As of December 1, 2003 total state debt of Kazakhstan, issued as GS, reached KZT526.7 bn or $3,592.3 m along with servicing

/IRBIS, December 10, 03/ - As of December 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 KZT526.7 bn, or $3,592.3 m at the rate KZT146.63 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 September to November of the current year. Since November 1 through November 30, 2003 total debt decreased by 3,110.6 m (-0.59%) in tenge, in dollar equivalent (taking into account change in exchange rate set by the National Bank) - increased by 12,960.9 th. (+0.36%). Corresponding figures of debt changing in October were +KZT1,445.4 m (+0.27%) or +$31,335.9 th. (+0.88%). Following table contains more detailed information. ------------------------------------------------------------------------------- Amount and structure of debt ---------------------------- as of Change *Currency of Nov 30, 03 as of for the period --------------- ----------------- Oct 31 ,03 -------------- Issuer issue servicing bn KZT stake, % bn KZT m KZT % ------------------- ----- --------- -------- -------- ---------- -------- ----- National Bank KZT KZT 183.083 34.8 184.949 -1,865.6 -1.0 ------------------- ----- --------- -------- -------- ---------- -------- ----- Ministry of Finance 330.334 62.7 331.312 -977.3 -0.3 incl. face value 265.517 50.4 264.309 +1,208.4 +0.5 also, domestic GS KZT, USD KZT 173.873 33.0 171.790 +2,083.4 +1.2 also, euronotes USD USD 91.644 17.4 92.519 -875.0 -0.9 incl. servicing 64.817 12.3 67.003 -2,185.7 -3.3 also, domestic GS KZT, USD KZT 39.340 7.5 38.401 +939.5 +2.4 also, euronotes USD USD 25.477 4.8 28.602 -3,125.2 -10.9 ------------------- ----- --------- -------- -------- ---------- -------- ----- Municipals USD KZT 13.323 2.5 13.591 -267.8 -2.0 incl. face value USD KZT 10.593 2.0 10.694 -101.1 -0.9 incl. servicing USD KZT 2.730 0.5 2.897 -166.7 -5.8 ------------------- ----- --------- -------- -------- ---------- -------- ----- incl. Astana akimat USD KZT 5.799 1.1 5.855 -55.4 -0.9 also, face value USD KZT 4.728 0.9 4.773 -45.1 -0.9 also, servicing USD KZT 1.072 0.2 1.082 -10.2 -0.9 ------------------- ----- --------- -------- -------- ---------- -------- ----- incl. Atyrau region USD KZT 5.629 1.1 5.824 -194.4 -3.3 akimat also, face value USD KZT 4.149 0.8 4.189 -39.6 -0.9 also, servicing USD KZT 1.480 0.3 1.635 -154.7 -9.5 ------------------- ----- --------- -------- -------- ---------- -------- ----- incl. E-Kz USD KZT 1.895 0.4 1.913 -18.1 -0.9 region akimat also, face value USD KZT 1.716 0.3 1.732 -16.4 -0.9 also, servicing USD KZT 0.179 0.0 0.181 -1.7 -0.9 ------------------- ----- --------- -------- -------- ---------- -------- ----- TOTAL 526.741 100.0 529.852 -3,110.6 -0.59 incl. face value 459.194 87.2 459.952 -758.3 -0.2 incl. Servicing 67.548 12.8 69.900 -2,352.4 -3.37 ------------------- ----- --------- -------- -------- ---------- -------- ----- OR ------------------- ----- --------- -------- -------- ---------- -------- ----- incl. internal debt KZT KZT 409.621 77.8 408.731 +889.6 +0.2 also, face value KZT KZT 367.550 69.8 367.433 +116.7 +0.0 also, servicing KZT KZT 42.071 8.0 41.298 +772.8 +1.9 ------------------- ----- --------- -------- -------- ---------- -------- ----- incl. external debt USD USD 117.121 22.2 121.121 -4,000.2 -3.3 also, face value USD USD 91.644 17.4 92.519 -875.0 -0.9 also, servicing USD USD 25.477 4.8 28.602 -3,125.2 -10.9 ------------------------------------------------------------------------------- *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 November 30, 03 were calculated at KZT146.63 per dollar rate, as of October 31, 03 - at KZT148.03. Therefore, the data shown in the table reflect the dynamics due to the exchange rate differences besides 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 Nov 30,03 as of for the period --------------- ---------------- Oct 31,03 --------------- Issuer issue servicing m. USD stake, % m. USD th. USD % ------------------- ----- --------- ------- -------- --------- --------- ----- National Bank KZT KZT 1,248.6 34.8 1,249.4 -793.8 -0.1 ------------------- ----- --------- ------- -------- --------- --------- ----- Ministry