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07.01.2003 00:00

In 2002 total state debt of Kazakhstan, issued as GS, increased by KZT32.9 bn or $136.0 m along with servicing

/IRBIS, January 7, 03/ - In 2002 total state debt of Kazakhstan, issued as government securities (GS), including municipal bonds, along with the servicing (amount of coupon payments) increased in current prices by KZT32.9 bn (10.10%), or $136.0 m (6.28%). The specialists of IRBIS came to this conclusion after making the analysis on the database of the agency. At that face value of the debt increased by KZT43.4 bn (18.0%) or $223.3 m (13.9%), sum of servicing decreased by KZT10.5 bn (12.43%) or $87.3 m (15.5%).

Increase of the debt's volume in December was caused by increased activity of the National Bank of Kazakhstan while issuing short-term notes in December. The super short debt of the National Bank (no more than 91 days) increased according to results of the year by KZT47.0 bn (264.1%) or $297.9 m (251.4%). This was the result of the fact that the Ministry of finance, which was not interested in new borrowings, refused bonds issue in the end of the year. Debt of the Ministry of finance in 2002 fell by KZT17.4 bn (5.8%) or $181.0 m (9.0%) mainly due to redemption of sovereign euronotes of the second issue.

During the reporting period debt of domestic executive bodies, which is indexed in accordance with tenge devaluation level, increased a bit. Sum of the increase, together with servicing, is estimated by IRBIS at KZT3.2 bn (45.9%) or $19.1 m (40.8%).

Following table contains more detailed information.

--------------------------------------------------------------------------------
                                   Amount and structure of debt
                                   ----------------------------
                                            as of                         Change
                    Currency of    December 31,02         as of   for the period
                    -------------- ------------- December 31,01 ----------------
Issuer              issue servicing bn KZT share,%       bn KZT     m KZT      %
------------------- ----- -------- ------ -------- ------------ --------- ------
National Bank       KZT  KZT       64.790     18.1       17.797 +46,993.6 +264.1
------------------- ---- -------- ------ -------- ------------ --------- ------
Ministry of Finance               283.325     79.1      300.685 -17,359.8   -5.8
incl. face value                  211.025     58.9      217.166  -6,141.6   -2.8
also, domestic GS   KZT  KZT      113.775     31.7       70.721 +43,053.4  +60.9
also, euronotes     USD  USD       97.250     27.1      146.445 -49,195.0  -33.6
incl. servicing                    72.300     20.2       83.519 -11,218.2  -13.4
also, domestic GS   KZT  KZT       33.376      9.3       30.066  +3,309.9  +11.0
also, euronotes     USD  USD       38.924     10.9       53.452 -14,528.1  -27.2
------------------- ---- --------  ------ -------- ------------ --------- ------
Municipals          USD  KZT       10.267      2.9        7.037  +3,230.4  +45.9
incl. face value    USD  KZT        8.353      2.3        5.808  +2,545.6  +43.8
incl. servicing     USD  KZT        1.914     0.53        1.229    +684.8  +55.7
------------------- ---- -------- ------- -------- ------------ --------- ------
incl. Astana akimat USD  KZT        4.750     1.33        2.305  +2,444.7 +106.1
also, face value    USD  KZT        3.636     1.01        1.932  +1,704.2  +88.2
also, servicing     USD  KZT        1.114     0.31        0.373    +740.5 +198.4
------------------- ---- -------- ------- -------- ------------ --------- ------
incl. Atyrau        USD  KZT        3.370     0.94        3.482    -112.0   -3.2
region akimat
also, face value    USD  KZT        2.896     0.81        2.796    +100.5   +3.6
also, servicing     USD  KZT        0.474     0.13        0.686    -212.5  -31.0
------------------- ---- -------- ------- -------- ------------ --------- ------
incl. E-Kz region   USD  KZT        2.148     0.60        1.250    +897.7  +71.8
akimat
also, face value    USD  KZT        1.821     0.51        1.080    +740.8  +68.6
also, servicing     USD  KZT        0.327     0.09        0.170    +156.9  +92.2
------------------- ---- -------- ------- -------- ------------ --------- ------
TOTAL                             358.383    100.0      325.518 +32,864.2 +10.10
incl. face value                  284.168     79.3      240.770 +43,397.6  +18.0
incl. Servicing                    74.214     20.7       84.748 -10,533.4 -12.43
------------------- ---- -------- ------- -------- ------------ --------- ------
OR
------------------- ---- -------- ------- -------- ------------ --------- ------
incl. Internal debt KZT  KZT      222.208     62.0      125.621 +96,587.3  +76.9
also, face value    KZT  KZT      186.918     52.2       94.325 +92,592.6  +98.2
also, servicing     KZT  KZT       35.290      9.8       31.295  +3,994.7  +12.8
------------------- ---- -------- ------- -------- ------------ --------- ------
incl. External debt USD  USD      136.174     38.0      199.897 -63,723.1  -31.9
also, face value    USD  USD       97.250     27.1      146.445 -49,195.0  -33.6
also, servicing     USD  USD       38.924     10.9       53.452 -14,528.1  -27.2
--------------------------------------------------------------------------------

The equivalent amounts as of December 31, 02 were calculated at KZT155.60 per dollar rate, as of December 31, 01 - at KZT150.20. Therefore, the data shown in the table reflect the dynamics due to the exchange rate differences.

