deals in corporate securities (CS) - 0.9% (KZT3,849.1 m.);
- the stake of repo transactions made by direct deals method, was 8.9% of the sector's turnover (KZT36.5 bn.), including deals in GS - 6.9% (KZT28.4 bn.), deals in CS - 2.0% (KZT8,021.3 m.).
For comparison, structure of stock exchange's repo market in March of 2004 was characterized by the following indexes: autorepo - 91.9% (GS - 91.5%;
CS - 0.4%); repo by direct method - 8.1% (GS - 6.9%; CS - 1.2%).
Below are tables, which characterize KASE's repo sector in April of 2004 on opening transactions in tenge.
Automatic repo in GS - 90.2% of the market
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Repo rate, % APR
Instrument ------------------------------------- Volume, Num- Stake of
(currency, on first mini- maxi- on last weighted m ber of market,
term, days) deal mum mum deal average KZT deals %
----------- -------- ----- ----- ------- -------- --------- ------ --------
KZT_001 2.10 0.20 15.00 2.00 2.86 166,167.2 1141 90.0
KZT_002 2.00 1.50 5.60 3.00 3.30 1,526.0 14 0.8
KZT_003 2.50 2.10 7.00 3.20 3.88 1,916.0 23 1.0
KZT_007 2.90 2.40 6.25 4.00 4.13 6,186.0 72 3.4
KZT_014 3.75 3.30 6.00 3.60 4.00 3,911.0 50 2.11
KZT_028 3.70 3.50 5.50 3.50 3.91 4,870.0 44 2.64
----------- -------- ----- ----- ------- -------- --------- ------ --------
TOTAL 184,576.2 1 344 100
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Automatic repo in CS - 0.9% of the market
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Repo rate, % APR
Instrument ------------------------------------- Volume, Num- Stake of
(security, on first mini- maxi- on last weighted m ber of market,
term, days) deal mum mum deal average KZT deals %
----------- -------- ----- ----- ------- -------- ------- ------ --------
ALKS_007 4.80 4.80 5.30 5.30 5.20 91.0 3 3.9
ALKS_028 7.00 6.40 8.00 8.00 7.14 73.0 4 3.10
ALKS_003 5.00 5.00 5.10 5.10 5.05 74.0 3 3.14
ASFIb2_001 4.80 4.80 5.00 5.00 4.89 18.0 2 0.8
ASFIb2_002 4.80 4.80 5.00 5.00 4.89 18.0 2 0.8
ASFIb2_007 5.30 5.30 5.30 5.30 5.30 84.0 3 3.6
ASFIb2_021 6.00 6.00 10.0 1 0.4
BRKZb1_003 5.00 5.00 5.10 5.10 5.05 26.0 2 1.1
BRKZb1_007 5.30 5.30 13.0 1 0.6
CCBN_001 4.50 4.50 30.0 1 1.3
CCBN_007 5.30 5.30 10.0 1 0.4
CCBN_030 8.00 8.00 9.00 9.00 8.86 70.0 2 3.0
CCBNb3_028 8.50 8.50 250.0 1 10.6
HSBKb_028 7.00 7.00 24.0 1 1.0
KZIKb1_001 4.80 4.80 5.20 5.20 5.00 40.0 2 1.7
KZIKb1_003 5.00 5.00 5.10 5.10 5.05 82.0 2 3.5
KZIKb1_007 5.30 5.30 20.0 1 0.8
KZIKb1_028 4.00 4.00 111.0 1 4.7
NRBNb2_028 8.25 8.25 153.0 1 6.5
ORDB_028 9.50 8.00 9.50 8.00 8.58 457.0 5 19.4
ORDBb1_014 5.70 5.70 10.0 1 0.4
ORDBb1_028 6.60 6.50 6.60 6.50 6.56 30.0 2 1.3
RGBRb3_028 8.50 8.50 200.0 1 8.5
TEBN_030 7.80 7.80 12.00 12.00 9.33 137.0 2 5.8
TXBNb2_007 5.30 5.30 5.30 5.30 5.30 100.0 2 4.2
VTBNb1_001 4.30 4.30 5.00 5.00 4.72 134.0 4 5.7
VTBNb1_007 5.30 5.30 20.0 1 0.8
VTBNb1_028 10.00 10.00 70.0 1 3.0
