As of June 1, 2003 total state debt of Kazakhstan, issued as GS, reached KZT438.5 bn or $2,907.8 m along with servicing

/IRBIS, June 4, 03/ - As of June 1, 2003 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 KZT438.5 bn, or $2,907.8 m at the rate KZT150.80 per dollar. Specialists of IRBIS came to this conclusion after making the analysis on the database of the agency. When making this analysis the payments on MEIKAM were calculated along with the consumer price index, which was fixed for the period from March till May of the current year. Since May 1 through May 31, 2003 total debt increased by 19,891.9 m (+4.75%) in tenge, in dollar equivalent (taking into account change in the rate of the National Bank) - by 149,286.9 th. (+5.41%). Corresponding figures of debt changing in April were -KZT3,278.0 m (-0.78%) or -$26,188.8 th. (-0.94%). Growth of debt in May was caused by the significant increase of the National Bank's issue activity (almost two times as much relative to April, judging on the sum of floated notes), as the result of which KZT15,766.9 m. were temporarily taken out of circulation. Besides, the significant role in debt increase was played by Atyrau oblast's akimat by floating bonds of the fourth issue. Issue of new МЕКАМ by the Ministry of finance did not result in growth of the debt because it was entirely compensated by coupon payment on euronotes, current servicing and redemption of МЕКАМ, and also by decrease of the cost of currency (euronotes) and indexed on tenge devaluation (МАОКО) debt as the result of tenge's strengthening relative to dollar. Besides, in May sum of МЕIКАМ servicing decreased because of decrease of inflation level. Following table contains more detailed information. --------------------------------------------------------------------------------- Amount and structure of debt ---------------------------- as of Change Currency of May 31,03 as of for the period --------------- ------------------ Apr 30,03 ---------------- Issuer issue servicing bn KZT stake, % bn KZT m KZT % ------------------- ----- --------- -------- --------- --------- --------- ------ National Bank KZT KZT 142.313 32.5 125.718 +16,595.0 +13.2 ------------------- ----- --------- -------- --------- --------- --------- ------ Ministry of Finance 281.856 64.3 283.315 -1,459.1 -0.5 incl. face value 218.828 49.9 216.772 +2,056.0 +0.9 also, domestic GS KZT KZT 124.578 28.4 121.929 +2,649.7 +2.2 also, euronotes USD USD 94.250 21.5 94.844 -593.8 -0.6 incl. servicing 63.028 14.4 66.543 -3,515.1 -5.3 also, domestic GS KZT KZT 31.065 7.1 31.425 -359.4 -1.1 also, euronotes USD USD 31.963 7.3 35.118 -3,155.7 -9.0 ------------------- ----- --------- -------- --------- --------- --------- ------ Municipals USD KZT 14.330 3.3 9.574 +4,755.9 +49.7 incl. face value USD KZT 11.493 2.6 8.165 +3,328.4 +40.8 incl. servicing USD KZT 2.837 0.65 1.409 +1,427.5 +101.3 ------------------- ----- --------- -------- --------- --------- --------- ------ incl. Astana akimat USD KZT 4.351 0.99 4.378 -27.4 -0.6 also, face value USD KZT 3.542 0.81 3.564 -22.3 -0.6 also, servicing USD KZT 0.809 0.18 0.814 -5.1 -0.6 ------------------- ----- --------- -------- --------- --------- --------- ------ incl. Atyrau USD KZT 7.967 1.82 3.171 +4,796.0 +151.2 region akimat also, face value USD KZT 6.187 1.41 2.825 +3,361.9 +119.0 also, servicing USD KZT 1.781 0.41 0.346 +1,434.1 +413.9 ------------------- ----- --------- -------- --------- --------- --------- ------ incl. E-Kz region USD KZT 2.012 0.46 2.025 -12.7 -0.6 akimat also, face value USD KZT 1.765 0.40 1.776 -11.1 -0.6 also, servicing USD KZT 0.247 0.06 0.249 -1.6 -0.6 ------------------- ----- --------- -------- --------- --------- --------- ------ TOTAL 438.499 100.0 418.607 +19,891.9 +4.75 incl. face value 372.635 85.0 350.655 +21,979.5 +6.3 incl. Servicing 65.865 15.0 67.952 -2,087.6 -3.07 ------------------- ----- --------- -------- --------- --------- --------- ------ OR ------------------- ----- --------- -------- --------- --------- --------- ------ incl. internal debt KZT KZT 312.287 71.2 288.645 +23,641.3 +8.2 also, face value KZT KZT 278.385 63.5 255.811 +22,573.2 +8.8 also, servicing KZT KZT 33.902 7.7 32.834 +1,068.1 +3.3 ------------------- ----- --------- -------- --------- --------- --------- ------ incl. external debt USD USD 126.213 28.8 129.962 -3,749.5 -2.9 also, face value USD USD 94.250 21.5 94.844 -593.8 -0.6 also, servicing USD USD 31.963 7.3 35.118 -3,155.7 -9.0 --------------------------------------------------------------------------------- The equivalent amounts as of April 30, 03 were calculated at KZT151.75 per dollar rate, as of May 31, 03 - at KZT150.80. 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 May 31,03 as of for the period --------------- ------------------ Apr 30,03 ----------------- Issuer issue servicing mln USD stake, % mln USD th. USD % ------------------- ----- --------- -------- --------- --------- ---------- ------ National Bank KZT KZT 943.7 32.5 828.5 +115,265.8 +13.9 ------------------- ----- --------- -------- --------- --------- ---------- ------ Ministry of 1,869.1 64.3 1,867.0 +2,085.7 +0.1 Finance incl. face value 1,451.1 49.9 1,428.5 +22,633.0 +1.6 also, domestic GS KZT KZT 826.1 28.4 803.5 +22,633.0 +2.8 also, euronotes USD USD 625.0 21.5 625.0 0 0 incl. Servicing 418.0 14.4 438.5 -20,547.4 -4.7 also, domestic GS KZT KZT 206.0 7.1 207.1 -1,078.6 -0.5 also, euronotes USD USD 212.0 7.3 231.4 -19,468.8 -8.4 ------------------- ----- --------- -------- --------- --------- ---------- ------ Municipals USD KZT 95.0 3.3 63.1 +31,935.4 +50.6 incl. face value USD KZT 76.2 2.6 53.8 +22,410.8 +41.7 incl. Servicing USD KZT 18.8 0.65 9.3 +9,524.6 +102.6 ------------------- ----- --------- -------- --------- --------- ---------- ------ incl. Astana USD KZT 28.9 0.99 28.9 0 0 akimat also, face value USD KZT 23.5 0.81 23.5 0 0 also, servicing USD KZT 5.4 0.18 5.4 0 0 ------------------- ----- --------- -------- --------- --------- ---------- ------ incl. Atyrau USD KZT 52.8 1.82 20.9 +31,935.4 +152.8 region akimat also, face value USD KZT 41.0 1.41 18.6 +22,410.8 +120.4 also, servicing USD KZT 11.8 0.41 2.3 +9,524.6 +417.2 ------------------- ----- --------- -------- --------- --------- ---------- ------ incl. E-Kz region USD KZT 13.3 0.46 13.3 0 0 akimat also, face value USD KZT 11.7 0.40 11.7 0 0 also, servicing USD KZT 1.6 0.06 1.6 0 0 ------------------- ----- --------- -------- --------- --------- ---------- ------ TOTAL 2,907.8 100.0 2,758.5 +149,286.9 +5.41 incl. face value 2,471.1 85.0 2,310.7 +160,309.6 +6.9 incl. Servicing 436.8 15.0 447.8 -11,022.8 -2.5 ------------------- ----- --------- -------- --------- --------- ---------- ------ OR ------------------- ----- --------- -------- --------- --------- ---------- ------ incl. internal debt KZT KZT 2,070.9 71.2 1,902.1 +168,755.6 +8.9 also, face value KZT KZT 1,846.1 63.5 1,685.7 +160,309.6 +9.5 also, servicing KZT KZT 224.8 7.7 216.4 +8,446.0 +3.9 ------------------- ----- --------- -------- --------- --------- ---------- ------ incl. external debt USD USD 837.0 28.8 856.4 -19,468.8 -2.3 also, face value USD USD 625.0 21.5 625.0 0 0 also, servicing USD USD 212.0 7.3 231.4 -19,468.8 -8.4 ---------------------------------------------------------------------------------- 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). [2003-06-04]