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06.12.2005 20:22

ANALYSIS: In November 2005 volume of deals in KASE's repo sector decreased by 6.4% to KZT608.0 bn.

/IRBIS, Ranida Gabdeyeva, Andrey Tsalyuk, December 6, 05/ - In November 2005 Kazakhstan stock exchange (KASE) recorded 3,123 deals in the repo transactions sector for a total of KZT608.0 bn. or USD4,534.0 m. at the current rate effective on deals making dates. This is 76.2% of total turnover of KASE in this month (in October 2005 - 74.8%).

In comparison with October 2005 volume of transactions decreased by KZT41.8 bn. ($320.1 m.) or by 6.4% (by 6.6% in dollar terms). Relative to November 2004 volume of transactions has grown by KZT42.7 bn. ($207.4 m.) or by 7.6% (by 4.8% in dollar terms).

Structure of repo market turnover on KASE in November was as follows:

  • the stake of automatic repo transactions was 91.3% of the sector's turnover (KZT555.4 bn.), including deals in government securities (GS) - 85.9% (KZT522.3 bn.), deals in corporate securities (CS) - 5.4% (KZT33.0 bn.);
  • the stake of repo transactions made by direct deals method, was 8.7% of the sector's turnover (KZT52.6 bn.), including deals in GS - 1.0% (KZT6.2 bn.), deals in CS - 7.6% (KZT46.4 bn.).

For comparison, structure of stock exchange's repo market in October 2005 was as follows: autorepo - 93.3% (GS - 88.7%; CS -4.6%); repo by direct method - 6.7% (GS - 0.8%; CS - 6.0%).

Stake of exchange turnover in total volume of repo deals on Kazakhstan market in November 2005 totaled 94.5%, in October - 98.6%.

Key moment, which predestined conjuncture of described segment of stock exchange's market in November, is more high level of short term liquidity of banking sector, as a result "overnight" repo rates decreased relative to October (by TONIA indicator they dropped to 1.42% APR in comparison with 2.04% APR). At the same time money attraction rate was slightly increased by the National Bank for deposits, as well as in floatation of notes. In the opinion of IRBIS specialists this resulted in flow of money from repo stock exchange sector, thus slight drop of repo market activity on KASE was caused.

The tables below characterize KASE's repo sector in November 2005 on opening transactions in tenge (stake of the market in headings of tables is given in accordance with the actual volume of transactions, including repo opening and closing deals).

Automatic repo in GS - 85.9% of the market

---------------------------------------------------------------------------
                                 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         3.00  0.20  4.00    0.50     1.42 229,106.4    990    87.97
KZT_002         0.50  0.50  2.00    1.75     0.91   6,350.0      9     2.44
KZT_003         1.50  1.20  1.50    1.20     1.38     755.0      3     0.29
KZT_007         2.00  1.50  2.50    2.00     1.92   8,322.0     44     3.20
KZT_014         2.20  1.90  3.00    2.20     2.17   7,837.0     38     3.01
KZT_028         3.00  1.90  3.00    2.22     2.22   8,053.0     51     3.09
----------- -------- ----- ----- ------- -------- --------- ------ --------
TOTAL                                             260,423.5  1,135      100
---------------------------------------------------------------------------

