As of November 1, 2003 total state debt of Kazakhstan, issued as GS, reached KZT529.9 bn or $3,579.4 m along with servicing

/IRBIS, November 13, 03/ - As of November 1, 2003 total state debt of Kazakhstan, issued as government securities (GS), including compensative (MAOKO) and municipal bonds, along with the servicing (amount of coupon payments) equaled in current prices to KZT529.9 bn, or $3,579.4 m at the rate KZT148.03 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 considering consumer price index, which was fixed for the period from August to October of the current year. Since October 1 through October 31, 2003 total debt increased by 1,445.4 m (+0.27%) in tenge, in dollar equivalent (taking into account change in exchange rate set by the National Bank) - by 31,335.9 th. (+0.88%). Corresponding figures of debt changing in September were -KZT2,047.7 m (-0.39%) or -$51,697.1 th. (-1.44%). According to the IRBIS data, volume of GS issue by the National Bank in October by amounts of floatation did not exceed KZT19,202.3 m.(in September - KZT26,747.4 m.). Moreover, the issuer paid off its liabilities, including advance repayment, in the amount of KZT49,324.5 m. (KZT37,418.7 m.). Net-borrowing balance in October by the National Bank at GS market totaled to negative KZT30,122.3 m. Corresponding index of September - negative KZT10,671.3 m. The Ministry of finance borrowed in October KZT38,325.9 m. (in September - only KZT10,549.0 m.) thanks toМЕКАМ floatation and redeemed securities, including advance repayment, for the amount of KZT14,306.7 m (KZT4,048.0 mn). Total sum of coupon payments including servicing equaled to KZT3,695.5 m. (461.2 m.). Net-borrowing balance of the Ministry of finance in October is estimated by IRBIS at positive KZT24,019.2 m. (in September - positive KZT6,039.8 m.). From this it follows that in October debt change issued in form of GS, was mostly influenced by high issuing activity of the Ministry of Finance, which offset decrease of market capitalization of short-term notes of the National bank. Following table contains more detailed information. -------------------------------------------------------------------------------- Amount and structure of debt ---------------------------- as of Change *Currency of Oct 31, 03 as of for the period --------------- ----------------- Sep 30 ,03 --------------- Issuer issue servicing bn KZT stake, % bn KZT m KZT % ------------------- ----- --------- -------- -------- ---------- --------- ----- National Bank KZT KZT 184.949 34.9 214.545 -29,596.3 -13.8 ------------------- ----- --------- -------- -------- ---------- --------- ----- Ministry of Finance 331.312 62.5 300.082 +31,229.7 +10.4 incl. face value 264.309 49.9 237.074 +27,234.5 +11.5 also, domestic GS KZT, USD KZT 171.790 32.4 143.993 +27,797.0 +19.3 also, euronotes USD USD 92.519 17.5 93.081 -562.5 -0.6 incl. servicing 67.003 12.6 60.008 +3,995.1 +6.3 also, domestic GS KZT, 38.401 USD KZT 7.2 31.442 +6,959.1 +22.1 also, euronotes USD USD 28.602 5.4 31.566 -2,964.0 -9.4 ------------------- ----- --------- -------- -------- ---------- --------- ----- Municipals USD KZT 13.591 2.6 13.779 -187.9 -1.4 incl. face value USD KZT 10.694 2.0 10.759 -65.0 -0.6 incl. servicing USD KZT 2.897 0.55 3.020 -122.9 -4.1 ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. Astana akimat USD KZT 5.855 1.10 5.996 -140.9 -2.4 also, face value USD KZT 4.773 0.90 4.802 -29.0 -0.6 also, servicing USD KZT 1.082 0.20 1.194 -111.9 -9.4 ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. Atyrau region USD KZT 5.824 1.10 5.859 -35.4 -0.6 akimat also, face value USD KZT 4.189 0.79 4.214 -25.5 -0.6 also, servicing