As of August 1, 2003 total state debt of Kazakhstan, issued as GS, reached KZT540.3 bn or $3,681.1 m along with servicing
/IRBIS, August 5, 03/ - As of August 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 KZT540.3 bn, or $3,681.1 m at the rate KZT146.79 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 May till July of the current year.
Since July 1 through July 31, 2003 total debt increased by 56,690.3 m (+11.72%) in tenge, in dollar equivalent (taking into account change in the rate of the National Bank) - by 413,137.8 th. (+12.64%). Corresponding figures of debt changing in June were +KZT45,157.8 m (+10.30%) or +$360,133.3 th. (+12.38%).
According to the data, which IRBIS possesses, volume of GS issue of the National Bank in July by sums of floatation reached KZT91,899.1 m.(in June - KZT89,709.6 m.). At that, the issuer redeemed liabilities in the amount of KZT57,831.5 m. (KZT46,169.2 m.). July's net-borrowing balance of the National Bank at GS market was positive KZT34,067.6 m. Corresponding index of June - positive KZT43,540.4 m. Decrease of volume of borrowing of the National Bank by net-index was possible due to the help of the Ministry of finance. This issuer borrowed in July due to МЕОКАМ offering KZT8,900.0 m. (in June - KZT3,000.0 m.). Total sum of coupon payments equaled to KZT504.8 m. (2,041.1 m.). July's net-borrowing balance of the Ministry of finance is estimated by IRBIS at positive KZT8,395.2 m. (in June - positive KZT663.9 m.).
Thus, the significant increase of debt sum in July was caused mainly by further growth of issuing activity of the National Bank, which continues to tie excessive tenge liquidity. But, unlike the previous month the Ministry of finance significantly helped it. However, judging on the above-mentioned data, stake of participation of the Ministry of finance at the primary GS market is still small.
Following table contains more detailed information.
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Amount and structure of debt
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as of Change
Currency* of July 31,03 as of for the period
---------------- ----------------- June 30,03 -----------------
Issuer issue servicing bn KZT stake, % bn KZT m KZT %
------------------- ----- --------- ------- -------- ---------- --------- ------
National Bank KZT KZT 235.617 43.6 187.640 +47,977.7 +25.6
------------------- ----- --------- ------- -------- ---------- --------- ------
Ministry of Finance
289.140 53.5 280.299 +8,841.1 +3.2
incl. face value 227.605 42.1 219.559 +8,046.6 +3.7
also, domestic GS KZT, 25.1
USD KZT 135.861 127.059 +8,802.9 +6.9
also, euronotes
USD USD 91.744 17.0 92.500 -756.2 -0.8
incl. servicing 61.535 11.4 60.741 +794.5 +1.3
also, domestic GS KZT, 5.6
USD KZT 30.422 29.372 +1,050.9 +3.6
also, euronotes
USD USD 31.113 5.8 31.369 -256.5 -0.8
------------------- ----- --------- ------- -------- ---------- --------- ------
Municipals USD KZT 15.590 2.9 15.718 -128.5 -0.8
incl. face value USD KZT 12.473 2.3 12.576 -102.8 -0.8
incl. servicing USD KZT 3.117 0.58 3.143 -25.7 -0.8
------------------- ----- --------- ------- -------- ---------- --------- ------
incl. Astana akimat
USD KZT 5.909 1.09 5.958 -48.7 -0.8
also, face value USD
KZT 4.733 0.88 4.772 -39.0 -0.8
also, servicing USD KZT 1.176 0.22 1.186 -9.7 -0.8
------------------- ----- --------- ------- -------- ---------- --------- ------
incl. Atyrau
region akimat USD KZT 7.755 1.44 7.819 -63.9 -0.8
also, face value 6.022
USD KZT 1.11 6.072 -49.6 -0.8
also, servicing USD KZT 1.733 0.32 1.748 -14.3 -0.8
------------------- ----- --------- ------- -------- ---------- --------- ------
incl. E-Kz region
akimat USD KZT 1.925 0.36 1.941 -15.9 -0.8
also, face value USD KZT 1.718 0.32 1.732 -14.2 -0.8
also, servicing USD KZT 0.207 0.04 0.209 -1.7 -0.8
------------------- ----- --------- ------- -------- ---------- --------- ------
TOTAL 540.347 100.0 483.657 +56,690.3 +11.72
incl. face value 475.695 88.0 419.774 +55,921.5 +13.3
incl. Servicing 64.652 12.0 63.883 +768.8 +1.20
------------------- ----- --------- ------- -------- ---------- --------- ------
OR
------------------- ----- --------- ------- -------- ---------- --------- ------
incl. internal debt
KZT KZT 417.491 77.3 359.788 +57,703.0 +16.0
also, face value KZT KZT 383.952 71.1 327.274 +56,677.7 +17.3
also, servicing KZT KZT 33.539 6.2 32.514 +1,025.3 +3.2
------------------- ----- --------- ------- -------- ---------- --------- ------
incl. external debt -0.8
USD USD 122.856 22.7 123.869 -1,012.7
also, face value USD USD 91.744 17.0 92.500 -756.2 -0.8
also, servicing USD USD 31.113 5.8 31.369 -256.5 -0.8
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*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.