Automatic repo in CS - 5.4% of the market

--------------------------------------------------------------------------
                                 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_028                                     6.00     86.0      1     0.48
ASBNb3_001      4.20  3.00  6.00    3.00     4.19    335.0      3     1.88
ASBNb4_001      4.30  3.00  6.00    3.00     4.53    543.0      6     3.04
ASFIb5_028                                   7.50    125.0      1     0.70
ASFIb7_001      4.50  4.00  5.00    4.70     4.45  2,129.0      9    11.92
ASFIb7_003                                   7.00    130.0      1     0.73
ASFIb7_007      5.00  4.50  5.00    4.50     4.70    330.0      2     1.85
ASFIb7_014      7.50  7.50  7.50    7.50     7.50    150.0      2     0.84
ASFIb7_030                                   4.00     40.0      1     0.22
ATFBb4_001      4.30  3.20  5.20    4.50     4.19  1,219.0     16     6.83
ATFBb4_030                                   8.50    215.0      1     1.20
BTAIb6_001      4.60  2.80  4.60    4.00     3.86  1,531.0      8     8.57
BTAIb6_003      5.00  3.00  5.00    3.00     3.54    370.0      3     2.07
BTAS_001                                     4.50     97.0      1     0.54
BTASb1_001      3.00  3.00  3.50    3.50     3.25    303.0      2     1.70
BTASb1_028      7.00  7.00  7.00    7.00     7.00    680.0      2     3.81
BTASb2_028                                   7.50    690.0      1     3.86
BTASb4_001      4.80  4.00  6.00    4.60     4.71  1,472.0      9     8.24
CCBN_030                                     9.00    728.0      1     4.08
CSBNb5_001      4.80  2.80  5.20    3.80     4.24  1,354.1     13     7.58
CSBNb5_007                                   5.00    190.0      1     1.06
CSBNb6_001      4.50  3.50  4.80    3.80     4.01    799.1      9     4.48
CSBNb6_030                                   8.00     38.0      1     0.21
HSBKb_028       7.50  6.40  7.50    6.40     7.11    100.0      2     0.56
KKGBb2_001      3.50  3.50  3.50    3.50     3.50    264.1      2     1.48
KKGBb2_028      7.00  6.50  7.00    6.50     6.86    415.1      2     2.32
KKGBp_001       4.25  4.00  5.00    4.30     4.30    343.0      6     1.92
KKGBp_014                                    7.00     70.0      1     0.39
KZIKb6_003                                   3.00    300.0      1     1.68
KZTCb1_028                                   6.50     75.0      1     0.42
NFBN_001        3.80  3.80  5.00    5.00     4.83    189.0      4     1.06
NFBN_003                                     5.00    120.0      1     0.67
NFBN_007                                     8.25     60.0      1     0.34
NFBN_028        6.00  6.00  6.00    6.00     6.00    250.0      2     1.40
NRBNb2_028                                   7.50    340.0      1     1.90
ORDB_003        5.50  5.00  7.90    7.90     6.17    107.0      6     0.60
ORDB_007                                     8.00    250.0      1     1.40
ORDB_014        6.00  6.00  7.90    7.90     7.45     34.0      2     0.19
ORDB_028       11.00 11.00 12.50   12.50    11.62    295.0      3     1.65
ROSA_007                                    11.00     16.0      1     0.09
ROSA_030                                    10.00    250.0      1     1.40
TEBNp_007       5.70  5.70  5.75    5.75     5.72     40.0      2     0.22
TEBNp_028                                    6.50     40.0      1     0.22
TSBNb1_028                                   7.50     75.0      1     0.42
TSBNp_028                                   10.65     35.0      1     0.20
TXBNb1_014                                   5.80     32.0      1     0.18
TXBNb2_028                                   7.50     60.0      1     0.34
VTBN_001        6.25  6.25  6.25    6.25     6.25    200.0      3     1.12
VTBN_014        6.00  6.00  8.50    8.50     6.83     63.0      4     0.35
VTBN_028                                    10.00    128.0      1     0.72
VTBNb3_001      7.00  7.00  7.00    7.00     7.00     50.0      2     0.28
VTBNb3_007      8.50  8.50  9.50    9.50     9.00    100.0      4     0.56
----------- -------- ----- ----- ------- -------- -------- ------ --------
TOTAL                                             17,855.5    153      100
--------------------------------------------------------------------------

Repo on direct deals in GS - 1.0% of the market

-----------------------------------------------------------------------------
                                  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      1.20   1.20   2.00     2.00      1.26  1,500.0       3     81.16
      3      3.00   1.70   3.00     1.70      1.72    101.1       2      5.47
      7      3.00   3.00   3.00     3.00      3.00     50.0       1      2.71
     19      6.00   2.50   6.00     2.50      2.56     53.9       2      2.92
     23      2.99   2.99   2.99     2.99      2.99     20.6       1      1.12
     26      3.50   3.50   3.50     3.50      3.50     62.9       1      3.40
     27      3.50   3.50   3.50     3.50      3.50     59.7       2      3.23
-------  --------  -----  -----  -------  --------  -------  ------  --------
TOTAL                                               1,848.3      12       100
-----------------------------------------------------------------------------

