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06.01.2006 21:43

ANALYSIS: In December of 2005 KASE's repo sector activated due to active involving of shares and corporate bonds in deals

/IRBIS, Ranida Gabdeyeva, Andrey Tsalyuk, January 6, 06/ - In December of 2005 Kazakhstan stock exchange (KASE) recorded 2,789 deals in the repo transactions sector for a total of KZT650.2 bn. or USD4,858.2 m. at the current rate effective on deals making dates. This is 65.5% of total turnover of KASE in this month (in November of 2005 - 76.2%).

In comparison with November of 2005 volume of transactions has grown by KZT42.2 bn. ($324.1 m.) or by 6.9% (by 7.1% in dollar terms). Relative to December of 2004 volume of transactions has fallen by KZT12.1 bn. ($235.2 m.) or by 1.8% (by 4.6% in dollar terms).

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

  • the stake of automatic repo transactions was 89.9% of the sector's turnover (KZT584.2 bn.), including deals in government securities (GS) - 78.5% (KZT510.5 bn.), deals in corporate securities (CS) - 11.3% (KZT73.6 bn.);
  • the stake of repo transactions made by direct deals method, was 10.1% of the sector's turnover (KZT66.0 bn.), including deals in GS - 0.6% (KZT3.6 bn.), deals in CS - 9.6% (KZT62.4 bn.).

For comparison, structure of stock exchange's repo market in November of 2005 was as follows: autorepo - 91.3% (GS - 85.9%; CS - 5.4%); repo by direct method - 8.7% (GS - 1.0%; CS - 7.6%).

Stake of exchange turnover in total volume of repo deals on Kazakhstan market in December of 2005 totaled 98.5%, in November - 94.5%.

The given data shows that the described sector has activated. Analysts of IRBIS explain growth of turnover by the traditional reason - closing of the year. Analyzed month is notable with the fact that exchange's members actively used CS as repo subject. Turnover of CS repo deals was never so high. This concerns both automatic repo sector and nego deals market. Most probably, this peculiarity is explained by the continued compression of GS market, on which less and less securities, able to serve as pawn object, remain.

As regards rates, market's conjuncture is almost the same. Some falling of the shortest money cost in December relative to November was compensated by growth of rates of 2- and 3-day repo.

The tables below characterize KASE's repo sector in December of 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 - 78.5% 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  0.10  8.00    3.00     1.29 204,779.2    687    77.95
KZT_002         1.35  1.00  8.00    5.50     2.29   6,497.0     16     2.47
KZT_003         0.50  0.50  7.00    6.80     3.41   4,000.0     14     1.52
KZT_007         1.65  1.00  5.00    5.00     1.54  22,027.0     51     8.38
KZT_014         2.00  1.00  3.25    2.50     2.11  11,588.0     34     4.41
KZT_028         3.00  1.50  3.00    2.80     2.12  13,818.0     57     5.26
----------- -------- ----- ----- ------- -------- --------- ------ --------
TOTAL                                             262,709.2    859      100
---------------------------------------------------------------------------

