As of January 1 of 2004 total state debt of Kazakhstan, issued as GS, reached KZT542.4 bn or $3,760.9 m along with servicing

/IRBIS, Elena Korpusenko, Andrey Tsalyuk, January 13, 04/ - As of January 1, 2004 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 KZT542.4 bn., or $3,760.9 m. at the rate KZT144.22 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 October to December of the current year. Since December 1 through December 31, 2003 total debt increased by 15,659.7 m. (+2.97%) in tenge, in dollar equivalent (taking into account change of the rate set by the National Bank) - by 168,611.6 th. (+4.69%). Corresponding figures of debt changing in November were +KZT3,110.6 m. (-0.59%) or +$12,960.9 th. (+0.36%). Following table contains more detailed information. ------------------------------------------------------------------------------- Amount and structure of debt --------------------------- Change as of for the *Currency of Dec 31, 03 as of period --------------- ---------------- Nov 30 ,03 --------------- Issuer issue servicing bn KZT stake, % bn KZT m KZT % ------------------- ----- --------- ------- -------- ---------- --------- ----- National Bank KZT KZT 205.681 37.9 183.083 +22,597.2 +12.3 ------------------- ----- --------- ------- -------- ---------- --------- ----- Ministry of Finance 323.749 59.7 330.334 -6,585.5 -2.0 incl. face value 260.064 47.9 265.517 -5,453.4 -2.1 also, domestic GS KZT, USD KZT 169.926 31.3 173.873 -3,947.2 -2.3 also, euronotes USD USD 90.138 16.6 91.644 -1,506.2 -1.6 incl. servicing 63.685 11.7 64.817 -1,132.1 -1.7 also, domestic GS KZT, USD KZT 38.627 7.1 39.340 -713.4 -1.8 also, euronotes USD USD 25.058 4.6 25.477 -418.7 -1.6 ------------------- ----- --------- ------- -------- ---------- --------- ----- Municipals USD KZT 12.971 2.4 13.323 -352.0 -2.6 incl. face value USD KZT 10.419 1.9 10.593 -174.1 -1.6 incl. servicing USD KZT 2.553 0.5 2.730 -177.9 -6.5 ------------------- ----- --------- ------- -------- ---------- --------- ----- incl. Astana akimat USD KZT 5.604 1.0 5.799 -195.7 -3.4 also, face value USD KZT 4.650 0.9 4.728 -77.7 -1.6 also, servicing USD KZT 0.953 0.2 1.072 -118.0 -11.0 ------------------- ----- --------- ------- -------- ---------- --------- ----- incl. Atyrau region USD KZT 5.537 1.0 5.629 -92.5 -1.6 akimat also, face value USD KZT 4.081 0.8 4.149 -68.2 -1.6 also, servicing USD KZT 1.456 0.3 1.480 -24.3 -1.6 ------------------- ----- --------- ------- -------- ---------- --------- ----- incl. E-Kz USD KZT 1.831 0.3 1.895 -63.7 -3.4 region akimat also, face value USD KZT 1.688 0.3 1.716 -28.2 -1.6 also, servicing USD KZT 0.143 0.0 0.179 -35.5 -19.9 ------------------- ----- --------- ------- -------- ---------- --------- ----- TOTAL 542.401 100.0 526.741 +15,659.7 +2.97 incl. face value 476.163 87.8 459.194 +16,969.6 +3.7 incl. Servicing 66.238 12.2 67.548 -1,310.0 -1.94 ------------------- ----- --------- ------- -------- ---------- --------- ----- OR ------------------- ----- --------- ------- -------- ---------- --------- ----- incl. internal debt KZT KZT 427.205 78.8 409.621 +17,584.7 +4.3 also, face value KZT KZT 386.026 71.2 367.550 +18,475.9 +5.0 also, servicing KZT KZT 41.180 7.6 42.071 -891.2 -2.1 ------------------- ----- --------- ------- -------- ---------- --------- ----- incl. external debt USD USD 115.196 21.2 117.121 -1,925.0 -1.6 also, face value USD USD 90.138 16.6 91.644 -1,506.2 -1.6 also, servicing USD USD 25.058 4.6 25.477 -418.7 -1.6 ------------------------------------------------------------------------------- * 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 December 31, 03 were calculated at KZT144.22 per dollar rate, as of November 30, 03 - at KZT146.63. 