USD KZT 1.635 0.31 1.645 -9.9 -0.6 ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. E-Kz USD KZT 1.913 0.36 1.924 -11.6 -0.6 region akimat also, face value USD KZT 1.732 0.33 1.743 -10.5 -0.6 also, servicing USD KZT 0.181 0.03 0.182 -1.1 -0.6 ------------------- ----- --------- -------- -------- ---------- --------- ----- TOTAL 529.852 100.0 528.407 +1,445.4 +0.27 incl. face value 459.952 86.8 462.379 -2,426.8 -0.5 incl. Servicing 69.900 13.2 66.028 +3,872.2 +5.86 ------------------- ----- --------- -------- -------- ---------- --------- ----- OR ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. internal debt KZT KZT 408.731 77.1 403.759 +4,972.0 +1.2 also, face value KZT KZT 367.433 69.3 369.297 -1,864.3 -0.5 also, servicing KZT KZT 41.298 7.8 34.462 +6,836.2 +19.8 ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. external debt USD USD 121.121 22.9 124.647 -3,526.5 -2.8 also, face value USD USD 92.519 17.5 93.081 -562.5 -0.6 also, servicing USD USD 28.602 5.4 31.566 -2,964.0 -9.4 -------------------------------------------------------------------------------- *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 October 31, 03 were calculated at KZT148.03 per dollar rate, as of September 30, 03 - at KZT148.93. 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 1,249.4 34.9 1,440.6 -191,175.9 -13.3 ------------------- ----- --------- -------- --------- --------- ---------- ----- Ministry of Finance 2,238.1 62.5 2,014.9 +223,218.9 +11.1 incl. face value 1,785.5 49.9 1,591.8 +193,658.0 +12.2 also, domestic GS KZT. USD KZT 1,160.5 32.4 966.8 +193,658.0 +20.0 also, euronotes USD USD 625.0 17.5 625.0 0 0 incl. Servicing 452.6 12.6 423.1 +29,560.9 +7.0 also, domestic GS KZT. USD KZT 259.4 7.2 211.1 +48,295.3 +22.9 also, euronotes USD USD 193.2 5.4 212.0 -18,734.4 -8.8 ------------------- ----- --------- -------- --------- --------- ---------- ----- Municipals USD KZT 91.8 2.6 92.5 -707.1 -0.8 incl. face value USD KZT 72.2 2.0 85.0 -0.0 -0.0 incl. Servicing USD KZT 19.6 0.5 21.0 -707.1 -3.5 ------------------- ----- --------- -------- --------- --------- ---------- ----- incl. Astana USD KZT 39.6 1.1 40.3 -707.1 -1.8 akimat also, face value USD KZT 32.2 0.9 32.2 0 0 also, servicing USD KZT 7.3 0.2 8.0 -707.1 -8.8 ------------------- ----- --------- -------- --------- --------- ---------- ----- incl. Atyrau USD KZT 39.3 1.1 52.8 0 0 region akimat also, face value USD KZT 28.3 0.8 41.0 0 0 also, servicing USD KZT 11.0 0.3 11.8 0 0 ------------------- ----- --------- -------- --------- --------- ---------- ----- incl. E-Kz region USD KZT 12.9 0.4 12.9 0 0 akimat also, face value USD KZT 11.7 0.3 11.7 0 0 also, servicing USD KZT 1.2 0.0 1.2 0 0 ------------------- ----- --------- -------- --------- --------- ---------- ----- TOTAL 3,579.4 100.0 3,599.7 +31,335.9 +0.88 incl. face value 3,107.2 86.8 3,169.3 +2,482.2 +0.1 incl. Servicing , , 472.2 13.2 430.5 +28,853.8 +6.5 ------------------- ----- --------- -------- --------- --------- ---------- ----- OR , , ------------------- ----- --------- -------- --------- --------- ---------- ----- incl. internal debt KZT KZT 2,761.1 77.1 2,762.8 +50,070.3 +1.8 also, face value KZT KZT 2,482.2 69.3 2,544.3 +2,482.2 +0.1 also, servicing KZT KZT 279.0 7.8 218.5 +47,588.2 +20.6 ------------------- ----- --------- -------- --------- --------- ---------- ----- incl. external debt USD USD 818.2 22.9 837.0 -18,734.4 -2.2 also, face value USD USD 625.0 17.5 625.0 0 0 also, servicing USD USD 193.2 5.4 212.0 -18,734.4 -8.8 --------------------------------------------------------------------------------- *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). [2003-11-13]