In 2003 total state debt of Kazakhstan, issued as GS increased by 48.6% in terms of tenge and by 60.3% in terms of dollar along with servicing

/IRBIS, Andrey Tsalyuk, January 13, 04/ - In 2003 total state debt of Kazakhstan, issued as government securities (GS), including municipal bonds, along with the servicing (amount of coupon payments) increased in current prices by KZT177.4 bn. (48.6%) or by USD1,415.0 m. (60.3%). Specialists of IRBIS came to this conclusion after analyzing its own databases. Face value of the debt increased by KZT184.7 bn. (63.4%) or $1,428.4 m. (76.3%), amount of servicing decreased by KZT7.3 bn. (10.0%) or $13.5 m. (2.9%). The debt grew in the year 2003 by more than 70% due to issuing activity of the National Bank, which tied excessive tenge liquidity by floating its short- term notes. Its debt increased within the year by 217.5% in terms of tenge and by 242.5% in terms of dollar. It should be noted that terms of this debt has also grown. By the end of 2002 only notes with no longer than 91-day term were in circulation, and as of January 1 of 2004 maximum term was 1 year. It became possible due to changes in the rules of floatation, circulation and repayment of short-term notes, which had taken effect in the end of May of 2003. In 2003 Ministry of finance entirely refused foreign borrowings. An insignificant increase of the volume of MEKAM circulating at domestic market was the result of debt's restructuring, which was directed towards issue of longer and less profitable bonds. Domestic executive bodies still control an insignificant part of the state debt, which is in circulation as GS. During the year their stake increased at the market by one third. Following table contains more detailed information. ------------------------------------------------------------------------------ Amount and structure of debt --------------------------- Change as of for the *Currency of Dec 31, 03 period ------------ ---------------- as of ----------------- servi- Dec 31 ,02 Issuer issue cing bn KZT stake, % bn KZT m KZT % ------------------- ----- ------ ------- -------- ---------- ---------- ------ National Bank KZT KZT 205.681 37.9 64.790 +140,890.4 +217.5 ------------------- ----- ------ ------- -------- ---------- ---------- ------ Ministry of Finance 323.749 59.7 289.976 +33,772.8 +11.6 incl. face value 260.064 47.9 218.327 +41,736.5 +19.1 also, domestic GS KZT, USD KZT 169.926 31.3 121.077 +48,849.0 +40.3 also, euronotes USD USD 90.138 16.6 97.250 -7,112.5 -7.3 incl. servicing 63.685 11.7 71.649 -7,963.6 -11.1 also, domestic GS KZT, USD KZT 38.627 7.12 32.724 +5,902.5 +18.0 also, euronotes USD USD 25.058 4.62 38.924 -13,866.1 -35.6 ------------------- ----- ------ ------- -------- ---------- ---------- ------ Municipals USD KZT 12.971 2.39 10.267 +2,704.1 +26.3 incl. face value USD KZT 10.419 1.92 8.353 +2,065.7 +24.7 incl. servicing USD KZT 2.553 0.47 1.914 +638.4 +33.4 ------------------- ----- ------ ------- -------- ---------- ---------- ------ incl. Astana akimat USD KZT 5.604 1.03 4.750 +854.0 +18.0 also, face value USD KZT 4.650 0.86 3.636 +1,014.2 +27.9 also, servicing USD KZT 0.953 0.18 1.114 -160.2 -14.4 ------------------- ----- ------ ------- -------- ---------- ---------- ------ incl. Atyrau oblast USD KZT akimat 5.537 1.02 3.370 +2,166.8 +64.3 also, face value USD KZT 4.081 0.75 2.896 +1,184.7 +40.9 