Repo on direct deals in CS - 7.6% of the market

------------------------------------------------------------------------------
                                  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           27                            10.81       1.1       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
ALKSb2          1                             8.00       1.2       1      0.01
                3                             8.00       1.3       1      0.01
               10                             8.00       1.0       1      0.01
               23                             3.00      11.6       1      0.07
               28                             4.00       1.1       1      0.01
               92                             7.70       4.6       1      0.03
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                20.9       6      0.12
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASBNb2          2   3.68   5.51     5.51      4.29       9.0       2      0.05
               15                             5.60       6.5       1      0.04
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                15.5       3      0.09
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASBNb3          4                             3.65     200.0       1      1.13
                6                             3.65     200.0       1      1.13
               54                             7.73      29.6       1      0.17
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               429.6       3      2.43
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASBNb4          1                             4.47     150.0       1      0.85
                4                             4.35     159.6       1      0.90
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               309.6       2      1.75
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASFIb4         30                             8.50      20.0       1      0.11
               90                             5.00     301.6       1      1.71
               91                             5.00      30.2       1      0.17
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               351.9       3      1.99
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASFIb7          1                             3.01     100.0       1      0.57
                2                             4.49     100.0       1      0.57
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               200.0       2      1.13
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBb3          1                             3.48      21.1       1      0.12
                5                             3.48      16.9       1      0.10
                6                             3.48      21.0       1      0.12
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                58.9       3      0.33
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBb4          3                             3.01     100.0       1      0.57
                7                             4.00     150.0       1      0.85
               14                             5.20      30.0       1      0.17
               30                             3.00     165.8       1      0.94
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               445.8       4      2.53
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBb5          2                             3.01       8.2       1      0.05
               31   3.50   3.50     3.50      3.50     419.3       2      2.38
               92                             7.50      45.0       1      0.25
              180                             5.50     300.0       1      1.70
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               772.4       5      4.38
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBe1         30                             7.50       4.9       1      0.03
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBe2          2                             3.00       5.0       1      0.03
              178                             7.00       5.1       1      0.03
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                10.1       2      0.06
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBe4         23                             2.99      12.8       1      0.07
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBp           1   4.95   6.08     6.08      5.95      84.4       2      0.48
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBp8          1                             4.97      53.8       1      0.31
                7   5.49   5.99     5.49      5.65      90.8       4      0.51
               27                             6.01      59.7       2      0.34
              182                             8.00      55.0       1      0.31
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               259.4       8      1.47
--------  -------  -----  -----  -------  --------  --------  ------  --------
AZNO           29                             3.00     265.0       1      1.50
               91                             6.00     400.0       1      2.27
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               665.0       2      3.77
--------  -------  -----  -----  -------  --------  --------  ------  --------
BTAIb4         14                             6.00     300.0       1      1.70
--------  -------  -----  -----  -------  --------  --------  ------  --------
BTAIb6          1                             3.02     100.0       1      0.57
                3   3.01   3.01     3.01      3.01     150.0       2      0.85
                4   3.02   4.00     3.02      3.72     695.0       2      3.94
                5                             2.99     250.0       1      1.42
               95                             5.00     400.0       1      2.27
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             1,595.0       7      9.04
--------  -------  -----  -----  -------  --------  --------  ------  --------
BTAIb8          7                             6.00       7.1       1      0.04
--------  -------  -----  -----  -------  --------  --------  ------  --------
BTASb4          1                             3.50     350.0       1      1.98
               11                             3.50     350.0       1      1.98
               14                             4.50     353.4       1      2.00
               20                             3.50     150.0       1      0.85
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             1,203.4       4      6.82
--------  -------  -----  -----  -------  --------  --------  ------  --------
CCBN            2                             4.19      45.9       1      0.26
                7                             3.97       0.0       1    0.0002
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                45.9       2    0.2602
--------  -------  -----  -----  -------  --------  --------  ------  --------
CCBNb1          2                             3.00       2.3       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
CCBNb3         30                             8.01       3.7       1      0.02
--------  -------  -----  -----  -------  --------  --------  ------  --------
CCBNb4         14                             7.76      35.2       1      0.20
               30                             8.00       8.9       1      0.05
