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Market and Company News
15.03.2006 22:11

ANALYSIS: In February 2006 volume of deals in KASE's repo sector grew by 21.1% owing to excess liquidity

/IRBIS, Valeri Khegai, Andrey Tsalyuk, March 15, 06/ - In February 2006 Kazakhstan stock exchange (KASE) recorded 2,973 deals in the repo transactions sector for a total of KZT964.4 bn. or USD7,344.2 m. at the current rate effective on deals making dates. This is 75.3% of total turnover of KASE in this month (in January 2006 - 72.9%).

The above value is record high monthly turnover in this sector of stock exchange market for the whole history of KASE.

In comparison with January 2006 volume of transactions grew by KZT168.2 bn. ($1,353.4 m.) or by 21.1% (by 22.6% in dollar terms). Relative to February 2005 volume of transactions has grown by KZT338.9 bn. ($2,536.5 m.) or by 54.2% (by 52.8% in dollar terms).

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

  • the stake of automatic repo transactions was 90.8% of the sector's turnover (KZT875.9 bn.), including deals in government securities (GS) - 81.8% (KZT789.1 bn.), deals in corporate securities (CS) - 9.0% (KZT86.7 bn.);
  • the stake of repo transactions made by direct deals method, was 9.2% of the sector's turnover (KZT88.5 bn.), including deals in GS - 2.9% (KZT28.3 bn.), deals in CS - 6.2% (KZT60.2 bn.).

For comparison, structure of stock exchange's repo market in January 2006 was as follows: autorepo - 93.9% (GS - 84.4%; CS -9.4%); repo by direct method - 6.1% (GS - 2.1%; CS - 4.1%).

Stake of exchange turnover in total volume of repo deals in Kazakhstan market in February by comparable operations totaled 99.3%, in January 2006 - 98.5%.

Peculiarity of the month in this sector of stock exchange market is very low value of the shortest money. Separate deals of repo "overnight" were concluded in KASE under 0.001% APR, this is also peculiar record of stock exchange repo.

In the opinion of IRBIS specialists, everything is explained by excess liquidity of banking sector on tenge, which, in its turn is caused by sale of record high volumes of US volumes in analyzed month and their buying up by the National Bank. This happened on the background of falling volume of borrowings of Finance ministry and the country's head bank in GS internal market. As a result the country's financial market endured growing deficit of investment objects of free money. Result - growth of turnover of repo operations in KASE and drop of value of the shortest money.

March is forecasted by IRBIS specialists rather confidently. The first month of spring, most probably, will be characterized by more low rates and comparable with February volume of repo operations in KASE. It is not excluded, that the last may some decrease relative to February.

The tables below characterize KASE's repo sector in February 2006 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 with GS - 81.8% 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         1.00 0.001  2.25   0.001     0.70 275,563.1    594    70.63
KZT_002         3.00  0.50  3.00    0.70     1.64  23,686.0     33     6.07
KZT_003         4.00  0.10  4.00    0.10     1.15  24,916.0     29     6.39
KZT_007         2.00  1.00  3.00    1.00     1.99  36,726.0     98     9.41
KZT_014         2.30  1.00  3.00    1.00     2.17  20,171.0     51     5.17
KZT_028         2.50  2.00  2.55    2.00     2.46   9,083.0     51     2.33
----------- -------- ----- ----- ------- -------- --------- ------ --------
TOTAL                                             390,145.2    856      100
---------------------------------------------------------------------------

