ANALYSIS: As of February 1 of 2008 the total state debt of Kazakhstan, issued as GS along with its servicing totaled KZT1,067.9 bn. or $8.9 bn.

/IRBIS, Raushan Tundybayeva, February 14, 08/ - As of February 1 of 2008, the total state debt of Kazakhstan, issued as government securities (GS), including municipal bonds, along with the servicing (amount of coupon payments) equaled in current prices to KZT1,067.9 bn., or $8,882.8 m. at the rate of KZT120.22 per a dollar. IRBIS specialists made such a conclusion after analyzing its databases. While making the analysis, the amounts of future payments on MEIKAM were calculated taking into consideration consumer price index, which had been fixed for the period from November 2007 to January 2008 inclusive, on MEUJKAM and MUIKAM - from February 2007 till January 2008 inclusive. Within January 1-31 of 2008, the total debt in tenge equivalent decreased by KZT15.1 bn. (-1.4%), in dollar equivalent (taking into account change in exchange rate of the National Bank) by 119.8 m. (-1.3%) (taking into account change of exchange rate of the National Bank). Similar indicators of debt change in December of 2007 were minus KZT40.5 bn. (-3.6%) or minus $292.5 m. (-3.1%). Following table contains detailed information. ------------------------------------------------------------------------------------- Amount and structure of debt Change ------------------------------------ as of for the *Currency of January 31, 08 as of period -------------- ------------------- December 31, 07 ---------------- Issuer issue service bn. KZT stake, % bn. KZT m. KZT % ------------- ----- ------- --------- -------- --------------- --------- ----- National Bank KZT KZT 196.926 18.4 235.203 -38,276.7 -16.3 ------------- ----- ------- --------- -------- --------------- --------- ----- Ministry of Finance 868.155 81.3 844.993 +23,162.6 +2.7 incl. face KZT KZT 539.311 50.5 515.011 +24,300.0 +4.7 value incl. KZT KZT 328.845 30.8 329.982 -1,137.4 -0.3 servicing ------------- ----- ------- --------- -------- --------------- --------- ----- Akimat of USD KZT 2.809 0.3 2.817 -7.7 -0.3 Atyrau obl. incl. face USD KZT 2.694 0.3 2.702 -7.4 -0.3 value incl. USD KZT 0.115 0.01 0.115 -0.3 -0.3 servicing ------------- ----- ------- --------- -------- --------------- --------- ----- TOTAL 1,067.890 100.0 1,083.012 -15,121.8 -1.4 incl. face 738.931 69.2 752.915 -13,984.1 -1.9 value incl. 328.959 30.8 330.097 -1,137.7 -0.3 servicing ------------------------------------------------------------------------------------- *USD is shown as issue currency also in case the face value of bond is expressed in tenge, but the security is indexed on the level of changing of the rate of tenge to US dollar. Equivalents as of January 31, 08 were calculated at the rate of KZT120.22 per a dollar, as of December 31, 07 - at KZT120.30. Therefore, the data shown in the table reflect the dynamics turned out with exchange rate fluctuations besides all other factors. Similar figures in U.S. dollars are given in the table as follows. ------------------------------------------------------------------------------------ Amount and structure of debt Change ---------------------------------- as of for the *Currency of January 31, 08 as of period -------------- ----------------- December 31, 07 ----------------- Issuer issue service m. USD stake, % m. USD th. USD % ------------- ----- ------- ------- -------- --------------- ---------- ----- National Bank KZT KZT 1,638.0 18.4 1,955.1 -317,087.7 -16.2 ------------- ----- ------- ------- -------- --------------- ---------- ----- Ministry of Finance 7,221.4 81.3 7,024.0 +197,342.8 +2.8 incl. face KZT KZT 4,486.0 50.5 4,281.1 +204,978.2 +4.8 value incl. KZT KZT 2,735.4 30.8 2,743.0 -7,635.4 -0.3 servicing ------------- ----- ------- ------- -------- --------------- ---------- ----- Akimat of USD KZT 23.37 0.3 23.41 -48.6 -0.2 Atyrau obl. incl. face USD KZT 22.4 0.3 22.5 -46.6 -0.2 value incl. USD KZT 1.0 0.01 1.0 -2.0 -0.2 servicing TOTAL 8,882.8 100.0 9,002.6 -119,793.4 -1.3 incl. face 6,146.5 69.2 6,258.6 -112,156.0 -1.8 value incl. 2,736.3 30.8 2,743.9 -7,637.4 -0.3 servicing ------------------------------------------------------------------------------------ *USD is shown as issue currency also in case the face value of bond is expressed in tenge, but the security is indexed on the level of changing of the rate of tenge to US dollar. According to the data of IRBIS, the issue volume of the National Bank's GS in January 2008 by amounts of offering was KZT104,743.7 m. (in December - KZT142,890.4 m.). At that, the issuer paid off or redeemed his notes on secondary market for a total sum of KZT143,493.0 m. (KZT195,663.6 m.). Thus in January the net-borrowing balance of the National Bank in GS market was minus KZT38,749.4 m. Corresponding index in December was minus KZT52,773.3 ("minus" sign in balance indicator means that the mentioned sum was withdrawn from issuer's budget and remained in investors' possession, "plus" sign - issuer borrowed more than redeemed). In January, the Ministry of finance borrowed by offering of MEKAM KZT24,031.5 m. (in December - 20,012.6 m.) and paid face values of bonds and coupon payments for a total of KZT1,137.4 m. (in December - KZT30,376.9 m.). January net-borrowing balance of the Ministry of finance is estimated by IRBIS at plus KZT22,894.1 m. (in December - plus KZT10,364.4 m.). Total January net-borrowing balance of all Kazakhstan GS issuers including municipal bodies was estimated by IRBIS at minus KZT15,855.3 m. Similar indicator of December - minus KZT63,137.6 m. IRBIS Agency draws attention of subscribers and mass media that the data given below are not official statistics and received by result of analysis of information, containing in database of the agency on the primary GS market. In part of internal bonds the bases of agency are adjusted by data provided to IRBIS by Central depositary of securities JSC (Almaty). [2008-02-14]