----------- -------- ----- ----- ------- -------- ------- ------ --------
TOTAL 2,355.1 53 100.0
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Repo on direct deals in GS - 6.9% of the market
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Repo rate, % APR
Term of ----------------------------------------- Volume, Num- Stake of
repo, on first mini- maxi- on last weighted m ber of market,
days deal mum mum deal average KZT deals %
------- -------- ----- ----- ------- -------- -------- ------ --------
1 1.01 0.70 15.00 1.50 3.59 4,716.4 41 32.5
2 4.00 4.00 4.00 4.00 4.00 100.0 1 0.7
3 1.00 0.50 3.80 3.80 1.89 2,667.5 14 18.4
4 1.00 0.60 3.99 3.50 3.03 1,752.3 10 12.1
5 1.29 1.29 2.01 2.01 1.54 228.2 2 1.6
7 2.00 2.00 4.30 4.30 2.69 1,706.0 6 11.7
8 4.00 4.00 4.00 4.00 4.00 48.0 2 0.3
9 3.60 3.60 3.60 3.60 3.60 182.6 1 1.3
10 3.00 3.00 3.00 3.00 3.00 35.0 1 0.2
11 2.20 2.20 2.20 2.20 2.20 97.8 1 0.7
12 3.00 3.00 3.00 3.00 3.00 290.2 2 2.0
14 3.25 3.25 5.20 3.70 4.54 560.5 5 3.9
21 3.50 3.50 3.50 3.50 3.50 187.4 6 1.3
28 4.00 3.80 5.40 5.40 4.75 1,357.4 12 9.3
29 3.50 3.50 5.00 5.00 4.57 194.9 12 1.3
30 1.50 1.50 1.50 1.50 1.50 199.0 1 1.4
34 4.00 4.00 4.00 4.00 4.00 11.8 1 0.1
182 6.00 6.00 6.00 6.00 6.00 184.8 1 1.3
------- -------- ----- ----- ------- -------- -------- ------ --------
TOTAL 14,519.6 199 100.0
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Repo on direct deals in CS - 2.0% of the market
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Repo rate, % APR
Subject Term of ------------------------------- Volume, Num- Stake of
of repo, mini- maxi- on last weighted m ber of market,
repo days mum mum deal average KZT deals %
-------- ------- ----- ----- ------- -------- -------- ------ --------
ALKS 7 5.21 27.21 1 0.64
29 7.55 7.55 7.55 7.55 100.00 2 2.34
30 4.87 30.00 1 0.70
31 8.17 69.60 1 1.63
34 7.67 19.01 1 0.45
53 8.30 27.00 1 0.63
62 5.81 9.42 9.42 7.31 126.56 2 2.97
63 8.69 47.00 1 1.10
182 13.04 20.50 1 0.48
249 5.95 47.47 1 1.11
-------- ------- ----- ----- ------- -------- -------- ------ --------
Subtotal 514.34 12.05
-------- ------- ----- ----- ------- -------- -------- ------ --------
ALKSb2 21 5.00 8.36 1 0.20
-------- ------- ----- ----- ------- -------- -------- ------ --------
ARNAb1 21 5.00 3.34 1 0.08
7 6.08 4.15 1 0.10
-------- ------- ----- ----- ------- -------- -------- ------ --------
Subtotal 7.49 0.18
-------- ------- ----- ----- ------- -------- -------- ------ --------
ASBNb2 12 6.08 1.70 1 0.04
31 8.82 1.77 1 0.04
-------- ------- ----- ----- ------- -------- -------- ------ --------
Subtotal 3.47 0.08
-------- ------- ----- ----- ------- -------- -------- ------ --------
ASFI 366 10.43 43.17 1 1.01
-------- ------- ----- ----- ------- -------- -------- ------ --------
ASFIb2 21 5.00 10.10 1 0.24
24 3.66 7.94 1 0.19
-------- ------- ----- ----- ------- -------- -------- ------ --------