Automatic repo with CS - 9.0% 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                                   3.00     20.0      1     0.04
ASBNb3_003                                   5.10     58.0      1     0.13
ASFIb7_001      5.50  5.10  5.50    5.21     5.22  6,200.0     18    13.90
ASFIb7_030                                   8.00    300.0      1     0.67
ATFBb4_007      6.20  6.20  6.40    6.40     6.30    400.0      2     0.90
ATFBb4_030                                   8.50    215.0      1     0.48
ATFBb5_001      1.00  0.85  1.00    0.85     0.88     25.0      2     0.06
BRKZb1_014                                   5.50    240.0      1     0.54
BTAIb5_001                                   3.80    152.0      1     0.34
BTAIb5_007      4.70  4.70  5.70    5.50     5.30    471.0      3     1.06
BTAIb6_007      5.50  5.50  5.50    5.50     5.50    260.0      3     0.58
BTAIb7_003                                   4.00    270.0      1     0.61
BTAIb7_007      5.75  5.50  5.75    5.50     5.62    520.0      2     1.17
BTAS_001        3.50  3.50  3.50    3.50     3.50     70.1      2     0.16
BTAS_030        7.00  6.50  7.50    7.00     7.25  7,790.4     12    17.46
BTASb1_028                                   7.10    180.0      1     0.40
BTASb2_028                                   7.10    500.0      1     1.12
BTASb4_001      5.00  5.00  5.50    5.50     5.17    300.0      3     0.67
BTASb4_007      5.50  5.50  5.65    5.50     5.54    900.0      8     2.02
BTASb4_014      6.50  6.00  6.50    6.00     6.20    368.0      2     0.82
BTASb5_001      4.00  4.00  5.00    4.00     4.25    407.0      3     0.91
BTASb5_007      5.60  4.50  5.60    4.50     4.90    910.0      3     2.04
BTASb5_030                                   6.50    690.0      1     1.55
CCBNb12_007                                  4.50     67.0      1     0.15
CSBNb4_001                                   4.20     50.0      1     0.11
CSBNb4_007                                   5.50     66.0      1     0.15
CSBNb5_030                                   7.00    170.0      1     0.38
CSBNb6_001      5.15  3.50  5.15    3.50     4.09    255.0      4     0.57
CSBNb6_003                                   5.00     92.0      1     0.21
CSBNb6_007                                   5.65     93.0      1     0.21
CSBNb6_014                                   8.00     58.0      1     0.13
CSBNb6_030      8.00  6.30  8.00    6.30     7.32     97.0      2     0.22
HRLT_007                                     8.00     52.0      1     0.12
HSBKb_028       6.20  6.20  6.35    6.35     6.25     99.0      2     0.22
HSBKb3_014                                   6.00    240.0      1     0.54
HSBKb9_007                                   6.00     79.0      1     0.18
HSBKb9_014                                   7.00     79.0      1     0.18
KKGBb2_028      7.10  6.00  7.10    6.00     6.49    780.1      2     1.75
KKGBp_001       5.15  4.50  5.15    4.50     4.69    280.0      3     0.63
KKGBp_007       5.70  5.00  7.50    5.00     5.91  1,267.0      4     2.84
KZIKb13003      2.20  2.20  2.20    2.20     2.20  1,347.0      3     3.02
KZIKb13014                                   2.20    449.0      1     1.01
KZIKb13028      5.50  5.50  5.60    5.60     5.57  1,100.0      2     2.47