Automatic repo in CS - 11.3% 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        %
----------- -------- ----- ----- ------- -------- -------- ------ --------
ASBNb3_001      4.30  4.00  7.50    7.50     4.28    685.0      5     1.47
ASBNb3_003                                   4.30    166.0      1     0.36
ASBNb3_007      5.00  4.75  5.00    4.75     4.87    331.0      2     0.71
ASFI_028       11.00 11.00 11.00   11.00    11.00    308.0      2     0.66
ASFIb5_028                                   8.00    450.0      1     0.97
ASFIb7_001      4.75  3.60  5.15    5.15     4.71  1,792.0     10     3.85
ASFIb7_003      5.15  5.10  5.20    5.10     5.15    595.0      3     1.28
ASFIb7_007      5.10  5.00  5.10    5.00     5.06    170.0      2     0.37
ATFBb3_003                                   4.00     40.0      1     0.09
ATFBb4_007                                   5.00     70.0      1     0.15
ATFBb4_030                                   8.50    215.0      1     0.46
ATFBb5_001                                   3.00     10.0      1     0.02
ATFBb5_003                                   4.00     81.0      1     0.17
ATFBp_003                                    3.00     22.0      1     0.05
BTAIb4_003                                   4.00    176.0      1     0.38
BTAIb5_003                                   4.00    264.0      1     0.57
BTAIb5_030                                   6.50    157.0      1     0.34
BTAIb6_001      4.30  4.00  6.00    6.00     4.29    948.0      6     2.04
BTAIb6_003      4.50  4.30  4.50    4.30     4.40    206.0      2     0.44
BTAIb6_007      5.00  4.75  5.00    4.75     4.91    627.0      3     1.35
BTAIb8_003                                   4.00    550.0      1     1.18
BTAS_030        7.50  7.00  7.50    7.00     7.18 10,800.1     12    23.20
BTAS_180        8.00  8.00  8.00    8.00     8.00  1,500.1      4     3.22
BTASb1_001      3.00  3.00  3.00    3.00     3.00    560.0      4     1.20
BTASb1_003                                   4.00    208.0      1     0.45
BTASb1_028      6.50  6.50  7.10    7.10     6.96    880.0      3     1.89
BTASb2_028      7.20  7.10  7.20    7.10     7.17    690.0      3     1.48
BTASb4_001      3.00  3.00 10.00   10.00     6.69  1,119.0     12     2.40
BTASb4_007      5.00  4.50  5.00    4.50     4.81    705.0      3     1.51
CCBN_001        9.00  9.00  9.00    9.00     9.00  4,423.0      7     9.50
CCBN_014                                     9.00    737.0      1     1.58
CSBNb5_001                                   4.50    189.0      1     0.41
CSBNb6_001      4.50  4.20  4.50    4.20     4.24     79.0      2     0.17
CSBNb6_007                                   5.00     67.0      1     0.14
CSBNb6_014      9.00  9.00  9.00    9.00     9.00    197.0      2     0.42
CSBNb6_030                                   8.00     39.0      1     0.08
HSBKb_028       6.10  6.10  6.35    6.35     6.19     95.0      2     0.20
HSBKb3_003                                   4.00     35.0      1     0.08
HSBKb5_007                                   4.00    200.0      1     0.43
HSBKb9_003                                   4.00    210.0      1     0.45
HSBKb9_014                                   9.00     78.0      1     0.17
KKGBb2_001      3.50  3.50  3.50    3.50     3.50    100.0      2     0.21
KKGBb2_003                                   4.00    180.1      1     0.39
KKGBb2_007      6.00  6.00  6.00    6.00     6.00    269.1      2     0.58
KKGBb2_028      6.50  6.50  7.10    7.10     6.96    885.5      3     1.90
KKGBp_001       5.00  4.20  5.00    4.20     4.67    766.0      5     1.65
KKGBp_007       5.10  5.10  7.00    7.00     6.44    205.0      2     0.44
KZIKb13003                                   4.00    440.0      1     0.95
KZIKb3_007                                   4.00    226.0      1     0.49
KZIKb4_007                                   4.00    830.0      1     1.78
KZIKb6_003                                   4.00    300.0      1     0.64
KZTCb1_028                                   6.50     75.0      1     0.16
KZTK_001        4.30  4.30  7.00    7.00     5.49    408.0      7     0.88
KZTK_007        7.00  6.50  7.88    6.50     7.14    180.0      4     0.39
KZTOe1_001                                   3.00     32.0      1     0.07
NFBN_001        5.00  5.00  5.15    5.15     5.09    522.0     12     1.12
NFBN_003        7.75  7.75  7.75    7.75     7.75    250.0      4     0.54
NFBN_007        8.25  6.99  8.25    7.06     7.52    510.0     12     1.10
ORDB_003        9.00  8.00  9.00    8.00     8.40    580.0      3     1.25
ORDB_007                                     7.88     22.0      1     0.05
ORDB_028       10.00 10.00 12.50   12.50    11.64    290.0      3     0.62
ORDB_365        7.00  7.00  7.00    7.00     7.00    545.0      2     1.17
ROSA_030       10.00 10.00 11.00   11.00    10.49    491.0      2     1.05
ROSA_360                                    10.00    299.0      1     0.64
TEBNb4_014                                   9.00    247.0      1     0.53
TEBNp_028                                    6.50     40.0      1     0.09
TSBNb1_028                                   7.50     75.0      1     0.16
TXBNb1_014      5.85  5.85  5.85    5.85     5.85     66.0      2     0.14
TXBNb2_028                                   7.50     55.0      1     0.12
UTMK_001        6.00  6.00  9.00    9.00     7.20  4,748.0     13    10.20
UTMK_007        6.00  6.00  9.00    9.00     7.50    949.0      3     2.04
VTBN_001                                     7.50    100.0      1     0.21
VTBN_028       10.00  7.50 10.00    7.50     9.61    153.0      2     0.33
VTBNb3_014      9.00  9.00  9.00    9.00     9.00    800.0      2     1.72
ZIG_b1_028                                   7.50    244.0      1     0.52
----------- -------- ----- ----- ------- -------- -------- ------ --------
TOTAL                                             46,557.3    210      100
--------------------------------------------------------------------------