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                44.1       2      0.25
--------  -------  -----  -----  -------  --------  --------  ------  --------
CCBNb7         11                             6.00     221.9       1      1.26
--------  -------  -----  -----  -------  --------  --------  ------  --------
CCBNp          92  11.01  11.01    11.01     11.01     170.0       2      0.96
--------  -------  -----  -----  -------  --------  --------  ------  --------
CSBNb4         24                             8.00      15.7       1      0.09
--------  -------  -----  -----  -------  --------  --------  ------  --------
CSBNb5          3                             3.81     134.9       1      0.76
--------  -------  -----  -----  -------  --------  --------  ------  --------
CSBNb6          3                             3.50     110.0       1      0.62
               27                            10.50       0.3       1     0.002
               30                             9.00      10.0       1      0.06
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               120.3       3      0.68
--------  -------  -----  -----  -------  --------  --------  ------  --------
GLOTb1         30                             8.03      33.6       1      0.19
--------  -------  -----  -----  -------  --------  --------  ------  --------
HSBK            7                             5.74      30.0       1      0.17
--------  -------  -----  -----  -------  --------  --------  ------  --------
HSBKb          30                             9.00      23.0       1      0.13
--------  -------  -----  -----  -------  --------  --------  ------  --------
HSBKb3          1                             3.44     318.0       1      1.80
--------  -------  -----  -----  -------  --------  --------  ------  --------
HSBKb5        102   7.99   7.99     7.99      7.99     183.0       3      1.04
--------  -------  -----  -----  -------  --------  --------  ------  --------
HSBKb9         11                             4.60     250.4       1      1.42
--------  -------  -----  -----  -------  --------  --------  ------  --------
HSBKp           6                             6.16      13.3       1      0.08
--------  -------  -----  -----  -------  --------  --------  ------  --------
KARMb2         30   3.30   3.30     3.30      3.30     409.6       2      2.32
--------  -------  -----  -----  -------  --------  --------  ------  --------
KKAGb1         14                             6.46     151.3       1      0.86
--------  -------  -----  -----  -------  --------  --------  ------  --------
KKGBp           2   3.94   5.25     3.94      5.00     102.0       2      0.58
                3   5.25   5.25     5.25      5.25     340.0       2      1.93
               10   7.01   7.01     7.01      7.01     300.0       1      1.70
               14   6.00   7.01     7.01      6.24   1,300.0       2      7.37
               30                             7.97   1,000.0       1      5.67
               31                             6.01     300.0       1      1.70
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             3,342.0       9     18.94
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZIKb13         1                             3.01     118.0       1      0.67
                3                             3.00      20.0       1      0.11
                7                             3.18      13.0       1      0.07
               10                             3.00      25.0       1      0.14
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               176.0       4      1.00
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZIKb4          1                             3.65       4.0       1      0.02
                7   5.06   5.06     5.06      5.06      80.0       2      0.45
               14                             5.62      11.7       1      0.07
               30                             2.92       2.5       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                98.2       5      0.56
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZIKb5          1                             3.65       5.7       1      0.03
               14                             5.57      20.0       1      0.11
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                25.7       2      0.15
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZIKb6          1                             3.65      35.0       1      0.20
               14                             2.35      15.0       1      0.09
               32                             2.97      30.0       1      0.17
               47                             3.03       1.0       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                81.0       4      0.46
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZTK            1                             4.99       2.2       1      0.01
                8                             3.00       7.1       1      0.04
               61                             7.00      16.8       1      0.10
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                26.0       3      0.15
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZTKp          61                             9.00      30.0       1      0.17
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZTOe1          1                             2.77      40.0       1      0.23
                6                             3.01      40.0       1      0.23
               11                             3.00      21.4       1      0.12
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               101.4       3      0.57
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZZN            1                             4.07      28.7       1      0.16
               61                             7.00      10.4       1      0.06
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                39.1       2      0.22
--------  -------  -----  -----  -------  --------  --------  ------  --------
MREKb1          1                             7.30      60.0       1      0.34
--------  -------  -----  -----  -------  --------  --------  ------  --------
NFBN            3                             5.00     120.0       1      0.68
                8                            13.05       7.0       1      0.04
               12   9.51   9.51     9.51      9.51      54.3       2      0.31
               14                            10.01      15.0       1      0.09
               21                             6.02       6.0       1      0.03
               22                            12.00      41.0       1      0.23
               28                             9.00      35.2       1      0.20
               30   6.01   9.50     9.50      6.37      95.8       2      0.54
               56                             6.00     191.4       1      1.08
               60                             6.10      30.0       1      0.17
               67                             6.09     120.0       1      0.68
               91                             9.00       5.0       1      0.03
              182                             9.30      10.0       1      0.06
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               730.7      15      4.14
--------  -------  -----  -----  -------  --------  --------  ------  --------
NRBNb2          6                             7.00      11.7       1      0.07