Subtotal 18.04 0.42
-------- ------- ----- ----- ------- -------- -------- ------ --------
ASFIb3 183 10.00 12.00 12.00 10.03 46.04 3 1.08
-------- ------- ----- ----- ------- -------- -------- ------ --------
ATFBb2 21 5.00 68.35 1 1.60
-------- ------- ----- ----- ------- -------- -------- ------ --------
BRKZb1 21 5.00 19.37 1 0.45
-------- ------- ----- ----- ------- -------- -------- ------ --------
BTAIb1 183 12.00 52.96 1 1.24
-------- ------- ----- ----- ------- -------- -------- ------ --------
CCBN 1 5.48 15.00 1 0.35
2 8.09 157.89 1 3.70
5 5.34 85.96 1 2.01
7 6.08 9.12 6.08 7.55 4.14 2 0.10
11 8.04 8.10 8.10 8.06 279.37 2 6.55
13 7.75 8.04 7.75 7.77 340.58 2 7.98
14 8.07 68.25 1 1.60
23 9.05 10.00 1 0.23
28 10.01 74.44 1 1.74
29 9.06 28.00 1 0.66
31 9.01 10.01 9.01 9.07 31.99 2 0.75
55 13.01 13.01 13.01 13.01 20.44 2 0.48
56 8.00 42.00 1 0.98
57 10.56 45.00 1 1.05
60 8.01 55.85 1 1.31
61 9.51 10.00 10.00 9.93 177.15 3 4.15
364 9.00 104.00 1 2.44
365 9.00 9.00 9.00 9.00 34.00 2 0.80
-------- ------- ----- ----- ------- -------- -------- ------ --------
Subtotal 1,574.07 36.88
-------- ------- ----- ----- ------- -------- -------- ------ --------
HSBKb 1 7.00 26.08 1 0.61 31 8.00 23.05 1 0.54 60 8.00 13.00 1 0.30
-------- ------- ----- ----- ------- -------- -------- ------ -------- Subtotal 62.12 1.46 -------- ------- ----- ----- ------- -------- -------- ------ --------
HSBKb3 21 5.05 1.70 1 0.04 91 10.00 80.00 1 1.87
-------- ------- ----- ----- ------- -------- -------- ------ -------- Subtotal 81.70 1.91 -------- ------- ----- ----- ------- -------- -------- ------ --------
HSBKp 91 7.00 99.08 1 2.32
-------- ------- ----- ----- ------- -------- -------- ------ --------
KARMb2 2 4.00 73.01 1 1.71
-------- ------- ----- ----- ------- -------- -------- ------ --------
KZIKb1 31 13.00 2.00 1 0.05
-------- ------- ----- ----- ------- -------- -------- ------ --------
KZTCb1 21 4.91 4.47 1 0.10
-------- ------- ----- ----- ------- -------- -------- ------ --------
KZTOe1 56 6.00 42.00 1 0.98
-------- ------- ----- ----- ------- -------- -------- ------ --------
ORDB 5 2.99 77.00 1 1.80
7 0.02 73.89 1 1.73
9 10.01 152.85 1 3.58
23 8.00 9.86 1 0.23
25 9.00 47.00 1 1.10
28 10.00 30.01 1 0.70
82 9.50 4.50 1 0.11
90 9.50 3.18 1 0.07
91 3.00 9.50 9.50 3.34 135.54 2 3.18
-------- ------- ----- ----- ------- -------- -------- ------ --------
Subtotal 533.82 12.51
-------- ------- ----- ----- ------- -------- -------- ------ --------
ORDBb1 86 10.00 10.17 1 0.24
-------- ------- ----- ----- ------- -------- -------- ------ --------
RGBRb3 4 3.62 35.32 1 0.83
-------- ------- ----- ----- ------- -------- -------- ------ --------
TEBN 29 8.00 10.00 1 0.23
30 10.00 2.00 1 0.05
31 8.01 10.00 1 0.23
-------- ------- ----- ----- ------- -------- -------- ------ --------
Subtotal 22.00 0.52
-------- ------- ----- ----- ------- -------- -------- ------ --------