KZIKb2_007      2.20  2.20  2.20    2.20     2.20    960.0      3     2.15
KZIKb3_007      2.20  2.20  2.20    2.20     2.20    708.0      3     1.59
KZIKb4_001                                   2.20    838.0      1     1.88
KZIKb4_007      2.20  2.20  2.20    2.20     2.20  2,514.0      3     5.64
KZIKb5_028                                   5.50    160.0      1     0.36
KZIKb6_003                                   2.20    149.0      1     0.33
KZIKb6_007                                   2.20    149.0      1     0.33
KZIKb6_014                                   2.20    149.0      1     0.33
KZTC_001        3.00  3.00  3.30    3.30     3.26  2,099.0     24     4.70
KZTC_007        6.00  5.50  6.00    5.50     5.62    400.0      4     0.90
KZTC_028        6.50  6.50  6.50    6.50     6.50    193.0      6     0.43
KZTC_180                                     8.00     16.0      1     0.04
KZTCb1_028                                   6.50     75.0      1     0.17
KZTK_001                                     3.75     50.0      1     0.11
NFBN_001        4.00  4.00  5.00    4.00     4.79    960.0     19     2.15
NFBN_002                                     5.00     50.0      1     0.11
NFBN_003                                     5.00     50.0      1     0.11
NFBN_007        8.50  8.50  8.50    8.50     8.50     22.0      3     0.05
NFBN_028                                     6.00    100.0      1     0.22
NRBNb4_001      4.00  4.00  4.72    4.72     4.69    164.0      2     0.37
NRBNb4_007      5.50  5.50  5.65    5.65     5.58    234.0      2     0.52
NRBNb4_014      7.60  7.60  8.00    8.00     7.77    308.0      2     0.69
NRBNp6_028      6.25  6.25  6.25    6.25     6.25    203.0      4     0.46
ORDB_003        5.50  5.00  5.50    5.00     5.21    170.0      2     0.38
ORDB_007        8.50  8.50  8.50    8.50     8.50    358.0      6     0.80
ORDB_028                                     6.30     76.0      1     0.17
ORDB_365                                     8.00    500.0      1     1.12
PRKRb1_007      5.75  5.75  5.75    5.75     5.75     50.0      2     0.11
PRKRb1_028                                   6.50     25.0      1     0.06
ROSA_030                                    11.00    235.0      1     0.53
TEBNb4_014      7.60  7.60  7.60    7.60     7.60    698.0      3     1.56
TEBNp_028                                    6.30     37.0      1     0.08
TSBNb1_028                                   7.50     79.0      1     0.18
TSBNb2_014                                   5.50     50.0      1     0.11
TSBNb3_014                                   5.50    610.0      1     1.37
TXBNb1_028                                   6.30     29.0      1     0.07
TXBNb2_028                                   7.50     60.0      1     0.13
TXBNb3_007      4.50  4.50  6.00    6.00     5.24    508.0      2     1.14
UTMK_001        9.00  9.00  9.00    9.00     9.00    949.0      4     2.13
UTMK_007        9.00  9.00  9.00    9.00     9.00  1,431.0      6     3.21
ZIG_b1_028                                   7.50    230.0      1     0.52
----------- -------- ----- ----- ------- -------- -------- ------ --------
TOTAL                                             44,612.9    229      100
--------------------------------------------------------------------------