The equivalent amounts as of June 30, 03 were calculated at KZT148.00 per dollar rate, as of July 31, 03 - at KZT146.79. 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.
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Amount and structure of debt
-----------------------------
as of Change
Currency* of July 31,03 as of for the period
---------------- ----------------- June 30,03 ------------------
Issuer issue servicing mln USD stake, % mln USD th. USD %
------------------- ----- --------- ------- -------- ---------- ---------- ------
National Bank KZT KZT 1,605.1 43.6 1,267.8 +337,295.5 +26.6
------------------- ----- --------- ------- -------- ---------- ---------- ------
Ministry of
Finance 1,969.8 53.5 1,893.9 +75,841.3 +4.0
incl. face value 1,550.6 42.1 1,483.5 +67,045.9 +4.5
also, domestic GS KZT, 25.1
USD KZT 925.6 858.5 +67,045.9 +7.8
also, euronotes USD USD 625.0 17.0 625.0 0 0
incl. Servicing 419.2 11.4 410.4 -8,795.4 +2.1
also, domestic GS KZT, 5.6
USD KZT 207.3 198.5 -8,795.4 +4.4
also, euronotes USD USD 212.0 5.8 212.0 0 0
------------------- ----- --------- ------- -------- ---------- ---------- ------
Municipals USD KZT 106.2 2.9 106.2 0 0
incl. face value USD KZT 85.0 2.3 85.0 0 0
incl. Servicing USD KZT 21.2 0.58 21.2 0 0
------------------- ----- --------- ------- -------- ---------- ---------- ------
incl. Astana
akimat USD KZT 40.3 1.09 40.3 0 0
also, face value USD KZT 32.2 0.88 32.2 0 0
also, servicing USD KZT 8.0 0.22 8.0 0 0
------------------- ----- --------- ------- -------- ---------- ---------- ------
incl. Atyrau
region akimat USD KZT 52.8 1.44 52.8 0 0
also, face value USD KZT 41.0 1.11 41.0 0 0
also, servicing USD KZT 11.8 0.32 11.8 0 0
------------------- ----- --------- ------- -------- ---------- ---------- ------
incl. E-Kz region
akimat USD KZT 13.1 0.36 13.1 0 0
also, face value USD KZT 11.7 0.32 11.7 0 0
also, servicing USD KZT 1.4 0.04 1.4 0 -13.9
------------------- ----- --------- ------- -------- ---------- ---------- ------
TOTAL 3,681.1 100.0 3,268.0 +413,137.8 +12.64
incl. face value 3,240.7 88.0 2,836.3 +404,342.4 +14.3
incl. Servicing 440.4 12.0 431.6 +8,795.4 +2.0
------------------- ----- --------- ------- -------- ---------- ---------- ------
OR
------------------- ----- --------- ------- -------- ---------- ---------- ------
incl. internal debt
KZT KZT 2,844.1 77.3 2,431.0 +413,137.8 +17.0
also, face value KZT KZT 2,615.7 71.1 2,211.3 +404,342.4 +18.3
also, servicing KZT KZT 228.8 6.2 219.7 +8,795.4 +4.0
------------------- ----- --------- ------- -------- ---------- ---------- ------
incl. external debt 0 0
USD USD 837.0 22.7 837.0
also, face value USD USD 625.0 17.0 625.0 0 0
also, servicing USD USD 212.0 5.8 212.0 0 0
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*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.
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).
[2003-08-05]