REVIEW: Government Securities market on KASE in July 2010
/IRBIS, September 8, 2010/ - In August 2010, on the Kazakhstan Stock Exchange (KASE) in the sector of sale of GS, including location, recorded 202 transactions totaling KZT135,387.0 million (equivalent to USD919.4 million), accounting for 5.8 % of total trading volume on KASE (in July 2010 - 3.0%).
With regard to July 2010 trading volume in the sector fell by 39.7%, relative to August 2009 rose by 17.0%.
Ministry of Finance of Kazakhstan in August 2010 held 6th auction at KASE on placement of bonds:
August 5, 2010 an auction was held on placement of government treasury bills of the Ministry of Finance MEKKAM-6 release 109 (KZK1KM061907, MKM006_0109; kZT100, 05.08.10 - 05.02.11, actual/actual). The subject of bargaining advocated bond price. It was originally planned to place the bonds at KZT13,000.0 million. In the auction was attended by 10 primary dealers, who submitted 33 active applications. Total volume of bids (the amount of demand) was KZT60,759.6 million (472.0% of the proposed bond volume). The average price of bonds of an application was 99.2563% per annum. As a result of trade issuer granted an application for the purchase of 130.0 million of bonds valued at KZT12,903.3 million (100.0% of the proposed amount of bonds).
August 11, 2010 an auction was held on placement of government medium-term Treasury obligations Treasury MEOKAM-36 Release 81 (KZK2KY030817, MOM036_0081, KZT1000, 11.08.1910 - 08.11.1913, 30/360). The subject of bargaining acted coupon. It was originally planned to place the bonds in the amount of KZT10,000.0 million. In the auction was attended by 20 primary dealers, who submitted 48 active applications. Total volume of active bids (volume of demand) was KZT44,969.0 million (449.7% of the proposed amount of bonds). Coupon submitted by active bids ranged from 3.10% to 6.00% per annum, making in average terms, 4.2509% per annum. As a result of trade, issuing fixed rate at 3.70% per annum, thereby satisfying the request for KZT10,000.0 million (100.0% of the proposed amount of bonds).
August 13, 2010 an auction was held on placement of government medium-term Treasury obligations Treasury MEOKAM-60 Release 35 (KZK2KY050351, MOM060_0035, 1000 m., 13.08.1910 - 13.08.1915, 30/360). The subject of bargaining acted coupon. It was initially planned to place the bonds at KZT10,000.0 million. In the auction was attended by 17 primary dealers, who submitted 53 active application. Total volume of active bids (volume of demand) was KZT87,071.4 million (870.7% of the proposed bond volume). Coupon submitted by active bids ranged from 4.50% to 6.00% per annum, making in average terms, 5.2566% per annum. As a result of trade, issuing fixed rate at 4.80% per annum, thereby satisfying the request for KZT10,000.0 million (100.0% of the proposed amount of bonds).
August 18, 2010 an auction was held on placement of government treasury bonds, Ministry of Finance MEUKAM-96 eighth issue (KZKDKY080080, MUM096_0008;
KZT1000, 08.18.1910 - 18.08.1918, 30/360). The subject of bargaining acted coupon. It was originally planned to place the bonds in the amount of KZT14,000.0 million. In the auction was attended by 19 primary dealers, who submitted 52 active applications. Total volume of active bids (volume of demand) was KZT57,848.2 million (413.2% of the proposed bond volume). Coupon submitted by active bids ranged from 5.75% to 6.50% per annum, making in average terms, 6.1901% per annum. As a result of trade, issuing fixed rate at 5.98% per annum, thereby satisfying the request for KZT14,000.0 million (100.0% of the proposed amount of bonds).
August 25, 2010 an auction was held on placement of government treasury bonds, Ministry of Finance MEUKAM-132 second edition (KZKDKY110028, MUM132_0002;
1000 m., 08.25.1910 - 25.08.1921, 30/360). The subject of bargaining acted coupon. It was originally planned to place the bonds in the amount of KZT14,000.0 million. In the auction was attended by 22 primary dealers, who submitted 69 active applications. Total volume of active bids (volume of demand) was KZT63,841.0 million (456.0% of the proposed bond volume). Coupon submitted by active bids ranged from 5.60% to 7.30% per annum, making in average terms, 6.4041% per annum. As a result of trade, issuing fixed rate at 5.96% per annum, thereby satisfying the request for KZT14,000.0 million (100.0% of the proposed amount of bonds).
August 27, 2010 an auction was held on placement of government treasury bonds, Ministry of Finance MEUZHKAM-196 third edition (KZKAKY140036, MUJ196_0003;
KZT1000, 27.08.1910 - 08.27.1924, 30/360). The subject of bargaining played a fixed coupon. It was originally planned to place the bonds at KZT15,000.0 million. Participated in the trades' eight primary dealers, 12 in favor of active bids. Total volume of active bids (volume of demand) was KZT71,941.0 million for a nominal value of bonds (479.6% of the proposed amount of bonds). As a result of trade, the issuer has established fixed coupon rate at 0.01% per annum, thereby satisfying the request for KZT15,000.0 million (100.0% of the proposed amount of bonds).
Statistical indicators of the secondary market in GS in August 2010 are given in the table (in brackets - comparable figures for previous months).
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Yield to maturity for the buyer, %APR
Term -------- ------- ------- ------------- Volume, m. KZT Number
till maturity min max last WA at market price of deals
-------------- -------- ------- ------- ------------- --------------- --------
Discounted GS (KZT): MEKKAM, National Bank's notes - 2.6% (9.9%) of the market
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8 - 14 0.20 0.20 0.20 0.20 (0.20) 779.9 1
92 - 181 1.30 1.30 1.30 1.30 (1.19) 481.0 3
182 - 364 1.65 1.65 1.65 1.65 (1.90) 295.5 1
-------------- -------- ------- ------- ------------- --------------- --------
Total 1,556.5 5
(2,731.4) (9)
-------------- -------- ------- ------- ------------- --------------- --------
Coupon GS (KZT): MAOKAM MEOKAM. MEUKAM MEUJKAM - 97.4% (90.2%) of the market
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Less 730 1.60 3.80 2.15 2.51 (4.86) 8,783.3 33
731 - 1095 2.50 4.19 3.90 3.27 (5.25) 2,555.5 12
1096 - 1460 3.00 4.35 4.35 3.92 (4.16) 2,609.5 12
1461 - 1825 4.70 6.50 6.50 5.50 (5.69) 2,445.9 22
1826 - 2190 4.80 6.88 5.40 5.59 (5.77) 11,090.5 47
More 2191 4.80 7.00 6.00 5.84 (6.30) 30,442.5 160
-------------- -------- ------- ------- ------------- --------------- --------
Total 57,927.3 286
(25,113.0) (115)
-------------- -------- ------- ------- ------------- --------------- --------
GRANDTOTAL 59,483.7 291
(27,844.4) (124)
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The share of exchange trading volume of total transactions in the Kazakhstan's GS secondary market in August 2010 amounted to 88.3% (in July 2010 - 94.6%).
[2010-09-08]