Similar figures in U.S. dollars are given in the following table.

--------------------------------------------------------------------------------
                                  Amount and structure of debt
                                  ----------------------------
                                          as of                           Change
                  Currency of    December 31,02          as of    for the period
                  -------------- -------------- December 31,01 -----------------
Issuer            issue servicing m USD share,%          m USD    th. USD      %
----------------- ----- -------- ------ ------- -------------- ---------- ------
National Bank     KZT   KZT       416.4    18.1          118.5 +297,903.3 +251.4
----------------- ----- -------- ------ ------- -------------- ---------- ------
Ministry of                     1,820.9    79.1        2,001.9 -181,041.1   -9.0
Finance
incl. face value                1,356.2    58.9        1,445.8  -89,647.3   -6.2
also, domestic GS KZT   KZT       731.2    31.7          470.8 +260,352.7  +55.3
also, euronotes   USD   USD       625.0    27.1          975.0 -350,000.0  -35.9
incl. Servicing                   464.7    20.2          556.0  -91,393.9  -16.4
also, domestic GS KZT   KZT       214.5     9.3          200.2  +14,324.9   +7.2
also, euronotes   USD   USD       250.2    10.9          355.9 -105,718.8  -29.7
----------------- ----- ------- ------- ------- -------------- ---------- ------
Municipals        USD   KZT        66.0     2.9           46.9  +19,134.9  +40.8
incl. face value  USD   KZT        53.7     2.3           38.7  +15,018.0  +38.8
incl. Servicing   USD   KZT        12.3    0.53            8.2   +4,116.9  +50.3
----------------- ----- ------- ------- ------- -------------- ---------- ------
incl. Astana      USD   KZT        30.5    1.33           15.3  +15,179.1  +98.9
akimat
also, face value  USD   KZT        23.4    1.01           12.9  +10,506.4  +81.7
also, servicing   USD   KZT         7.2    0.31            2.5   +4,672.7 +188.1
----------------- ----- ------- ------- ------- -------------- ---------- ------
incl. Atyrau      USD   KZT        21.7    0.94           23.2   -1,524.5   -6.6
region akimat
also, face value  USD   KZT        18.6    0.81           18.6          0      0
also, servicing   USD   KZT         3.0    0.13            4.6   -1,524.5  -33.4
----------------- ----- ------- ------- ------- -------------- ---------- ------
incl. E-Kz region USD   KZT        13.8    0.60            8.3   +5,480.4  +65.8
akimat
also, face value  USD   KZT        11.7    0.51            7.2   +4,511.6  +62.7
also, servicing   USD   KZT         2.1    0.09            1.1     +968.8  +85.5
----------------- ----- ------- ------- ------- -------------- ---------- ------
TOTAL                           2,303.2   100.0        2,167.2 +135,997.1  +6.28
incl. face value                1,826.3    79.3        1,603.0 +223,274.1  +13.9
incl. Servicing                   477.0    20.7          564.2  -87,276.9  -15.5
----------------- ----- ------- ------- ------- -------------- ---------- ------
OR
----------------- ----- ------- ------- ------- -------------- ---------- ------
incl. Internal    KZT   KZT     1,428.1    62.0          836.4 +591,715.9  +70.7
debt (KZT)
also, face value  KZT   KZT     1,201.3    52.2          628.0 +573,274.1  +91.3
also, servicing   KZT   KZT       226.8     9.8          208.4  +18,441.8   +8.9
----------------- ----- ------- ------- ------- -------------- ---------- ------
incl. External    USD   USD       875.2    38.0        1,330.9 -455,718.8  -34.2
debt (USD)
also, face value  USD   USD       625.0    27.1          975.0 -350,000.0  -35.9
also, servicing   USD   USD       250.2    10.9          355.9 -105,718.8  -29.7
--------------------------------------------------------------------------------

The agency IRBIS draws the attention of its subscribers and mass media to the fact that these data are not official and were obtained through the analysis of the information on primary GS market from the databases of the agency.

The agency IRBIS also draws the attention of the mass media that this material was prepared by the agency IRBIS but not the Kazakhstan Stock Exchange (KASE).

[2003-01-07]