Repo on direct deals in GS - 0.6% 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   0.40   1.50     1.50      0.96  1,100.0      11     55.06
      2      1.15   1.15   1.15     1.15      1.15    160.0       2      8.01
      4      1.50   1.50   2.00     2.00      1.75    200.0       2     10.01
      5      0.70   0.70   0.70     0.70      0.70    100.0       1      5.01
      6      3.60   3.60   3.60     3.60      3.60    400.0       1     20.02
      7      6.00   6.00   6.00     6.00      6.00     38.0       2      1.90
-------  --------  -----  -----  -------  --------  -------  ------  --------
TOTAL                                               1,998.0      19       100
-----------------------------------------------------------------------------

Repo on direct deals in CS - 9.6% 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           33                             9.95       1.1       1     0.003
--------  -------  -----  -----  -------  --------  --------  ------  --------
ALKSb2          5                             8.00       1.1       1     0.003
               24   5.00   5.00     5.00      5.00       2.4       2      0.01
               55                             8.00       1.0       1     0.002
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                 4.5       4      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
AMGZ            3                             5.00       1.4       1     0.004
                5                             4.50      15.5       1      0.04
               82                            10.00       1.1       1     0.003
               90   7.00   7.50     7.00      7.45       4.6       2      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                22.5       5      0.06
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASBNb1         55                             7.97       2.6       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASBNb2         10                             6.19       3.5       1      0.01
               31                             5.53      20.0       1      0.05
               47                             6.56     162.8       1      0.42
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               186.3       3      0.48
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASBNb4         26                             3.50     159.0       1      0.41
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASBNb5         90                             7.50       2.7       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASFI            7                             6.00     124.0       1      0.32
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASFIb4         62   9.00   9.00     9.00      9.00      33.1       2      0.09
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASFIb5         62   9.00   9.00     9.00      9.00   1,332.9       3      3.45
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASFIb6          7                             5.00     103.2       1      0.27
               62   9.00   9.00     9.00      9.00     932.3       2      2.42
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             1,035.5       3      2.68
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASFIb7          6                             9.00     355.8       1      0.92
               13                             9.00     951.6       1      2.47
               16                             9.00     370.1       1      0.96
               36                             9.00     347.2       1      0.90
               49                             9.00     397.9       1      1.03
               62   9.00   9.00     9.00      9.00   5,290.3       5     13.71
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             7,712.9      10     19.98
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBb3          2   3.59   3.59     3.59      3.59      59.1       2      0.15
                5                             7.18       3.1       1      0.01
               31   8.10   8.10     8.10      8.10     759.2       2      1.97
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               821.3       5      2.13
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBb4          5                             4.00      90.0       1      0.23
                6                             3.90      90.0       1      0.23
               11                             3.00      50.9       1      0.13
               33                             3.00     157.2       1      0.41
              365                            10.00     200.0       1      0.52
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               588.1       5      1.52
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBb5          1                             3.04       3.5       1      0.01
                5                             4.87      15.8       1      0.04
               34                             7.20     300.0       1      0.78
               83                             8.00     289.1       1      0.75
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               608.3       4      1.58
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBe1          2                             3.00       4.9       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBe4          2                             3.00      11.6       1      0.03
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBp           1                             5.06      70.1       1      0.18
                4                             5.06      41.0       1      0.11
                7                             4.01       4.0       1      0.01
                8                             5.51      10.0       1      0.03
               24                             6.50      20.0       1      0.05
               25                             7.00      10.4       1      0.03
               26                             8.01      38.4       1      0.10
               31                            11.99       6.0       1      0.02
               33                             7.50       6.7       1      0.02
               96   5.51   5.51     5.51      5.51      15.3       2      0.04
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               221.9      11      0.57
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBp8          1                             3.87      35.0       1      0.09
                3                             3.50     116.2       1      0.30