Repo on direct deals with GS - 2.9% 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            1.00   0.10   1.50     0.10      0.49   4,199.3      18     35.11
2                                             0.50   1,000.0       1      8.36
3            0.30   0.30   0.35     0.35      0.32     600.0       6      5.02
7            1.00   0.99   1.50     1.50      1.08   5,744.5       5     48.03
19                                            2.50      40.0       1      0.33
21                                            3.50     120.0       1      1.00
26           3.50   3.00   3.50     3.00      3.20     250.0       4      2.09
28                                            3.00       6.5       1      0.05
-------  --------  -----  -----  -------  --------  --------  ------  --------
TOTAL                                               11,960.3      37       100
------------------------------------------------------------------------------

Repo on direct deals with CS - 6.2% 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           28   9.66   9.66     9.66      9.66      11.5       2      0.03
--------  -------  -----  -----  -------  --------  --------  ------  --------
ALKSb2         28                            10.00       0.3       1     0.001
              151                             7.70       4.7       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                16.5       4      0.05
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASBN           14                             9.00      40.0       1      0.12
               28   7.00   7.00     7.00      7.00       2.7       2      0.01
               31                             9.00     100.0       1      0.30
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               142.7       4      0.43
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASBNb1         28                            10.06       0.2       1     0.001
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASBNb2          7                             4.61     100.0       1      0.30
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASBNb3          1                             3.48      20.0       1      0.06
                3                             3.44      29.7       1      0.09
                7   4.90   5.21     5.21      4.93     218.0       2      0.65
                8                             8.56      25.1       1      0.08
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               292.9       5      0.88
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASBNb4          7   4.70   4.70     4.70      4.70     405.0       3      1.21
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASFI            3   3.00   3.00     3.00      3.00      30.0       3      0.09
               28                             7.00       1.0       1     0.003
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                31.1       4     0.093
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASFIb5         14                             5.00     200.1       1      0.60
               27                             8.25       9.7       1      0.03
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               209.8       2      0.63
--------  -------  -----  -----  -------  --------  --------  ------  --------
ASFIb7        312                             8.80      50.0       1      0.15
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBb3          3                             3.56      18.5       1      0.06
                7                             4.56      20.1       1      0.06
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                38.6       2      0.12
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBb4         14                             5.50     240.0       1      0.72
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBb5          1   2.99   5.98     2.99      4.30     233.4       5      0.70
                2   2.99   2.99     2.99      2.99      77.6       2      0.23
                3   3.00   3.00     3.00      3.00     113.0       3      0.34
                4                             3.00       4.1       1      0.01
                7   4.50   7.00     4.80      5.75     496.9       4      1.49
               14   5.50   5.70     5.50      5.63     237.8       2      0.71
               28                             3.00      22.5       1      0.07
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             1,185.4      18      3.55
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBe1          7                             5.00       5.0       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBe4         28                             7.50       8.2       1      0.02
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBp           5                            10.00      44.4       1      0.13
               25                             3.38      13.0       1      0.04
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                57.4       2      0.17
--------  -------  -----  -----  -------  --------  --------  ------  --------
ATFBp8          1                             3.65       7.9       1      0.02
                3                            11.98       1.3       1     0.004
                4                             4.96     121.3       1      0.36
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               130.5       3      0.39
--------  -------  -----  -----  -------  --------  --------  ------  --------
AZNO            1                             3.33      81.5       1      0.24
                7                             7.96     296.6       1      0.89
              321                             9.50      50.0       1      0.15
              322                            12.50     105.0       1      0.31
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               533.1       4      1.60
--------  -------  -----  -----  -------  --------  --------  ------  --------
BTAIb4          7                             0.29     340.2       1      1.02
--------  -------  -----  -----  -------  --------  --------  ------  --------
BTAIb6          7                             5.00     300.0       1      0.90
               14                             5.50     300.0       1      0.90
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               600.0       2      1.80
--------  -------  -----  -----  -------  --------  --------  ------  --------
BTAIb9         30   3.00   3.00     3.00      3.00     408.6       2      1.22
               34   3.00   3.00     3.00      3.00     408.6       2      1.22
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               817.2       4      2.45
--------  -------  -----  -----  -------  --------  --------  ------  --------
BTAS            3   2.00   4.00     4.00      2.01     340.2       8      1.02
                5                             5.00       1.0       1     0.003
               28   7.00  12.50    12.50     12.50   4 994.7       6     14.95
               59   7.00   9.00     7.00      7.94       4.2       4      0.01
               91                            10.00       0.8       1     0.002
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             5,340.9      20    15.984
