ANALYSIS: In March of 2006 volume of corporate bonds purchase and sale deals on KASE grew 1.6 times to $340.4 m.
/IRBIS, Assel Omarova, Andrey Tsalyuk, April 11, 06/ - In March of 2006 on Kazakhstan stock exchange (KASE) 268 deals were made in corporate bonds in all sectors of the market (excluding repo-transactions sector) for a total of KZT43,679.1 m. or $340.4 m. at the current rate effective on deals making dates. The stated amount is 81.6% of monthly turnover of corporate security market (in February of 2006 - 61.1%) and 4.1% from the exchange's whole monthly turnover (2.1%).
The considerable growth of corporate bond market turnover, in the opinion of IRBIS, occurred because of a local factor - offering of KZPC1Y07B929 issue bonds of Food contract corporation JSC (Astana) (KASE's official "A" listing category, PRKRb2, KZT1,000, KZT15.0 bn.; March 14, 06 - March 14, 13, annual coupon, 8.0% APR) on March 27 in KASE's trade system for the equivalent of $117.2 m. This offering was made by open trade method in exchange's secondary market sector and were not declared as primary by the issuer or brokers authorized by him. That's why in exchange's statistics offering volume is shown as of the secondary market.
In March weighted average dirty prices of 49 securities out of 71 ones, involved in deals grew, prices of 19 ones fell. There was nothing to compare prices of three new securities with. HSBKb7 grew most highly (by 10.6%), ASFIb7 fell most deeply (by 5.3%). Weighted average daily dirty prices of 6 securities grew by 5% or more, whereas price of only one bond fell considerably. 36 securities' yields to maturity for a buyer grew, prices of 31 ones fell.
After making an analysis specialists of IRBIS concluded that corporate bonds yields in index expression is mainly growing because of the growing inflation. At present most securities, involved in the representative list of KASE_BY index, has a floating coupon, indexed on inflation rate in Kazakhstan. And the basic period, on inflation rate of which new rates are set, starts comprising the months, in which consumer price index was the highest (from September of 2005 till February of 2006). It's natural that although bonds net prices in the appeared situation were equal their yields for buyer to maturity will grow. So, it follows that tendency of gradual growth of KASE_BY will stay on the market at least till June of 2006 if seasonal fluctuations of inflation rate stay the same.
Change of lists of corporate bonds, traded on KASE, in March of 2006
-------------------------------------
Bonds: Issuers:
Category of ------------ ------------
admission number trend number trend
----------- ------ ----- ------ -----
A 143 +3 49 0
B 9 0 9 0
----------- ------ ----- ------ -----
A+B 152 +3 58 0
-------------------------------------
Notes: "A" - official "A" listing
category;
"B" - official "B" listing category;
"A+B" - official list; by the end of
the month, change for the month.
Statistical characteristics of corporate bond market on KASE in March of 2006
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Month:
------------------- Trend
March February Mar. 2006 to
Indicator 2006 2006 Feb. 2006
---------------------------------------- --------- --------- ------------
Trade volume, th. USD 340,389.3 207,317.8 +64.2%
Trade volume, m. KZT 43,679.1 27,226.9 +60.4%
incl. on offerings, th. USD 1,953.4 0 Х
incl. on offerings, m. KZT 249.1 0 Х
inc. secondary market deals, th. USD 338,435.9 207,317.8 +63.2%
incl. secondary market deals, m. KZT 43,430.0 27,226.9 +59.5%
Number of deals 268 277 -3.2%
incl. at offerings 2 0 Х
Inc. on secondary market 266 277 -4.0%
Number of instruments involved in deals 71 78 -9.0%
Stake of nego deals (number), % 16.8 23.8 -7.0 pp
Stake of nego deals (volume), % 3.4 11.4 -8.0 pp
Pension assets participation, % gross 21.5 30.4 -8.9 pp
Number of exchange's members, made deals 35 39 -10.3%
Market concentration, %* 69.1 43.6 +25.5 pp
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* percentage from total bond turnover, which falls to the stake of most
tradable securities (their number is 5% from total number of names of
bonds, included in KASE's trade lists, is shown)
By the number of concluded deals the absolute leaders of March were KATRb1 (23 deals). Then ASFIb7 (19), ATFBb5 (18), BTASb4 (14) and CCBNb12 (9) followed. KATRb1, ASFIb7 and BTASb4 preserved positions of leader in this rating relative to February of 2006.