                7                             4.00      97.0       1      0.25
               90                             7.50       1.3       1      0.00
              182  10.00  10.00    10.00     10.00     400.0       2      1.04
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               649.5       6      1.68
--------  -------  -----  -----  -------  --------  --------  ------  --------
AZNO            5                             7.00      10.0       1      0.03
               53   6.05   6.05     6.05      6.05     303.3       2      0.79
               57                             6.00     101.0       1      0.26
               66                             6.00     401.3       1      1.04
              105                             8.92     356.6       1      0.92
              365                            10.00     100.0       1      0.26
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             1,272.1       7      3.30
--------  -------  -----  -----  -------  --------  --------  ------  --------
BTAIb4          1   3.98   4.00     4.00      3.99     413.0       2      1.07
                3                             3.00     150.0       1      0.39
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               563.0       3      1.46
--------  -------  -----  -----  -------  --------  --------  ------  --------
BTAIb6          7                             5.00     250.0       1      0.65
--------  -------  -----  -----  -------  --------  --------  ------  --------
BTAS            1   3.00   6.59     3.00      4.29      12.6       2      0.03
               62                             7.00       0.3       1      0.00
               90                             7.50       2.0       1      0.01
              182                             9.50       0.9       1     0.002
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                15.8       5      0.04
--------  -------  -----  -----  -------  --------  --------  ------  --------
BTASb4          1                             3.50     310.0       1      0.80
                3   3.50   4.10     4.10      3.67     350.0       2      0.91
                4                             4.50     100.0       1      0.26
                5                             4.00     100.0       1      0.26
                6                             3.90     200.0       1      0.52
               14   4.40   5.95     5.95      4.89     750.0       3      1.94
               31   8.00   8.00     8.00      8.00   1,251.4       4      3.24
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             3,061.4      13      7.93
--------  -------  -----  -----  -------  --------  --------  ------  --------
CCBN            1   9.57   9.57     9.57      9.57      55.4       2      0.14
               31                             7.01       1.0       1     0.003
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                56.4       3      0.15
--------  -------  -----  -----  -------  --------  --------  ------  --------
CCBNb10         2   3.00   5.00     5.00      3.72     446.8       5      1.16
               16                             9.50      30.1       1      0.08
               21                             5.00      95.1       1      0.25
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               572.0       7      1.48
--------  -------  -----  -----  -------  --------  --------  ------  --------
CCBNb4        547                             9.50     350.0       1      0.91
--------  -------  -----  -----  -------  --------  --------  ------  --------
CCBNb6        365                            10.00     299.1       1      0.77
--------  -------  -----  -----  -------  --------  --------  ------  --------
CSBN            1   3.13   6.57     3.13      5.87      12.6       2      0.03
--------  -------  -----  -----  -------  --------  --------  ------  --------
CSBNb3         14                             6.00       2.0       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
CSBNb4          1                             4.00     200.0       1      0.52
                5                             8.00      15.7       1      0.04
               19                             8.00      15.7       1      0.04
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               231.4       3      0.60
--------  -------  -----  -----  -------  --------  --------  ------  --------
CSBNb5          3                             4.10     200.0       1      0.52
               20                             3.70     218.5       1      0.57
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               418.5       2      1.08
--------  -------  -----  -----  -------  --------  --------  ------  --------
CSBNb6          6                             3.00      35.0       1      0.09
               20                             3.70      30.4       1      0.08
               33   9.00  10.50     9.00      9.04      10.3       2      0.03
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                75.7       4      0.20
--------  -------  -----  -----  -------  --------  --------  ------  --------
DNBN           91  12.00  12.00    12.00     12.00      70.0       2      0.18
--------  -------  -----  -----  -------  --------  --------  ------  --------
HSBK           26                             7.75      12.0       1      0.03
               31                             8.04      22.0       1      0.06
               32                            10.00      50.0       1      0.13
              120                            10.00      70.0       1      0.18
              151                            10.00      74.0       1      0.19
              180                             7.23      43.6       1      0.11
              365                            10.00      60.0       1      0.16
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               331.6       7      0.86
--------  -------  -----  -----  -------  --------  --------  ------  --------
HSBKb          31                             9.50      23.0       1      0.06
               90                             5.00      66.2       1      0.17
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                89.3       2      0.23
--------  -------  -----  -----  -------  --------  --------  ------  --------
HSBKb3          1                             3.01     100.0       1      0.26
                2                             3.01     100.0       1      0.26
