As of July 1, 2003 total state debt of Kazakhstan, issued as GS, reached KZT483.7 bn or $3,268.0 m along with servicing

/IRBIS, July 4, 03/ - As of July 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 KZT483.7 bn, or $3,268.0 m at the rate KZT148.00 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 April till June of the current year. Since June 1 through June 30, 2003 total debt increased by 45,157.8 m (+10.30%) in tenge, in dollar equivalent (taking into account change in the rate of the National Bank) - by 360,133. 3th. (+12.38%). Corresponding figures of debt changing in May were +KZT19,891.9 m (+4.75%) or +$149,286.9 th. (+5.41%). According to the information that IRBIS disposes, the GS issue volume of the NBK in June totaled KZT89,709.6 m (in May - KZT70,424,1 m). At that the issuer repaid a debt amounting to KZT46,169.2 m (KZT54,657.2 m). Thus June balance of the NBK net borrowing in GS market totaled positive KZT43,540.4 m. Corresponding figure in May - positive KZT15,766.9 m. Tactics of behavior and volume of the participation of the Ministry of finance in the market of domestic debt were different. In total this isser borrowed KZT3,000.0 m due to offering of MEOKAM (in May - KZT2,986.0 m). Repaid amount totaled KZT295.0 m (KZT260.0 m), amount of coupon paments - KZT2,041.1 m (KZT3,563.0 m). Thus June balance of the Ministry of finance net borrowing in GS market is estimated by IRBIS at positive KZT663.9 m. Corresponding figure in May - negative KZT837.0 m. Growth of debt in May was caused by the further increase of the National Bank's issue activity. It continues to tie excess tenge liquidity, caused by inflow of foreign currency. In addition, due to the issue of new securities by Astana akimat in June the growth of municipal debt grew. Total debt of the Ministry of finance decreased by 0.6% with servicing, in dollars grew by 1.3% for rate change. Issue by the Ministry of finance of new MEKAM didn't lead to rise of the debt, because it was fully offset by the current servicing, repayment of debt and decrease of cost of currency (euronotes) and indexed on devaluation of tenge (MAOKO) debt as a result of tenge strengthening to dollar. Following table contains more detailed information. ------------------------------------------------------------------------------ Amount and structure of debt ---------------------------- as of Change Currency of June 30,03 for the period ------------ ------------------ as of ---------------- ser- may 31,03 Issuer issue vicing bn KZT stake, % bn KZT m KZT % ------------------- ----- ------ -------- --------- --------- --------- ------ National Bank KZT KZT 187.640 38.8 142.313 +45,326.4 +31.8 ------------------- ----- ------ -------- --------- --------- --------- ------ Ministry of Finance 280.299 58.0 281.856 -1,557.0 -0.6 incl. face value 219.559 45.4 218.828 +730.3 +0.3 also, domestic GS KZT, KZT USD 127.059 26.3 124.578 +2,480.3 +2.0 also, euronotes USD USD 92.500 19.1 94.250 -1,750.0 -1.9 incl. servicing 60.741 12.6 63.028 -2,287.3 -3.6 also, domestic GS KZT, KZT USD 29.372 6.1 31.065 -1,693.8 -5.5 also, euronotes USD USD 31.369 6.5 31.963 -593.5 -1.9 ------------------- ----- ------ -------- --------- --------- --------- ------ Municipals USD KZT 15.718 3.2 14.330 +1,388.4 +9.7 incl. face value USD KZT 12.576 2.6 11.493 +1,082.5 +9.4 incl. servicing USD KZT 3.143 0.65 2.837 +305.9 +10.8 ------------------- ----- ------ -------- --------- --------- --------- ------ incl. Astana akimat USD KZT 5.958 1.23 4.351 +1,607.3 +36.9 also, face value USD KZT 4.772 0.99 3.542 +1,230.2 +34.7 also, servicing USD KZT 1.186 0.25 0.809 +377.1 +46.6 ------------------- ----- ------ -------- --------- --------- --------- ------ incl. Atyrau USD KZT 7.819 1.62 7.967 -147.9 -1.9 region akimat also, face value USD KZT 6.072 1.26 6.187 -114.9 -1.9 also, servicing USD KZT 1.748 0.36 1.781 -33.1 -1.9 ------------------- ----- ------ -------- --------- --------- --------- ------ incl. E-Kz region USD KZT 1.941 0.40 2.012 -71.0 -3.5 akimat also, face value USD KZT 1.732 0.36 