--------  -------  -----  -----  -------  --------  --------  ------  --------
BTASb1         30                             7.25     113.2       1      0.34
--------  -------  -----  -----  -------  --------  --------  ------  --------
BTASb2         28                             5.25      50.0       1      0.15
               30   5.25   5.25     5.25      5.25      49.4       3      0.15
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                99.5       4      0.30
--------  -------  -----  -----  -------  --------  --------  ------  --------
BTASb4          7   4.70   5.20     4.70      4.89   1,050.0       6      3.14
               28   3.00   3.00     3.00      3.00      17.9       3      0.05
               31                             3.00      50.0       1      0.15
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             1,117.9      10      3.35
--------  -------  -----  -----  -------  --------  --------  ------  --------
BTASb5          1                             4.00     150.0       1      0.45
                5                             4.50     300.0       1      0.90
                6                             4.50     150.0       1      0.45
                7   5.50   5.50     5.50      5.50   1,120.0       3      3.35
               14   5.50   5.50     5.50      5.50     570.0       2      1.71
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             2,290.0       8      6.85
--------  -------  -----  -----  -------  --------  --------  ------  --------
CCBNb4        315                             9.00     142.3       1      0.43
--------  -------  -----  -----  -------  --------  --------  ------  --------
CCBNp           1                            12.17       1.5       1     0.004
               28  11.02  11.02    11.02     11.02     170.0       2      0.51
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               171.5       3      0.51
--------  -------  -----  -----  -------  --------  --------  ------  --------
CSBN            1                             0.22       1.1       1     0.003
               28                             7.00       0.9       1     0.003
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                 2.1       2     0.006
--------  -------  -----  -----  -------  --------  --------  ------  --------
CSBNb4          7   4.70   5.20     5.20      4.97     600.0       3      1.80
--------  -------  -----  -----  -------  --------  --------  ------  --------
CSBNb6          1                             4.00      73.5       1      0.22
                7                             6.50      70.0       1      0.21
               14                             4.50      88.0       1      0.26
               21                             7.50     120.0       1      0.36
               28   9.00  10.00     9.00      9.07      10.7       3      0.03
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               362.2       7      1.08
--------  -------  -----  -----  -------  --------  --------  ------  --------
GLOTb1          9                             6.89       4.4       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
HSBK            5                            10.00      52.9       1      0.16
               13                             7.09      10.4       1      0.03
               24                             3.65      17.0       1      0.05
               31                             8.02      17.3       1      0.05
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                97.5       4      0.29
--------  -------  -----  -----  -------  --------  --------  ------  --------
HSBKb          28   8.00  10.00     9.50      8.76      91.7       5      0.27
               91                             8.00      12.6       1      0.04
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               104.3       6      0.31
--------  -------  -----  -----  -------  --------  --------  ------  --------
HSBKb2          1                             3.00       2.7       1      0.01
                7                             5.00      24.1       1      0.07
               28                             8.00       4.1       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                30.8       3      0.09
--------  -------  -----  -----  -------  --------  --------  ------  --------
HSBKb3          3   2.42   2.42     2.42      2.42     200.0       4      0.60
               14                             5.37     203.8       1      0.61
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               403.8       5      1.21
--------  -------  -----  -----  -------  --------  --------  ------  --------
HSBKb5         14   6.23   6.23     6.23      6.23     157.5       2      0.47
--------  -------  -----  -----  -------  --------  --------  ------  --------
HSBKb7          1                             3.65      18.0       1      0.05
                4                             3.65      13.0       1      0.04
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                31.0       2      0.09
--------  -------  -----  -----  -------  --------  --------  ------  --------
HSBKb9          1   3.00   4.00     3.50      3.46     710.6       4      2.13
                3                             4.00     151.5       1      0.45
                8                             5.00      35.8       1      0.11
               14                             7.50     300.6       1      0.90
               15   7.00   7.50     7.50      7.25     592.7       2      1.77
              365   7.00   7.50     7.50      7.30     168.0       2      0.50
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             1,959.1      11      5.86
--------  -------  -----  -----  -------  --------  --------  ------  --------
KARMb2          0                             3.00      55.0       1      0.16
               28   3.00   3.00     3.00      3.00      94.0       3      0.28
               31                             3.00      50.0       1      0.15
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               199.0       5      0.60
--------  -------  -----  -----  -------  --------  --------  ------  --------
KATRb1         28  14.00  14.00    14.00     14.00   1,009.1       2      3.02
--------  -------  -----  -----  -------  --------  --------  ------  --------
KKAGb1         14   8.11   8.36     8.11      8.21     183.0       2      0.55
               26                             7.58      19.5       1      0.06
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               202.5       3      0.61
--------  -------  -----  -----  -------  --------  --------  ------  --------
KKGB           90                             7.00       1.0       1     0.003
--------  -------  -----  -----  -------  --------  --------  ------  --------
KKGBb2         30                             5.25     173.0       1      0.52
--------  -------  -----  -----  -------  --------  --------  ------  --------
KKGBp           1                             1.46   1,426.0       1      4.27
                4   4.35   4.89     4.89      4.62     480.0       2      1.44
                7   1.04   1.06     1.06      1.06   1,147.0       3      3.43
