As of October 1, 2003 total state debt of Kazakhstan, issued as GS, reached KZT528.4 bn or $3,548.0 m along with servicing

/IRBIS, October 8, 03/ - As of October 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 KZT528.4 bn, or $3,548.0 m at the rate KZT148.93 per dollar. Specialists of IRBIS came to this conclusion after making the analysis on the database of the agency. During the analysis the amount of future payments on MEIKAM were calculated along with the consumer price index, which was fixed for the period from June to August of the current year. Since September 1 through September 31, 2003 total debt decreased by 2,047.7 m (-0.39%) in tenge, in dollar equivalent (taking into account change in exchange rate set by the National Bank) - by 51,697.1 th. (- 1.44%). Corresponding figures of debt changing in August were - KZT2,429.2 m (-0.46%) or -$30,527.0 th. (-0.84%). According to the IRBIS data, volume of GS issue by the National Bank in September by sums of floatation did not exceed KZT26,747.4 m.(in August - KZT53,954.3 m.). Moreover, the issuer paid off its liabilities (including advance repayment) in the amount of KZT37,418.7 m. (KZT54,166.6 m.). Net-borrowing balance in September by the National Bank at GS market totaled to negative KZT10,671.3 m. Corresponding index of August - negative KZT212.2m. The Ministry of finance borrowed in September KZT10,549.0 m. (in August - KZT6,900.0 m.) because of МЕКАМ floatation and redeemed securities for the amount of KZT4,048.0 m (KZT816.7 mn). Total sum of coupon payments equaled to KZT461.2 m. (503.9 m.). Net-borrowing balance of the Ministry of finance in September is estimated by IRBIS as positive KZT6,039.8 m. (in August - positive KZT6,083.3 m.). From this it follows that, as in August, debt reduction in September was caused mostly by relatively poor issuing activity of the National Bank, which was offset by the Ministry of finance at the expense of new MEKAM. Following table contains more detailed information. -------------------------------------------------------------------------------- Amount and structure of debt ---------------------------- as of Change *Currency of Sep 30, 03 as of for the period --------------- ----------------- Aug 31 ,03 --------------- Issuer issue servicing bn KZT stake, % bn KZT m KZT % ------------------- ----- --------- -------- -------- ---------- --------- ----- National Bank KZT KZT 214.545 40.6 225.093 -10,547.5 -4.7 ------------------- ----- --------- -------- -------- ---------- --------- ----- Ministry of Finance 300.082 56.8 289.739 +10,342.6 +3.6 incl. face value 237.074 44.9 229.408 +7,666.1 +3.3 also, domestic GS KZT, USD KZT 143.993 27.3 137.308 +6,684.9 +4.9 also, euronotes USD USD 93.081 17.6 92.100 +981.3 +1.1 incl. servicing 63.008 11.9 60.331 +2,676.4 +4.4 also, domestic GS KZT, USD KZT 31.442 6.0 29.098 +2,343.7 +8.1 also, euronotes USD USD 31.566 6.0 31.233 +332.8 +1.1 ------------------- ----- --------- -------- -------- ---------- --------- ----- Municipals USD KZT 13.779 2.6 15.622 -1,842.8 -11.8 incl. face value USD KZT 10.759 2.0 12.521 -1,762.0 -14.1 incl. servicing USD KZT 3.020 0.57 3.101 -80.8 -2.6 ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. Astana akimat USD KZT 5.996 1.13 5.932 +63.3 +1.1 also, face value USD KZT 4.802 0.91 4.751 +50.7 +1.1 also, servicing USD KZT 1.194 0.23 1.181 +12.6 +1.1 ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. Atyrau USD KZT 5.859 1.11 7.786 -1,926.4 -24.7 region akimat also, face value USD KZT 4.214 0.80 6.046 -1,831.1 -30.3 also, servicing USD KZT 1.645 0.31 1.740 -95.3 -5.5 ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. E-Kz region USD KZT 1.924 0.36 1.904 +20.3 +1.1 akimat also, face value USD KZT 1.743 0.33 1.724 +18.4 +1.1 also, servicing USD KZT 0.182 0.03 0.180 +1.9 +1.1 ------------------- ----- --------- -------- -------- ---------- --------- ----- TOTAL 528.407 100.0 530.454 -2,047.7 -0.39 incl. face value 462.379 87.5 467.022 -4,643.4 -1.0 incl. Servicing 66.028 12.5 63.432 +2,595.7 +4.09 ------------------- ----- --------- -------- -------- ---------- --------- ----- OR ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. internal debt KZT KZT 403.759 76.4 407.121 -3,361.7 -0.8 also, face value KZT KZT 369.297 69.9 374.922 -5,624.6 -1.5 also, servicing KZT KZT 34.462 6.5 32.199 +2,262.9 +7.0 ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. external debt USD USD 124.647 23.6 123.333 +1,314.0 +1.1 also, face value USD USD 93.081 17.6 92.100 +981.3 +1.1 also, servicing USD USD 31.566 6.0 31.233 +332.8 +1.1 -------------------------------------------------------------------------------- *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 September 30, 03 were calculated at KZT148.93 per dollar rate, as of August 31, 03 - at KZT147.36. Therefore, the data shown in the table reflect the dynamics due to the exchange rate differences not to mention all other factors. Similar figures in U.S. dollars are given in the following table. -------------------------------------------------------------------------------- Amount and structure of debt ---------------------------- as of Change *Currency of Aug 31,03 as of for the period --------------- ------------------ Jul 31,03 --------------- Issuer issue servicing mln USD stake, % mln USD th. USD % ------------------- ----- --------- -------- --------- --------- --------- ----- National Bank KZT KZT 1,440.6 40.6 1,527.5 -86,924.4 -5.7 ------------------- ----- --------- -------- --------- --------- --------- ----- Ministry of Finance 2,014.9 56.8 1,966.2 +48,718.4 +2.5 incl. face value 1,591.8 44.9 1,556.8 +35,063.2 +2.3 also, domestic GS KZT, USD KZT 966.8 27.3 931.8 +35,063.2 +3.8 also, euronotes USD USD 625.0 17.6 625.0 0 0 incl. Servicing 423.1 11.9 409.4 +13,655.2 +3.3 also, domestic GS KZT, USD KZT 211.1 6.0 197.5 +13,655.2 +6.9 also, euronotes USD USD 212.0 6.0 212.0 0 0 ------------------- ----- --------- -------- --------- --------- --------- ----- Municipals USD KZT 92.5 2.6 106.0 -13,491.1 -12.7 incl. face value USD KZT 72.2 2.0 85.0 -12,727.0 -15.0 incl. Servicing USD KZT 20.3 0.57 21.0 -764.1 -3.6 ------------------- ----- --------- -------- --------- --------- --------- ----- incl. Astana USD KZT 40.3 1.13 40.3 +0.9 +0.0 akimat also, face value USD KZT 32.2 0.91 32.2 +0.6 +0.0 also, servicing USD KZT 8.0 0.23 8.0 +0.2 +0.0 ------------------- ----- --------- -------- --------- --------- --------- ----- incl. Atyrau USD KZT 39.3 1.11 52.8 -13,491.9 -25.5 region akimat also, face value USD KZT 28.3 0.80 41.0 -12,727.6 -31.0 also, servicing USD KZT 11.0 0.31 11.8 -764.3 -6.5 ------------------- ----- --------- -------- --------- --------- --------- ----- incl. E-Kz region USD KZT 12.9 0.36 12.9 0 0 akimat also, face value USD KZT 11.7 0.33 11.7 0 0 also, servicing USD KZT 1.2 0.03 1.2 0 0 ------------------- ----- --------- -------- --------- --------- --------- ----- TOTAL 3,548.0 100.0 3,599.7 -51,697.1 -1.44 incl. face value 3,104.7 87.5 3,169.3 -64,588.2 -2.0 incl. Servicing 443.3 12.5 430.5 +12,891.1 +3.0 ------------------- ----- --------- -------- --------- --------- --------- ----- OR ------------------- ----- --------- -------- --------- --------- --------- ----- incl. internal debt KZT KZT 2,711.1 76.4 2,762.8 -51,697.1 -1.9 also, face value KZT KZT 2,479.7 69.9 2,544.3 -64,588.2 -2.5 also, servicing KZT KZT 231.4 6.5 218.5 +12,891.1 +5.9 ------------------- ----- --------- -------- --------- --------- --------- ----- incl. external debt USD USD 837.0 23.6 837.0 0 0 also, face value USD USD 625.0 17.6 625.0 0 0 also, servicing USD USD 212.0 6.0 212.0 0 0 -------------------------------------------------------------------------------- * 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 cited above is not official data hence it was obtained through the analysis of the information on primary GS market using 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). [2003-10-08]