/KASE, August 3, 15/ – As of August 3, 2015, the Committee on Indexes and
Securities Valuation (hereinafter – the Committee) of Kazakhstan Stock Exchange
(KASE) took a decision for purposes of the market valuation of non-indexed
government bonds of the Republic of Kazakhstan (hereinafter – GS) of the first
subgroup (GS with a term of up to 3,500 days to maturity) to use parameters of
deals concluded in them within 360 calendar days preceding the valuation date
and for those of the second sub-group (GS with a term of 1,500 and more days to
maturity) to use parameters of deals concluded in them within 300 calendar days
preceding the valuation date.
We remind you that in accordance with the Methodology for valuation of
securities (hereinafter – the Methodology), non-indexed GS are valuated at yield
to maturity, whose values are determined within set sub-groups depending
upon the term to maturity of each security. At the same time, one sub-group
includes securities whose yield to maturity dependence on the number of days
to maturity can be most precisely described by a polynomial trend equation. The
polynomial trend equation for each sub-group is determined by way of
approximation of parameters and deals executed, concluded on KASE in GS of
a particular sub-group during a certain timespan, preceding the valuation date
(hereinafter and in the heading – Base period), whose duration is set by the
Committee.
The Base period duration is set by the Committee on the following terms: the
Base period must be at least 60 days and not longer than 360 calendar days; its
duration expressed in days must be dividable by 30; the period must include at
least 25 effective days for GS, included in each sub-group.
Before August 3, 2015 for purposes of executing the market valuation of the
first sub-group GS KASE used the Base period of 330 calendar days, of the
second sub-group – 270 calendar days.
According to sub-item 2 of item 20 of the Methodology, the Base period must
include at least 25 efficient days for GS included in each of the subgroups. Due
to incompliance of the Base period set for the first sub-group GS with this
requirement, as well as according to items 20 and 20-1 of the Methodology the
Base period for the first sub-group has been extended by 30 days to 360 days.
The Base period for the second sub-group for purposes of moving values of
market prices close to the current market conditions has been extended also by
30 days to 300 days.
The Methodology is available on KASE website at
http://www.kase.kz/files/normative_base/met_ocen_zb_eng.pdf
All persons interested in issues related to the Methodology and procedure of
calculation of market prices can turn to the Department for Information and
Analysis on: (727) 237 53 18, e-mail: info@kase.kz
[2015-08-03]