ANALYSIS: As of February 1, 2009 state debt of Kazakhstan, issued as GS, along with its servicing totaled KZT1,341.9 bn. or $11,038.7 m.

/IRBIS, Raushan Tundybayeva, February 4, 09/ - As of February 1, 2009, the total state debt of Kazakhstan, issued as government securities (GS), including municipal bonds, along with the servicing (the amount of coupon payments) made in current prices KZT1,341.9 bn., or the equivalent of $11,038.7 m. at the rate of KZT121.56 per a dollar. IRBIS specialists came to the conclusion after own databases analysis. During this analysis, the amounts of future payments on MEUJKAM and MUIKAM were calculated considering the consumer price index, which was fixed for the period from February 2008 to January 2009 inclusive. From January 1-31, 2009, the total debt in tenge equivalent decreased by KZT100.2 bn. (-7.0 %), in the dollar equivalent (taking into account change in the National Bank exchange rate) by 902.4 m. (-7.6 %). Similar indicators of debt change in December made up minus KZT52.9 bn. (-3.5 %) or minus $481.1 m. (-3.9 %). The following table contains more detailed information. ----------------------------------------------------------------------------- Amount and structure of debt ----------------------------- Change as of as of for the *Currency of Jan. 31, 09 Dec. 31,08 period ------------- ------------------ ---------- ---------------- Issuer issue service bn. KZT stake, % bn. KZT m. KZT % ---------------- ----- ------- --------- -------- ---------- ---------- ----- National Bank KZT KZT 247.820 18.5 319.880 -72,060.9 -22.5 ---------------- ----- ------- --------- -------- ---------- ---------- ----- Ministry of Finance 1,094.048 81.5 1,122.246 -28,198.7 -2.5 incl. face value KZT KZT 820.622 61.2 830.632 -10,010.1 -1.2 incl. servicing KZT KZT 273.426 20.4 291.615 -18,188.6 -6.2 ---------------- ----- ------- --------- -------- ---------- ---------- ----- TOTAL 1,341.867 100.0 1,442.127 -100,259.6 -7.0 incl. face value 1,068.441 79.6 1,150.512 -82,071.0 -7.1 incl. servicing 273.426 20.4 291.615 -18,188.6 -6.2 ----------------------------------------------------------------------------- *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, 2009 were valuated at the rate of KZT121.56 per dollar, as of December 31, 2008 - at KZT120.77. Therefore, the data shown in the table reflect the dynamics emerging, besides all other factors, from the rate difference. Similar figures in U.S. dollars are given in the table as follows. ---------------------------------------------------------------------------- Amount and structure of debt ---------------------------- Change as of As of for the *Currency of Jan. 31, 09 Dec. 31,08 period ------------- ----------------- ---------- ---------------- Issuer issue service m. USD stake, % m. USD th. USD % ---------------- ----- ------- -------- -------- ---------- ---------- ----- National Bank KZT KZT 2,038.7 18.5 2,648.7 -610,014.4 -23.0 ---------------- ----- ------- -------- -------- ---------- ---------- ----- Ministry of Finance 9,000.1 81.5 9,292.4 -292,363.4 -3.1 incl. face value KZT KZT 6,750.8 61.2 6,877.8 -127,044.5 -1.8 incl. servicing KZT KZT 2,249.3 20.4 2,414.6 -165,318.9 -6.8 ---------------- ----- ------- -------- -------- ---------- ---------- ----- TOTAL 11,038.7 100.0 11,941.1 -902,377.8 -7.6 incl. face value 8,789.4 79.6 9,526.5 -737,058.9 -7.7 incl. servicing 2,249.3 20.4 2,414.6 -165,318.9 -6.8 ---------------------------------------------------------------------------- *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 2009 by offering amount was KZT127,669.1 m. (in December - KZT177,652.5 m.). At that, the issuer paid off its notes on secondary market to the sum of KZT200,833.2 m. (KZT271,162.6 m.). Thus, in January the net-borrowing balance of the National Bank on GS market made up minus KZT73 164.0 m. The corresponding index in December made up minus KZT93 510.1 m. (the "minus" sign in the balance indicator means that the mentioned sum was withdrawn from issuer's budget and remained in investors, the "plus" sign - issuer borrowed more than redeemed). In January, the Ministry of Finance borrowed due to MEKAM offering KZT8,797.6 m. (in December - KZT52,515.8 m.) and paid face values of bonds and coupon payments to the sum of KZT20,395.1 m. (in December - KZT10,554.5 m.). January net-borrowing balance of the Ministry of Finance is estimated by IRBIS at minus KZT11,597.5 m. (in December - plus KZT45,501.6 m.). Total January net-borrowing balance of all Kazakhstan GS issuers was estimated by IRBIS at minus KZT84,761.5 m. Similar indicator of December - minus KZT48,008.5 m. IRBIS Agency draws attention of subscribers and the mass media that the data given below are not the official statistics and received as a result of the information analysis, containing in database of the agency on the primary GS market. In part of internal bonds the bases of the agency are adjusted by data provided to IRBIS by Central Securities Depository JSC (Almaty). [2009-02-04]