                7                             4.14     100.7       1      0.26
               14                             5.50     200.0       1      0.52
               26                             4.14      50.0       1      0.13
              365                            10.00     100.0       1      0.26
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               650.7       6      1.69
--------  -------  -----  -----  -------  --------  --------  ------  --------
HSBKb8         47                             6.50     953.0       1      2.47
--------  -------  -----  -----  -------  --------  --------  ------  --------
HSBKb9         34                             6.00     500.1       1      1.30
--------  -------  -----  -----  -------  --------  --------  ------  --------
KARMb2          5                             4.53      50.0       1      0.13
               31                             3.00      65.6       1      0.17
               32                             3.00      41.0       1      0.11
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               156.6       3      0.41
--------  -------  -----  -----  -------  --------  --------  ------  --------
KKAGb1          3                             5.99      97.0       1      0.25
--------  -------  -----  -----  -------  --------  --------  ------  --------
KKGB          182                            10.00       1.0       1     0.003
--------  -------  -----  -----  -------  --------  --------  ------  --------
KKGBb2         12                             3.00      16.1       1      0.04
               90   5.00   7.00     5.00      5.06      40.6       2      0.11
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                56.7       3      0.15
--------  -------  -----  -----  -------  --------  --------  ------  --------
KKGBb3         31                             8.00     155.8       1      0.40
--------  -------  -----  -----  -------  --------  --------  ------  --------
KKGBp           1   2.63   5.25     5.25      5.14     535.3       4      1.39
                2   2.63   5.25     2.63      3.81     489.7       2      1.27
                3   1.75   5.25     5.25      5.24     257.0       2      0.67
                4   2.63   2.63     2.63      2.63     256.0       2      0.66
                8                             2.63       5.0       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             1,543.0      11      4.00
--------  -------  -----  -----  -------  --------  --------  ------  --------
KRZHb1          1                            11.99       3.8       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZIKb13         1                             3.48      98.6       1      0.26
                2                             3.70       6.6       1      0.02
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               105.2       2      0.27
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZIKb3         12                             3.04       5.6       1      0.01
               22                             3.10     225.0       1      0.58
               47                             6.52     580.0       1      1.50
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               810.6       3      2.10
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZIKb4          5                             4.44       4.6       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZIKb6          5                             4.38      30.0       1      0.08
               47                             6.55     170.7       1      0.44
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               200.7       2      0.52
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZIKb7         12   3.04   3.65     3.65      3.47      20.0       2      0.05
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZPSb1         47                             6.50     238.9       1      0.62
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZTC          182  10.84  10.84    10.84     10.84   3,459.0       3      8.96
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZTCb1          1                             3.65      31.0       1      0.08
               31   2.94  10.07     2.94      5.78      51.5       2      0.13
               55                             7.97       3.2       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                85.7       4      0.22
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZTK            1   2.99   6.58     2.99      4.61      13.7       3      0.04
               31                             7.00       1.0       1     0.003
               32                             7.00       0.4       1     0.001
               35                             6.00       6.5       1      0.02
               62   7.00   7.00     7.00      7.00       1.1       2     0.003
               90   8.00  12.00     8.00     10.66      10.5       2      0.03
               91   8.00   8.00     8.00      8.00      21.8       2      0.06
              182  10.00  12.00    10.00     10.02     403.6       3      1.05
              365                             9.00     102.9       1      0.27
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               561.5      16      1.45
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZTKp           5                             4.50      84.0       1      0.22
               46                            12.42       5.0       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                89.0       2      0.23
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZTOe1         30                             3.00      40.0       1      0.10
              180                             5.83      43.2       1      0.11
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                83.3       2      0.22
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZZN            1   2.98   7.01     7.01      4.03      29.5       3      0.08
                2                             7.00       0.3       1     0.001
                5                             4.51      57.4       1      0.15
                7                             7.01       6.1       1      0.02
               90   8.00  12.00     8.00     11.23       8.7       2      0.02
              182                            12.00       7.0       1      0.02
              365                             9.00      37.7       1      0.10