Main indicators of KASE's corporate bond market in March of 2006
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Market.
value of Index Volume of Volume of
debt, KASE_BY, Index Index deals, deals,,
Date USD m. % APR KASE_BP KASE_BC th. USD m. KZT
---------- -------- -------- ------- ------- --------- ---------
Feb 28, 06 8,304.5 7.22 189.45 129.75 24,484.8 3,191.6
Mar 1, 06 8,410.9 7.24 189.57 129.75 17,181.4 2,236.5
Mar 2, 06 8,914.4 7.24 189.66 129.79 20,560.7 2,674.5
Mar 3, 06 8,921.5 7.22 189.84 129.90 6,816.2 884.9
Mar 6, 06 8,910.1 7.22 189.95 129.89 187.2 24.3
Mar 7, 06 8,912.9 7.23 189.92 129.83 1,918.1 248.3
Mar 9, 06 8,909.4 7.26 189.80 129.69 1,805.5 233.9
Mar 10, 06 8,913.2 7.25 189.88 129.73 2,605.4 336.8
Mar 13, 06 8,920.5 7.27 189.89 129.64 0.0 0.0
Mar 14, 06 9,042.8 7.29 189.79 129.54 5,708.8 735.3
Mar 15, 06 9,047.8 7.32 189.56 129.34 12,236.5 1,572.5
Mar 16, 06 9,054.3 7.30 189.74 129.45 12,442.3 1,596.3
Mar 17, 06 9,216.1 7.30 189.78 129.45 22,372.6 2,863.7
Mar 20, 06 9,224.7 7.29 189.95 129.50 13,254.4 1,692.6
Mar 21, 06 9,236.1 7.26 190.23 129.69 6,771.5 862.7
Mar 23, 06 9,227.9 7.27 190.18 129.60 2,073.9 264.4
Mar 24, 06 9,221.9 7.29 190.09 129.49 12,719.3 1,624.5
Mar 27, 06 9,217.1 7.31 190.13 129.43 137,379.6 17,569.5
Mar 28, 06 9,209.2 7.30 190.19 129.48 18,651.3 2,389.6
Mar 29, 06 9,206.6 7.31 190.14 129.42 5,914.2 758.1
Mar 30, 06 9,197.2 7.31 190.16 129.41 30,568.5 3,926.5
Mar 31, 06 9,201.1 7.27 190.43 129.61 9,221.79 1,184.1
---------- -------- -------- ------- ------- --------- ---------
Trend +896.6 +0.05 +0.99 -0.15
+10.8% +0.65% +0.52% -0.11%
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Summary data by the results of bond trades on KASE in March of 2006 (purchase and sale, including primary offerings)
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Volume of deals:
Code Brief ------------------ Num- Market Price
of name of th. m. ber of share, change,
security Issuer USD KZT deals % %
-------- ------------------------ --------- -------- ------ ------ -------
PRKRb2 Food contract
corporation JSC 140,547.7 17,987.7 11 41.3 X
BTAIb9 BTA Ipoteka JSC 25,852.8 3,311.8 9 7.6 +0.74
CCBNb12 Bank CenterCredit JSC 17,858.4 2,314.2 8 5.2 +0.77
BTLZb1 BTA ORIX Leasing JSC 15,733.4 2,015.6 10 4.6 +0.85
VTBNb2 Valut-Tranzit-Bank JSC 14,526.6 1,860.4 11 4.3 -0.64
TEBNb6 Temirbank JSC 11,906.6 1,521.5 2 3.5 +0.23
HSBKb4 Halyk savings
bank of Kazakhstan JSC 9,008.1 1,154.1 2 2.6 -1.69
CCBNb11 Bank CenterCredit JSC 8,539.9 1,106.0 4 2.5 +0.37
ASBNb3 Alliance Bank JSC 7,406.0 951.6 4 2.2 +2.20
TSBNb3 Tsesnabank JSC 6,196.7 803.8 5 1.8 +0.79
ATFBb5 ATFBank JSC 6,023.0 773.1 9 1.8 +2.55
ATFBb3 ATFBank JSC 5,710.7 731.4 9 1.7 +0.80
BTASb4 Bank TuranAlem JSC 4,904.6 630.7 12 1.4 -3.27
BTAIb4 BTA Ipoteka JSC 4,369.9 558.6 7 1.3 +6.71
CCBNb10 Bank CenterCredit JSC 4,255.4 545.1 4 1.2 +1.23
NRBNb4 Nurbank JSC 4,161.2 535.5 6 1.2 +0.71
BTASb1 Bank TuranAlem JSC 4,077.8 524.8 5 1.2 -0.13
ULBAb1 Ulba metallurgical
plant JSC 3,921.4 510.5 1 1.2 X
KASSb1 NGSK KazStroyService JSC 2,955.8 377.8 4 0.9 +1.38
HSBKb3 Halyk savings
bank of Kazakhstan JSC 2,941.2 377.1 3 0.9 -0.89
ATFBb4 ATFBank JSC 2,818.9 361.1 6 0.8 +1.98
