ANALYSIS: As of March 1, 2009 state debt of Kazakhstan, issued as GS, along with its servicing totaled KZT1,298.7 bn. or $8,633.0 m.

/IRBIS, Raushan Tundybayeva, March 12, 09/ - As of March 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 KZT1,298.7 bn., or the equivalent of $8,633.0 m. at the rate of KZT150.43 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 March 2008 to February 2009 inclusive. From February 1-28, 2009, the total debt in tenge equivalent decreased by KZT43.2 bn. (-3.2 %), in the dollar equivalent (taking into account change in the National Bank exchange rate) by 2,405.7 m. (-21.8 %). Similar indicators of debt change in January made up minus KZT100.2 bn. (-7.0 %) or minus $902.4 m. (-7.6 %). The following table contains more detailed information. ---------------------------------------------------------------------------- Amount and structure of debt ----------------------------- Change as of as of for the *Currency of Feb. 28, 09 Jan. 31,09 period ------------- ------------------ ---------- --------------- Issuer issue service bn. KZT stake, % bn. KZT m. KZT % ---------------- ----- ------- --------- -------- ---------- --------- ----- National Bank KZT KZT 184.021 14.2 247.820 -63,798.4 -25.7 ---------------- ----- ------- --------- -------- ---------- --------- ----- Ministry of Finance 1,114.643 85.8 1,094.048 +20,595.1 +1.9 incl. face value KZT KZT 844.707 65.0 820.622 +24,085.5 +2.9 incl. servicing KZT KZT 269.936 20.8 273.426 -3,490.4 -1.3 ---------------- ----- ------- --------- -------- ---------- --------- ----- TOTAL 1,298.664 100.0 1,341.867 -43,203.3 -3.2 incl. face value 1,028.728 79.2 1,068.441 -39,712.9 -3.7 incl. servicing 269.936 20.8 273.426 -3,490.4 -1.3 ---------------------------------------------------------------------------- *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 February 28, 2009 were valuated at the rate of KZT150.43 per dollar, as of January 31, 2009 - at KZT121.56. 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 Feb. 28, 09 Jan. 31,09 period ------------- ---------------- ---------- ------------------ Issuer issue service m. USD stake, % m. USD th. USD % ---------------- ----- ------- ------- -------- ---------- ------------ ----- National Bank KZT KZT 1,223.3 14.2 2,038.7 -815,359.6 -40.0 ---------------- ----- ------- ------- -------- ---------- ------------ ----- Ministry of Finance 7,409.7 85.8 9,000.1 -1,590,352.6 -17.7 incl. face value KZT KZT 5,615.3 65.0 6,750.8 -1,135,470.1 -16.8 incl. servicing KZT KZT 1,794.4 20.8 2,249.3 -454,882.6 -20.2 ---------------- ----- ------- ------- -------- ---------- ------------ ----- TOTAL 8,633.0 100.0 11,038.7 -2,405,712.2 -21.8 incl. face value 6,838.6 79.2 8,789.4 -1,950,829.6 -22.2 incl. servicing 1,794.4 20.8 2,249.3 -454,882.6 -20.2 ----------------------------------------------------------------------------- *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. According to the data of IRBIS, the issue volume of the National Bank's GS in February 2009 by offering amount was KZT82,417.8 m. (in January - KZT127,669.1 m.). At that, the issuer paid off its notes on secondary market to the sum of KZT146,580.5 m. (KZT200,833.2 m.). Thus, in February the net-borrowing balance of the National Bank on GS market made up minus KZT64 162.7 m. The corresponding index in January made up minus KZT73 164.0 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 February, the Ministry of Finance borrowed due to MEKAM offering KZT30,613.7 m. (in January - KZT8,797.6 m.) and paid face values of bonds and coupon payments to the sum of KZT15,960.4 m. (in January - KZT20,395.1 m.). February net-borrowing balance of the Ministry of Finance is estimated by IRBIS at plus KZT14,653.3 m. (in January - minus KZT11,597.5 m.). Total February net-borrowing balance of all Kazakhstan GS issuers was estimated by IRBIS at minus KZT49,509.4 m. Similar indicator of January - minus KZT84,761.5 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). [2009-03-12]