               25                             5.02       2.4       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             3,055.4       7      9.14
--------  -------  -----  -----  -------  --------  --------  ------  --------
KRZHb1         89  12.00  13.00    13.00     12.02      56.5       2      0.17
              322                            10.01      70.0       1      0.21
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               126.5       3      0.38
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZIKb13         1                             3.02      99.2       1      0.30
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZIKb2          1                             3.65       2.9       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZIKb4          1   3.65   3.65     3.65      3.65      12.5       3      0.04
               28                             2.95       0.7       1     0.002
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                13.2       4     0.039
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZIKb5         28                             3.00       1.0       1     0.003
               60                             3.00       3.0       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                 4.0       2      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZIKb6          1   3.65   3.65     3.65      3.65       7.6       3      0.02
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZNHb2         14                             6.78      38.5       1      0.12
               26                             7.49      80.5       1      0.24
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               119.0       2      0.36
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZPSb1         28                            10.00       0.3       1     0.001
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZTC            1                             3.63     100.0       1      0.30
                3                             3.32      81.5       1      0.24
               10                             4.50     100.0       1      0.30
               11                             6.00      20.0       1      0.06
               28                             8.00      20.0       1      0.06
               31                             9.00      10.0       1      0.03
              119                            10.00      12.0       1      0.04
              120                            10.00     202.7       1      0.61
              134  10.00  10.00    10.00     10.00   1,197.3       3      3.58
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             1,743.5      11      5.22
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZTK            1                             7.00     200.0       1      0.60
                3   3.50   4.00     3.50      3.52     190.4       2      0.57
                5                             6.00       1.9       1      0.01
                7                            12.00       1.9       1      0.01
               14   5.50   8.00     7.00      5.70     418.0       6      1.25
               18                             1.00      12.0       1      0.04
               28                             5.00       1.0       1     0.003
               59   7.00   9.00     7.00      8.18       4.8       2      0.01
              180   8.00   8.00     8.00      8.00     300.7       3      0.90
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             1,130.7      18      3.38
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZTKp         160                             9.50       9.6       1      0.03
--------  -------  -----  -----  -------  --------  --------  ------  --------
KZZN            1                             8.00       2.2       1      0.01
                2                            12.00       2.0       1      0.01
                3                             4.00      40.0       1      0.12
                4                             3.31      53.4       1      0.16
                7                             5.50       1.6       1     0.005
                8  10.00  10.00    10.00     10.00     141.1       2      0.42
               25                             3.31      52.1       1      0.16
               27                            11.00     168.0       1      0.50
               28   8.00   8.50     8.00      8.25       2.0       2      0.01
               29                             8.00       7.0       1      0.02
               59   7.00   9.00     7.00      8.43       1.4       2     0.004
              120                             6.91      16.0       1      0.05
              150                             8.50      20.6       1      0.06
              161                             8.80      26.3       1      0.08
              182                             9.50      50.0       1      0.15
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               583.7      18      1.75
--------  -------  -----  -----  -------  --------  --------  ------  --------
MMGZp           5                            10.00     105.1       1      0.31
--------  -------  -----  -----  -------  --------  --------  ------  --------
MREKb2          7                             0.43     188.4       1      0.56
--------  -------  -----  -----  -------  --------  --------  ------  --------
NFBN            4                             7.01       1.0       1     0.003
                5                            11.78      42.2       1      0.13
                6                             8.52      20.0       1      0.06
                7   6.47   7.30     6.47      7.08     120.0       3      0.36
               10                             7.01       1.0       1     0.003
               14   6.49   7.52     7.01      6.99      85.7       5      0.26
               17                             7.30      60.1       1      0.18
               19                             7.50      31.0       1      0.09
               26   8.00   8.00     8.00      8.00     150.0       2      0.45
               33                             7.00      15.0       1      0.04
               55                             9.90      25.2       1      0.08
               59   7.50  10.00    10.00      8.37       6.1       2      0.02
               89                            12.00      42.3       1      0.13
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               599.7      21      1.79
--------  -------  -----  -----  -------  --------  --------  ------  --------
NRBN            3                             3.00      24.0       1      0.07
                7                             4.50      24.6       1      0.07
               14                             7.00       1.3       1     0.004
               28   7.00   7.00     7.00      7.00       2.4       2      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                52.4       5      0.16
--------  -------  -----  -----  -------  --------  --------  ------  --------
NRBNb4          1                             3.03      22.0       1      0.07
                6   4.00   4.00     4.00      4.00     460.5       2      1.38