of Finance 2,252.8 62.7 2,238.1 +14,704.6 +0.7 incl. face value 1,810.8 50.4 1,785.5 +25,289.2 +1.4 also, domestic GS KZT. USD KZT 1,185.8 33.0 1,160.5 +25,289.2 +2.2 also, euronotes USD USD 625.0 17.4 625.0 0 0 incl. Servicing 442.0 12.3 452.6 -10,584.6 -2.3 also, domestic GS KZT. USD KZT 268.3 7.5 259.4 +8,884.1 +3.4 also, euronotes USD USD 173.8 4.8 193.2 -19,468.8 -10.1 ------------------- ----- --------- ------- -------- --------- --------- ----- Municipals USD KZT 90.9 2.5 91.8 -949.9 -1.0 incl. face value USD KZT 72.2 2.0 72.2 0 +0.0 incl. Servicing USD KZT 18.6 0.5 19.6 -949.9 -4.9 ------------------- ----- --------- ------- -------- --------- --------- ----- incl. Astana USD KZT 39.6 1.1 39.6 0 0 akimat also, face value USD KZT 32.2 0.9 32.2 0 0 also, servicing USD KZT 7.3 0.2 7.3 0 0 ------------------- ----- --------- ------- -------- --------- --------- ----- incl. Atyrau USD KZT 38.4 1.1 39.3 -949.9 -2.4 region akimat also, face value USD KZT 28.3 0.8 28.3 0 0 also, servicing USD KZT 10.1 0.3 11.0 -949.9 -8.6 ------------------- ----- --------- ------- -------- --------- --------- ----- 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 3,592.3 100.0 3,579.4 +12,960.9 +0.36 incl. face value 3,131.6 87.2 3,107.2 +24,495.4 +0.8 incl. Servicing 460.7 12.8 472.2 -11,534.5 -2.4 ------------------- ----- --------- ------- -------- --------- --------- ----- OR ------------------- ----- --------- ------- -------- --------- --------- ----- incl. internal debt KZT KZT 2,793.6 77.8 2,761.1 +32,429.7 +1.2 also, face value KZT KZT 2,506.6 69.8 2,482.2 +24,495.4 +1.0 also, servicing KZT KZT 286.9 8.0 279.0 +7,934.3 +2.8 ------------------- ----- --------- ------- -------- --------- --------- ----- incl. external debt USD USD 798.8 22.2 818.2 -19,468.8 -2.4 also, face value USD USD 625.0 17.4 625.0 0 0 also, servicing USD USD 173.8 4.8 193.2 -19,468.8 -10.1 ------------------------------------------------------------------------------ *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. According to the data of IRBIS, volume of GS issue by the National Bank in November by amounts of floatation did not exceed KZT29,963.1 m.(in October - KZT19,202.3 m.). Moreover, the issuer paid off its liabilities, including advance repayment, in the amount of KZT32,885.2 m. (KZT49,324.5 m.). Net-borrowing balance in November by the National Bank at GS market totaled negative KZT2,922.1 m. Corresponding index of September - negative KZT30,122.3 m. The Ministry of finance borrowed in November KZT15,335.2 m. (in October - KZT38,325.9 m.) thanks toМЕКАМ floatation and redeemed securities, including advance repayment, in the amount of KZT16,721.2 m (KZT14,306.7 m.). Total sum of coupon payments including euronotes servicing equaled to KZT3,581.8 m. (3,695.5 m.). November's net-borrowing balance of the Ministry of finance is estimated by IRBIS as negative KZT1,386.0 m. (in October - positive KZT24,019.2 m.). Total November's net-borrowing balance of all Kazakhstan GS issuers (including domestic executive bodies) is estimated by IRBIS as negative KZT4,448.2 m. (sign "minus" in balance indicator means that the mentioned sum was withdrawn from issuer's budget and remained in investors' possession, sign "plus" - issuer borrowed more by the mentioned sum than redeemed). The shown data gives evidence about fundamental changing of the behavior strategy by the National Bank at the primary GS market in November relative to October. Most probably, it was caused by November's passivity of the Ministry of finance in this sector. In October money coming to the market from notes repayment were almost in full volume taken by the Ministry of finance through МЕОКАМ floatation, and in November issuing activity of the Ministry of finance decreased two times. In presence of growing inflation risks it made the National Bank to increase net-borrowing balance in November at GS market in its own favor and finish the month with almost zero balance. The described behavior of major GS issuers resulted in November in minimal changing of state debt issued as bonds. 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). [2003-12-10]