TXBNb1 21 5.00 1.66 1 0.04 30 12.00 3.00 1 0.07
-------- ------- ----- ----- ------- -------- -------- ------ -------- Subtotal 4.66 0.11 -------- ------- ----- ----- ------- -------- -------- ------ --------
TXBNb2 29 4.04 150.15 1 3.52
-------- ------- ----- ----- ------- -------- -------- ------ --------
UKTCb1 10 7.03 20.18 1 0.47
-------- ------- ----- ----- ------- -------- -------- ------ --------
UTMKp 4 7.03 7.03 7.03 7.03 5.50 2 0.13
-------- ------- ----- ----- ------- -------- -------- ------ --------
VITAb3 28 11.00 15.35 1 0.36
-------- ------- ----- ----- ------- -------- -------- ------ --------
VTBN 7 8.00 35.50 1 0.83
30 8.00 35.50 1 0.83
31 9.30 22.00 1 0.52
363 8.00 44.10 1 1.03
-------- ------- ----- ----- ------- -------- -------- ------ --------
Subtotal 137.10 3.21
-------- ------- ----- ----- ------- -------- -------- ------ --------
VTBNb1 7 8.50 50.03 1 1.17 14 8.00 10.44 1 0.24 28 8.50 39.99 1 0.94 29 8.50 30.00 1 0.70 30 4.00 48.01 1 1.12 31 8.50 30.00 1 0.70 32 4.00 45.11 1 1.06 35 4.00 69.84 1 1.64 364 9.00 9.00 9.00 9.00 86.00 2 2.02 365 9.00 9.00 9.00 9.00 135.79 2 3.18
-------- ------- ----- ----- ------- -------- -------- ------ -------- Subtotal 545.21 12.78 -------- ------- ----- ----- ------- -------- -------- ------ --------
VTBNp 31 8.99 44.52 1 1.04 91 10.50 23.76 1 0.56
-------- ------- ----- ----- ------- -------- -------- ------ -------- Subtotal 68.27 1.60 -------- ------- ----- ----- ------- -------- -------- ------ --------
TOTAL 4,267.7 102 100.00
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Stake of stock exchange's turnover in total volume of repo deals of Kazakhstan secondary market in April of 2004 equaled to 99.3%, in March of 2004 - 99.5%.
In April repo sector significantly grew in comparison with March, that, in all probability, was caused by higher rates. Weighted average rate of repo "overnight" at automatic repo market in March was 1.90% APR, and in April it reached 2.86% APR. Maximum rates on this instrument grew in April to 15.0% APR, and in March - only to 5.0%.
Specialists of IRBIS explain growth of repo rates in April by falling of short- term banks liquidity because of final budget payments, and also by a higher volatility of US dollar rate against tenge at domestic market. The quick falling of dollar rate in the middle of April caused a pronounced correcting movement of USD prices upward in the beginning of the third decade of the month, which in some degree was supported due to tenge taken from repo market. As the result short money had big demand.
Structure of repo market did not change much. In April participants at automatic repo market of CS used much bigger range of instruments than in March. In direct deals sector terms of repo transactions rose from 92 to 182 days. At that, the structure of the turnover modified a bit towards prolonging of repo terms.
[2004-05-07]