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               146.5      10      0.38
--------  -------  -----  -----  -------  --------  --------  ------  --------
MMGZp          26                             8.25      48.1       1      0.12
--------  -------  -----  -----  -------  --------  --------  ------  --------
MREKb1          5                             4.87      90.0       1      0.23
--------  -------  -----  -----  -------  --------  --------  ------  --------
NFBN            1                             4.14      25.1       1      0.07
                2   7.18   8.03     8.03      7.85     126.1       2      0.33
                3                             3.96       6.5       1      0.02
                5   1.93   6.08     4.49      4.13     181.2       3      0.47
                7   9.00  13.66     9.00     10.98      79.0       3      0.20
                8                             7.60      30.4       1      0.08
                9   5.99   5.99     5.99      5.99     153.9       2      0.40
               15                             6.02       6.0       1      0.02
               26                             9.00      26.1       1      0.07
               31                             9.50      10.0       1      0.03
               46   9.00  11.00    11.00     10.06      64.1       2      0.17
               62                            12.00       7.0       1      0.02
               70                            12.00      41.3       1      0.11
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               756.7      20      1.96
--------  -------  -----  -----  -------  --------  --------  ------  --------
NRBNb2         31                             8.00     122.4       1      0.32
--------  -------  -----  -----  -------  --------  --------  ------  --------
NRBNb3         47                             6.51     734.5       1      1.90
--------  -------  -----  -----  -------  --------  --------  ------  --------
NRBNb4          2                             8.00      21.5       1      0.06
               32                            10.00      20.0       1      0.05
               62                             7.20     200.0       1      0.52
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               241.5       3      0.63
--------  -------  -----  -----  -------  --------  --------  ------  --------
NRBNp6         28                            10.50      45.0       1      0.12
               31                             9.50       5.0       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                50.0       2      0.13
--------  -------  -----  -----  -------  --------  --------  ------  --------
ORDB            4   4.01   8.98     4.01      5.18      86.6       3      0.22
               29                            10.50      65.0       1      0.17
               31   9.00  12.50     9.00     12.13     219.3       7      0.57
               33                            10.50      11.9       1      0.03
               90                             8.75       8.7       1      0.02
              111                            10.00     128.5       1      0.33
              232                             7.00     332.1       1      0.86
              365   9.00   9.00     9.00      9.00     200.0       2      0.52
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             1,052.2      17      2.73
--------  -------  -----  -----  -------  --------  --------  ------  --------
ORNK           21                            13.90     100.0       1      0.26
               28                             9.42     100.0       1      0.26
               52                            14.04       7.0       1      0.02
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               206.9       3      0.54
--------  -------  -----  -----  -------  --------  --------  ------  --------
ORNKb1        182                            10.00      35.0       1      0.09
--------  -------  -----  -----  -------  --------  --------  ------  --------
RGBRb3          1   3.38   3.38     3.38      3.38      59.3       2      0.15
                3   5.65   6.78     6.78      6.09     152.2       3      0.39
                7   4.84   6.28     6.28      6.18     154.6       2      0.40
               14                             5.82       9.7       1      0.03
               21                             5.98      24.7       1      0.06
               29                             5.98      19.9       1      0.05
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               420.4      10      1.09
--------  -------  -----  -----  -------  --------  --------  ------  --------
ROSA          142  10.31  10.31    10.31     10.31     118.4       4      0.31
--------  -------  -----  -----  -------  --------  --------  ------  --------
ROSAb1         33   9.00   9.00     9.00      9.00      19.4       1      0.05
--------  -------  -----  -----  -------  --------  --------  ------  --------
TEBN           31   8.01  10.01     8.01      8.53      28.2       3      0.07
               33  10.00  10.50    10.00     10.35      34.5       2      0.09
              182                             8.50      14.6       1      0.04
              349   9.75   9.75     9.75      9.75      50.2       2      0.13
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               127.6       8      0.33
--------  -------  -----  -----  -------  --------  --------  ------  --------
TEBNb2         33                            11.50       0.7       1     0.002
--------  -------  -----  -----  -------  --------  --------  ------  --------
TEBNb4         13                             6.20      65.0       1      0.17
--------  -------  -----  -----  -------  --------  --------  ------  --------
TEBNp          23                             4.00      35.5       1      0.09
               33                            10.50     155.9       1      0.40
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               191.4       2      0.50
--------  -------  -----  -----  -------  --------  --------  ------  --------
TMLZ            2                             1.53     268.0       1      0.69
                5                             9.50     130.0       1      0.34
              177   9.75   9.75     9.75      9.75     130.2       4      0.34
              182  10.00  10.00    10.00     10.00      93.5       4      0.24
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               621.7      10      1.61
--------  -------  -----  -----  -------  --------  --------  ------  --------