KZIKb12 Kazakhstan Mortgage
Company JSC 2,386.2 305.2 1 0.7 -2.97
KZALb1 Mining-metallurgical
concern Kazakhaltyn JSC 2,365.8 307.1 2 0.7 +3.77
CSBNb6 BANK CASPIAN JSC 2,055.9 264.5 4 0.6 -0.57
BTASb3 Bank TuranAlem JSC 2,045.9 262.1 2 0.6 +0.62
VITAb4 VITA JSC 2,036.6 263.7 11 0.6 -1.48
HSBKb10 Halyk savings
bank of Kazakhstan JSC 1,990.9 257.1 3 0.6 -1.11
BRKZe4 Development Bank
of Kazakhstan JSC 1,953.4 249.1 2 0.6 X
TXBNb3 TEXAKABANK JSC 1,810.3 231.7 3 0.5 +0.73
KARMb2 Karazhanbasmunay JSC 1,656.2 215.4 1 0.5 +0.33
HSBKb7 Halyk savings
bank of Kazakhstan JSC 1,577.8 204.9 3 0.5 +10.55
KZTCb1 KazTransCom JSC 1,568.9 203.7 2 0.5 +2.87
TEBNb5 Temirbank JSC 1,397.6 178.0 1 0.4 +1.49
ASFIb5 Astana-Finance JSC 1,304.9 167.1 3 0.4 +2.32
MREKb2 Mangistau distributing
electricity network
company JSC 1,123.8 145.9 2 0.3 +0.75
BTAIb5 BTA Ipoteka JSC 970.2 125.0 5 0.3 +3.15
KAZIb1 KZATSI LLP 924.2 120.3 1 0.3 +0.23
CSBNb4 BANK CASPIAN JSC 912.0 117.3 3 0.3 -0.17
KZIKb4 Kazakhstan Mortgage
Company JSC 852.9 110.9 1 0.3 +6.07
VTBNb3 Valut-Tranzit-Bank JSC 808.5 103.4 4 0.2 +0.92
KKGBb3 Kazkommertsbank JSC 781.9 101.8 3 0.2 +0.10
KZIKb6 Kazakhstan Mortgage
Company JSC 610.1 78.3 1 0.2 +0.42
GLOTb1 GLOTUR JSC 601.7 77.2 2 0.2 +0.82
KZIKb3 Kazakhstan Mortgage
Company JSC 581.2 75.1 1 0.2 +4.16
TSBNb1 Tsesnabank JSC 529.3 68.5 6 0.2 -2.12
NRBNb3 Nurbank JSC 495.3 64.3 2 0.1 +1.54
KZIKb2 Kazakhstan Mortgage
Company JSC 389.9 50.4 1 0.1 +5.59
KKAGb1 Kazakhstan Kagazy JSC 386.2 49.5 2 0.1 +0.93
KKGBb4 Kazkommertsbank JSC 352.4 45.3 1 0.1 -0.90
BTASb2 Bank TuranAlem JSC 351.1 45.6 2 0.1 +0.55
CCBNb7 Bank CenterCredit JSC 320.3 41.5 3 0.1 +1.03
CHFMb1 Chimfarm JSC 232.8 30.0 2 0.1 +2.82
ORNKb1 Ornek XXI JSC 158.1 20.3 2 0.05 +0.58
NRBNb2 Nurbank JSC 150.3 19.3 2 0.04 +5.23
ASFIb4 Astana-Finance JSC 122.5 15.6 1 0.04 +2.89
HSBKb5 Halyk savings
bank of Kazakhstan JSC 111.1 14.3 2 0.03 +0.31
ATFBb2 ATFBank JSC 102.8 13.1 1 0.03 +1.34
HSBKb2 Halyk savings
bank of Kazakhstan JSC 101.9 13.3 1 0.03 +0.55
KATRb1 KazAgroTrade+ LLP 91.8 11.8 4 0.03 -0.81
AMGZp CNPC-Aktobemunaygas JSC 90.2 11.5 1 0.03 -4.00
KZIKb13 Kazakhstan Mortgage
Company JSC 80.2 10.3 7 0.02 -0.14
RGBRb3 RG Brands JSC 74.2 9.5 1 0.02 +6.18
ASFIb7 Astana-Finance JSC 72.6 9.3 19 0.02 -5.25
KKGBe2 Kazkommertsbank JSC 54.0 7.0 1 0.02 -2.63
ALKSb2 ALMATY KUS JSC 46.0 5.9 4 0.01 +1.79
TSBNb2 Tsesnabank JSC 37.4 4.8 1 0.01 +0.80
KZASb2 KOSTANAY MINERALS JSC 26.2 3.3 1 0.01 -1.68
TXBNb2 TEXAKABANK JSC 23.3 3.0 1 0.01 +0.75
KZIKb7 Kazakhstan Mortgage
Company JSC 20.1 2.6 6 0.01 +3.02
UKPFb1 UST-KAMENOGORSK
POULTRY FARM OJSC 13.2 1.7 1 0.004 +3.67
TEBNb2 Temirbank JSC 12.9 1.7 1 0.004 -4.48
-------- ------------------------ --------- -------- ------ ------ -------
TOTAL 71 340,479.5 43,690.6 269 100.0
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Comments: Securities were sorted in descending order based on the volumes
of deals expressed in U.S. dollars. Figure means ordinal number of bond
issue. Absence of figure (old coding) means this is the first issue. "X" -
change of price is not calculated, as this security got the first
estimation on KASE in the analyzed period.
[2006-04-11]