NBKR Treasury Notes 

(October 2009) 

In October NBKR kept unchanged weekly distribution of its notes whereas demand for them significantly increased. Within first three weeks of the reporting month at all segments of the market the demand from the side of investors exceeded the announced emission scope and only in the last week with regard of some reduction of liquidity in separate banks the demand decreased slightly, and in the segment of 14-day notes it was lower than the announced emission scope. In general, the weighted average yield on all types of notes decreased by 1.1 percentage points and made 2.2 percents within a month, including earning power of 7-day notes decreased by 0.9 percentage points, up to 1.9 percent, 14-day notes– by 1.2 percentage points, up to 2.2 percent, 28-day notes– by 1.0 percentage points, up to 2.4 percent. Auctions n the distribution of 91-and 182-day notes were not conducted.  

The average weekly volume of sales in comparison with that of September increased by 17.5 percent, up to 417.6 million som, and the average volume of demand per week achieved 867.7 million som, which is higher for 59.9 percent against the indicator for September.  

NBKR note volume in circulation by the end of October achieved 1050.5 million som having increased by 6.8 percent within a month. The share of commercial banks in the structure of NBKR note holders decreased from 98.4 to 93.0 percent. The number of bank- holders of NBKR notes increased from 14 to 15 banks, and concentration index of bank portfolio decreased from 0.12 to 0.11, which demonstrates the average level of concentration and equals to the presence of nine banks in the market with equal shares. The share of institutional investors increased from 1.3 to 7.0 percent and resident individuals and resident entities did not purchase NBKR notes in October.