1.765 -32.8 -1.9 also, servicing USD KZT 0.209 0.04 0.247 -38.2 -15.5 ------------------- ----- ------ -------- --------- --------- --------- ------ TOTAL 483.657 100.0 438.499 +45,157.8 +10.30 incl. face value 419.774 86.8 372.635 +47,139.2 +12.7 incl. Servicing 63.883 13.2 65.865 -1,981.4 -3.01 ------------------- ----- ------ -------- --------- --------- --------- ------ OR ------------------- ----- ------ -------- --------- --------- --------- ------ incl. internal debt KZT KZT 359.788 74.4 312.287 +47,501.3 +15.2 also, face value KZT KZT 327.274 67.7 278.385 +48,889.2 +17.6 also, servicing KZT KZT 32.514 6.7 33.902 -1,387.9 -4.1 ------------------- ----- ------ -------- --------- --------- --------- ------ incl. external debt USD USD 123.869 25.6 126.213 -2,343.5 -1.9 also, face value USD USD 92.500 19.1 94.250 -1,750.0 -1.9 also, servicing USD USD 31.369 6.5 31.963 -593.5 -1.9 ------------------------------------------------------------------------------ * USD as issue currency is also indicated when the nominal of the bonds is expressed in tenge, but security is indexed on level of change of tenge rate to dollar The equivalent amounts as of May 31, 03 were calculated at KZT150.80 per dollar, as of June 30, 03 - at KZT148.00. 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 for the period ------------ ------------------ as of ----------------- ser- Apr 30,03 Issuer issue vicing mln USD stake, % mln USD th. USD % ------------------- ----- ------ -------- --------- --------- ---------- ------ National Bank KZT KZT 1,267.8 38.8 943.7 +324,113.8 +34.3 ------------------- ----- ------ -------- --------- --------- ---------- ------ Ministry of 1,893.9 58.0 1,869.1 +24,840.4 +1.3 Finance incl. face value 1,483.5 45.4 1,451.1 +32,387.7 +2.2 also, domestic GS KZT, USD KZT 858.5 26.3 826.1 +32,387.7 +3.9 also, euronotes USD USD 625.0 19.1 625.0 0 0 incl. Servicing 410.4 12.6 418.0 -7,547.3 -1.8 also, domestic GS KZT, USD KZT 198.5 6.1 206.0 -7,547.3 -3.7 also, euronotes USD USD 212.0 6.5 212.0 0 0 ------------------- ----- ------ -------- --------- --------- ---------- ------ Municipals USD KZT 106.2 3.2 95.0 +11,179.0 +11.8 incl. face value USD KZT 85.0 2.6 76.2 +8,756.4 +11.5 incl. Servicing USD KZT 21.2 0.65 18.8 +2,422.7 +12.9 ------------------- ----- ------ -------- --------- --------- ---------- ------ incl. Astana USD KZT 40.3 1.23 28.9 +11,406.2 +39.5 akimat also, face value USD KZT 32.2 0.99 23.5 +8,756.4 +37.3 also, servicing USD KZT 8.0 0.25 5.4 +2,649.8 +49.4 ------------------- ----- ------ -------- --------- --------- ---------- ------ incl. Atyrau USD KZT 52.8 1.62 52.8 0 0 region akimat also, face value USD KZT 41.0 1.26 41.0 0 0 also, servicing USD KZT 11.8 0.36 11.8 0 0 ------------------- ----- ------ -------- --------- --------- ---------- ------ incl. E-Kz region USD KZT 13.1 0.40 13.3 -227.1 -1.7 akimat also, face value USD KZT 11.7 0.36 11.7 0 0 also, servicing USD KZT 1.4 0.04 1.6 -227.1 -13.9 ------------------- ----- ------ -------- --------- --------- ---------- ------ TOTAL 3,268.0 100.0 2,907.8 +360,133.3 +12.38 incl. face value 2,836.3 86.8 2,471.1 +365,257.9 +14.8 incl. Servicing 431.6 13.2 436.8 -5,124.7 -1.2 ------------------- ----- ------ -------- --------- --------- ---------- ------ OR ------------------- ----- ------ -------- --------- --------- ---------- ------ incl. internal debt KZT KZT 2,431.0 74.4 2,070.9 +360,133.3 +17.4 also, face value KZT KZT 2,211.3 67.7 1,846.1 +365,257.9 +19.8 also, servicing KZT KZT 219.7 6.7 224.8 -5,124.7 -2.3 ------------------- ----- ------ -------- --------- --------- ---------- ------ incl. external debt USD USD 837.0 25.6 837.0 0 0 also, face value USD USD 625.0 19.1 625.0 0 0 also, servicing USD USD 212.0 6.5 212.0 0 0 ------------------------------------------------------------------------------- * USD as issue currency is also indicated when the nominal of the bonds is expressed in tenge, but security is indexed on level of change of tenge rate to dollar 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). [2003-07-04]