                7                             5.00     220.0       1      0.66
               14   5.70   8.00     5.70      7.17     807.1       4      2.42
               28   8.10  10.00    10.00      8.25     250.8       2      0.75
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             1,760.4      10      5.27
--------  -------  -----  -----  -------  --------  --------  ------  --------
NRBNp6         28   9.50  10.00     9.50      9.95      49.0       2      0.15
--------  -------  -----  -----  -------  --------  --------  ------  --------
ORDB            1   4.02   9.03     9.03      6.15     174.0       2      0.52
                7   4.50   4.50     4.50      4.50      30.6       2      0.09
               19                             7.75       9.0       1      0.03
               21                             4.50      57.7       1      0.17
               27                            10.00       8.4       1      0.03
               28   8.00  10.00    10.00      9.58      25.3       2      0.08
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               305.0       9      0.91
--------  -------  -----  -----  -------  --------  --------  ------  --------
ORNK           28                            11.96     102.4       1      0.31
              322                             9.98      70.0       1      0.21
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               172.4       2      0.52
--------  -------  -----  -----  -------  --------  --------  ------  --------
ORNKb1         15                            10.00      32.0       1      0.10
               28  10.00  10.00    10.00     10.00      37.0       2      0.11
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                69.0       3      0.21
--------  -------  -----  -----  -------  --------  --------  ------  --------
RGBRb3         10                             7.05      43.8       1      0.13
               14   7.85   9.06     8.06      8.25     120.7       5      0.36
               28                             8.34     105.0       1      0.31
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               269.5       7      0.81
--------  -------  -----  -----  -------  --------  --------  ------  --------
ROSA          102  10.50  10.50    10.50     10.50      44.4       2      0.13
--------  -------  -----  -----  -------  --------  --------  ------  --------
ROSAb1         28                             9.00      19.4       1      0.06
--------  -------  -----  -----  -------  --------  --------  ------  --------
TEBNb2          1                             9.00      13.0       1      0.04
--------  -------  -----  -----  -------  --------  --------  ------  --------
TEBNb4         15                             6.50      41.3       1      0.12
--------  -------  -----  -----  -------  --------  --------  ------  --------
TEBNp           2                             6.05       7.8       1      0.02
                6                             6.00     122.8       1      0.37
                7   5.03   6.01     6.01      6.00      25.5       2      0.08
               15                             6.01     152.8       1      0.46
               28   8.00  10.00    10.00      9.44      88.9       5      0.27
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               397.7      10      1.19
--------  -------  -----  -----  -------  --------  --------  ------  --------
TMLZ            3                             1.00     150.0       1      0.45
                7                             0.28     160.8       1      0.48
               28  12.00  12.00    12.00     12.00     850.6      10      2.55
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                             1,161.4      12      3.48
--------  -------  -----  -----  -------  --------  --------  ------  --------
TSBNb1         28                             9.52       5.0       1      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
TXBNb2         14                             6.13      31.9       1      0.10
               28   9.99  10.00    10.00      9.99       5.0       2      0.01
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                36.9       3      0.11
--------  -------  -----  -----  -------  --------  --------  ------  --------
TXBNb3         28                             5.97       1.2       1     0.003
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTBN           18                             8.00      10.0       1      0.03
               28  11.49  11.99    11.49     11.59       6.9       4      0.02
               29   6.00   6.00     6.00      6.00     300.0       3      0.90
               58                             4.99     199.2       1      0.60
               60                             4.99      92.2       1      0.28
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               608.3      10      1.82
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTBNb1          4   7.85   7.85     7.85      7.85      78.2       2      0.23
               28   9.50  10.00     9.50      9.53      31.8       2      0.10
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               110.0       4      0.33
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTBNb2         28                             9.97      10.0       1      0.03
              181                             9.01      14.0       1      0.04
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                                24.0       2      0.07
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTBNb3         20   9.00  11.00     9.00      9.56     107.0       2      0.32
               28  10.00  11.50    10.00     10.05      27.3       4      0.08
               30   8.00   8.00     8.00      8.00      23.2       2      0.07
               31                            10.00      21.7       1      0.06
               36                            10.00     135.7       1      0.41
               89  12.25  12.25    12.25     12.25      89.0       4      0.27
              321                             9.50     100.0       1      0.30
              322                            10.04      69.1       1      0.21
--------  -------  -----  -----  -------  --------  --------  ------  --------
Subtotal                                               573.1      16      1.72
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTBNb4         28                            10.02       0.1       1    0.0003
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTBNp          28   8.49  11.50     8.49      9.56      31.8       4      0.10
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTSKb2         28   9.96   9.98     9.98      9.97      20.0       2      0.06
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTTHb1         28   9.95  10.01    10.01      9.98      18.6       2      0.06
--------  -------  -----  -----  -------  --------  --------  ------  --------
VTZL           28   9.97  10.02     9.97     10.00      26.6       5      0.08
--------  -------  -----  -----  -------  --------  --------  ------  --------
TOTAL                                               33,415.1     380       100
------------------------------------------------------------------------------

[2006-03-15]