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04.06.2003 00:00

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]