TSBNb1         31                             9.54       5.0       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
TSBNb2         47                             5.98       4.0       1      0.01
               33                            11.45       0.2       1     0.001
               55                             7.98       2.2       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                 6.4       3      0.02
--------  -------  -----  -----  -------  --------  --------  ------  --------
UKPFb1          4                             3.50      11.0       1      0.03
               31                             6.00       2.1       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                13.2       2      0.03
--------  -------  -----  -----  -------  --------  --------  ------  --------
UKTCb1          4                             3.61       1.4       1     0.004
--------  -------  -----  -----  -------  --------  --------  ------  --------
UTMK           13                             5.01      19.6       1      0.05
               41                             5.01       9.8       1      0.03
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                29.4       2      0.08
--------  -------  -----  -----  -------  --------  --------  ------  --------
VITAb4         87                             5.00      65.0       1      0.17
               89                             5.01      38.7       1      0.10
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               103.7       2      0.27
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTBN           12                             2.95      15.1       1      0.04
               14                             3.00      56.1       1      0.15
               17                             6.51      47.0       1      0.12
               20                            11.52     100.0       1      0.26
               21   4.42   7.01     4.42      6.59      31.0       2      0.08
               24                             4.23     119.9       1      0.31
               28                            10.51       5.0       1      0.01
               31   9.99  11.52     9.99     10.60       2.5       2      0.01
               32                             0.50      10.0       1      0.03
               33   9.99  11.51     9.99     10.52      89.5       6      0.23
               90   8.75  12.75     8.75     11.51     175.3       3      0.45
              182                             2.70      53.2       1      0.14
              274                             4.50     164.2       1      0.43
              276                             4.50     135.4       1      0.35
              356                             4.45     105.2       1      0.27
              357                            10.00     100.0       1      0.26
              365                            11.50      33.9       1      0.09
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             1,243.4      26      3.22
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTBNb1          6   5.00   8.50     5.00      5.94      41.0       2      0.11
                9                             5.00      30.0       1      0.08
               11   3.00   3.00     3.00      3.00      60.8       2      0.16
               12                             3.00      12.3       1      0.03
               14   3.00   3.00     3.00      3.00      60.8       2      0.16
               20                            10.50      75.0       1      0.19
               28                            10.50      25.0       1      0.06
               31                             9.50      30.0       1      0.08
               33                            10.50       7.7       1      0.02
              274                             4.50      11.0       1      0.03
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               353.5      13      0.92
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTBNb2         29                            10.52     105.0       1      0.27
               31                             5.01     100.4       1      0.26
               33                            10.47      24.1       1      0.06
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               229.5       3      0.59
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTBNb3          6                             5.00       3.0       1      0.01
                7   7.50   7.50     7.50      7.50     162.3       3      0.42
               20                             5.00       3.0       1      0.01
               26   9.75   9.75     9.75      9.75      86.0       4      0.22
               32   9.75   9.75     9.75      9.75      54.6       2      0.14
               33                            11.50       0.5       1     0.001
               35                            10.00      17.0       1      0.04
               62                            12.00       7.0       1      0.02
               66                            11.50       0.3       1     0.001
              182                             8.50     145.9       1      0.38
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               479.5      16      1.24
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTBNp          31   7.74  11.51     8.49      8.15      41.7       6      0.11
               33                            11.51       8.3       1      0.02
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                50.0       7      0.13
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTSKb2         31                             9.97      12.0       1      0.03
               33                            10.04       8.0       1      0.02
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                20.0       2      0.05
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTTHb1         33   9.95   9.97     9.97      9.96      18.6       2      0.05
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTZL           33   9.98  10.01    10.01      9.98      21.4       3      0.06
               62                            12.01       4.6       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                26.1       4      0.07
--------  -------  -----  -----  -------  --------  --------  ------  --------
TOTAL                                               38,597.9     380    100.00
------------------------------------------------------------------------------

[2006-01-06]