--------  -------  -----  -----  -------  --------  --------  ------  --------
NRBNb4          7                             5.00     310.0       1      1.76
               28                             6.00     250.2       1      1.42
               30                            10.00      20.0       1      0.11
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               580.2       3      3.29
--------  -------  -----  -----  -------  --------  --------  ------  --------
NRBNp6         30                            10.50      45.0       1      0.26
               32                             9.50       5.0       1      0.03
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                50.0       2      0.28
--------  -------  -----  -----  -------  --------  --------  ------  --------
ORDB            1   3.01   6.57     3.01      4.53     258.3       5      1.46
                2                             5.04      30.0       1      0.17
                4                             5.00      19.9       1      0.11
                5   5.00   6.01     5.00      5.60      61.5       2      0.35
                6                             5.00       3.1       1      0.02
                7   6.01   6.01     6.01      6.01      55.0       2      0.31
                8                             4.93      13.1       1      0.07
               14                             5.47      29.2       1      0.17
               28                             9.00       7.0       1      0.04
               29   5.00   9.00     9.00      5.18     157.1       2      0.89
               30   9.00  10.50     9.00     10.37      84.0       3      0.48
               32   9.00   9.50     9.50      9.05      68.0       3      0.39
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               786.1      23      4.45
--------  -------  -----  -----  -------  --------  --------  ------  --------
ORNK           28                            12.91      99.0       1      0.56
--------  -------  -----  -----  -------  --------  --------  ------  --------
RGBRb3         12                             5.72     100.0       1      0.57
               14   5.97   6.10     6.10      6.10     139.2       3      0.79
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               239.2       4      1.36
--------  -------  -----  -----  -------  --------  --------  ------  --------
ROSA           30                            11.00       6.6       1      0.04
              178                            10.42     117.2       1      0.66
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               123.8       2      0.70
--------  -------  -----  -----  -------  --------  --------  ------  --------
ROSAb1         23                             9.00      14.4       1      0.08
               30                             9.00       5.0       1      0.03
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                19.4       2      0.11
--------  -------  -----  -----  -------  --------  --------  ------  --------
TEBN            1   8.03   8.03     8.03      8.03     148.0       2      0.84
               20   7.99   7.99     7.99      7.99       9.0       2      0.05
               30   8.00  10.50    10.13     10.22     218.2       6      1.24
               47                            10.00       0.5       1     0.003
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               375.7      11     2.129
--------  -------  -----  -----  -------  --------  --------  ------  --------
TEBNp           1                             9.85       0.7       1     0.004
               14                             6.00       2.0       1      0.01
               21                            10.50     155.9       1      0.88
               47                            10.00       0.7       1     0.004
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               159.2       4     0.902
--------  -------  -----  -----  -------  --------  --------  ------  --------
TSBNb1         32                             9.47       5.0       1      0.03
--------  -------  -----  -----  -------  --------  --------  ------  --------
TSBNb2         31                             8.95       0.1       1     0.001
               69                             9.02       2.0       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                 2.1       2      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
TXBNb3         14                             6.07      75.1       1      0.43
--------  -------  -----  -----  -------  --------  --------  ------  --------
UKTCb1         15                             3.65       1.7       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
VITAb4          8   7.21   7.73     7.21      7.55      35.0       2      0.20
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTBN            1   3.22   5.70     3.22      5.07     123.4       3      0.70
                5                             8.74      42.8       1      0.24
                7                             5.06      88.3       1      0.50
               14   6.48   8.00     6.48      7.82      17.0       2      0.10
               28   7.51  10.82     7.51     10.74     125.9       2      0.71
               30   9.99  11.51     9.99     11.01     189.5       5      1.07
               94                            10.50      20.0       1      0.11
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               607.0      15      3.44
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTBNb1         30   9.50  10.50     9.50     10.28     137.7       4      0.78
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTBNb2         30  10.53  10.54    10.53     10.53     129.1       2      0.73
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTBNb3          1   3.00   6.00     5.25      4.89     137.0       3      0.78
                2                             3.00      50.0       1      0.28
                8                             5.00      11.7       1      0.07
               19                             7.00      52.9       1      0.30
               20                             7.00      46.5       1      0.26
               21                             8.00       0.7       1     0.004
               23                            10.00      50.0       1      0.28
               26                             8.00      62.9       1      0.36
               30                            11.50       0.3       1     0.002
              364                             7.00     120.0       1      0.68
              367                            11.50       6.7       1      0.04
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               538.7      13      3.05
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTBNp          30                             8.52       7.5       1      0.04
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTSKb2         30                             9.97      12.0       1      0.07
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTTHb1         30                             9.99       8.6       1      0.05
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTZL           30   9.98   9.99     9.98      9.99      14.4       2      0.08
--------  -------  -----  -----  -------  --------  --------  ------  --------
TOTAL                                               17,647.0     235    100.00
------------------------------------------------------------------------------

[2005-12-06]