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 -------------------------- Change as of for the *Currency of Dec 31,03 as of period --------------- ---------------- Nov 30,03 ---------------- Issuer issue servicing m. USD stake, % m. USD th. USD % ------------------- ----- --------- ------- -------- --------- ---------- ----- National Bank KZT KZT 1,426.2 37.9 1,248.6 +177,550.4 +14.2 ------------------- ----- --------- ------- -------- --------- ---------- ----- Ministry of Finance 2,244.8 59.7 2,252.8 -8,016.7 -0.4 incl. face value 1,803.2 47.9 1,810.8 -7,553.8 -0.4 also, domestic GS KZT. USD KZT 1,178.2 31.3 1,185.8 -7,553.8 -0.6 also, euronotes USD USD 625.0 16.6 625.0 0 0 incl. Servicing 441.6 11.7 442.0 -462.9 -0.1 also, domestic GS KZT. USD KZT 267.8 7.1 268.3 -462.9 -0.2 also, euronotes USD USD 173.8 4.6 173.8 +0.0 +0.0 ------------------- ----- --------- ------- -------- --------- ---------- ----- Municipals USD KZT 89.9 2.4 90.9 -922.1 -1.0 incl. face value USD KZT 72.2 1.9 72.2 0 0 incl. Servicing USD KZT 17.7 0.5 18.6 -922.1 -5.0 ------------------- ----- --------- ------- -------- --------- ---------- ----- incl. Astana USD KZT 38.9 1.0 39.6 -696.2 -1.8 akimat also, face value USD KZT 32.2 0.9 32.2 0 0 also, servicing USD KZT 6.6 0.2 7.3 -696.2 -9.5 ------------------- ----- --------- ------- -------- --------- ---------- ----- incl. Atyrau USD KZT 38.4 1.0 38.4 0 0 region akimat also, face value USD KZT 28.3 0.8 28.3 0 0 also, servicing USD KZT 10.1 0.3 10.1 0 0 ------------------- ----- --------- ------- -------- --------- ---------- ----- incl. E-Kz region USD KZT 12.7 0.3 12.9 -225.9 -1.7 akimat also, face value USD KZT 11.7 0.3 11.7 0 0 also, servicing USD KZT 1.0 0.0 1.2 -225.9 -18.5 ------------------- ----- --------- ------- -------- --------- ---------- ----- TOTAL 3,760.9 100.0 3,592.3 +168,611.6 +4.69 incl. face value 3,301.6 87.8 3,131.6 +169,996.6 +5.4 incl. Servicing 459.3 12.2 460.7 -1,385.0 -0.3 ------------------- ----- --------- ------- -------- --------- ---------- ----- OR ------------------- ----- --------- ------- -------- --------- ---------- ----- incl. internal debt KZT KZT 2,962.2 78.8 2,793.6 +168,611.6 +6.0 also, face value KZT KZT 2,676.6 71.2 2,506.6 +169,996.6 +6.8 also, servicing KZT KZT 285.5 7.6 286.9 -1,385.0 -0.5 ------------------- ----- --------- ------- -------- --------- ---------- ----- incl. external debt USD USD 798.8 21.2 798.8 0 0 also, face value USD USD 625.0 16.6 625.0 0 0 also, servicing USD USD 173.8 4.6 173.8 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. According to the data of IRBIS, issue volume of the National Bank's GS in December by amounts of floatation did not exceed KZT54,946.7 m. (in November - KZT29,963.1 m.). Moreover, the issuer paid off its liabilities, including advance repayment, in the amount of KZT33,186.8 m. (KZT34,085.2 m.). Net-borrowing balance in December of the National Bank at GS market totaled positive KZT21,186.8 m. Corresponding index of November - negative KZT4,122.1 m. The Ministry of finance borrowed in December KZT18,185.0 m. (in November -KZT15,335.2 m.) thanks to МЕКАМ floatation and redeemed securities, including advance repayment, in the amount of KZT23,825.7 m. (KZT13,139.4 m.). Total sum of coupon payments equaled to KZT1,214.3 m. (3,581.8 m.). December's net-borrowing balance of the Ministry of finance is estimated by IRBIS as negative KZT6,909.0 m. (in November - negative KZT1,386.0 m.). Total December's net-borrowing balance of all Kazakhstan GS issuers (including domestic executive bodies) is estimated by IRBIS as positive KZT14,717.8 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 National Bank's issuing activity, which significantly increased in December, it was caused by purchasing of big volumes of US dollars at domestic market. National Bank had to tie issued to circulation tenge with new notes in order to prevent too quick growth of free money supply. Thus, increase of the government debt in December occurred exceptionally by the initiative of the country's head bank. Volume of borrowings of the Ministry of finance and municipal bodies in the last month of the year was decreasing both in dollar and in tenge expression. 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). [2004-01-13]