also, servicing USD KZT 1.456 0.27 0.474 +982.2 +207.4 ------------------- ----- ------ ------- -------- ---------- ---------- ------ incl. E-Kz USD KZT region akimat 1.831 0.34 2.148 -316.8 -14.7 also, face value USD KZT 1.688 0.31 1.821 -133.2 -7.3 also, servicing USD KZT 0.143 0.03 0.327 -183.6 -56.2 ------------------- ----- ------ ------- -------- ---------- ---------- ------ TOTAL 542.401 100.0 365.034 +177,367.3 +48.59 incl. face value 476.163 87.8 291.471 +184,692.5 +63.4 incl. Servicing 66.238 12.2 73.563 -7,325.2 -9.96 ------------------- ----- ------ ------- -------- ---------- ---------- ------ OR ------------------- ----- ------ ------- -------- ---------- ---------- ------ incl. internal debt KZT KZT 427.205 78.8 228.859 +198,345.9 +86.7 also, face value KZT KZT 386.026 71.2 194.221 +191,805.0 +98.8 also, servicing KZT KZT 41.180 7.6 34.639 +6,540.8 +18.9 ------------------- ----- ------ ------- -------- ---------- ---------- ------ incl. external debt USD USD 115.196 21.2 136.174 -20,978.6 -15.4 also, face value USD USD 90.138 16.6 97.250 -7,112.5 -7.3 also, servicing USD USD 25.058 4.6 38.924 -13,866.1 -35.6 ------------------------------------------------------------------------------ * 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 December 31, 02 - at KZT155.60. Therefore, the data shown in the table reflects 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 period ------------ ---------------- as of --------------- servi- Dec 31,02 Issuer issue cing m. USD stake, % m. USD m. USD % ------------------- ----- ------ ------- -------- --------- -------- ------ National Bank KZT KZT 1,426.2 37.9 416.4 +1,009.8 +242.5 ------------------- ----- ------ ------- -------- --------- -------- ------ Ministry of Finance 2,244.8 59.7 1,863.6 +381.2 +20.5 incl. face value 1,803.2 47.9 1,403.1 +400.1 +28.5 also, domestic GS KZT. USD KZT 1,178.2 31.3 778.1 +400.1 +51.4 also, euronotes USD USD 625.0 16.6 625.0 0 0 incl. Servicing 441.6 11.7 460.5 -18.9 -4.1 also, domestic GS KZT. USD KZT 267.8 7.12 210.3 +57.5 +27.4 also, euronotes USD USD 173.8 4.62 250.2 -76.4 -30.5 ------------------- ----- ------ ------- -------- --------- -------- ------ Municipals USD KZT 89.9 2.39 66.0 +24.0 +36.3 incl. face value USD KZT 72.2 1.92 53.7 +18.6 +34.6 incl. Servicing USD KZT 17.7 0.47 12.3 +5.4 +43.9 ------------------- ----- ------ ------- -------- --------- -------- ------ incl. Astana USD KZT akimat 38.9 1.03 30.5 +8.3 +27.3 also, face value USD KZT 32.2 0.86 23.4 +8.9 +38.0 also, servicing USD KZT 6.6 0.18 7.2 -0.5 -7.6 ------------------- ----- ------ ------- -------- --------- -------- ------ incl. Atyrau USD KZT region akimat 38.4 1.02 21.7 +16.7 +77.3 also, face value USD KZT 28.3 0.75 18.6 +9.7 +52.0 also, servicing USD KZT 10.1 0.27 3.0 +7.1 +231.7 ------------------- ----- ------ ------- -------- --------- -------- ------ incl. E-Kz region USD KZT akimat 12.7 0.34 13.8 -1.1 -8.0 also, face value USD KZT 11.7 0.31 11.7 0 0 also, servicing USD KZT 1.0 0.03 2.1 -1.1 -52.7 ------------------- ----- ------ ------- -------- --------- -------- ------ TOTAL 3,760.9 100.0 2,346.0 +1,415.0 +60.3 incl. face value 3,301.6 87.8 1,873.2 +1,428.4 +76.3 incl. Servicing 459.3 12.2 472.8 -13.5 -2.9 ------------------- ----- ------ ------- -------- --------- -------- ------ OR ------------------- ----- ------ ------- -------- --------- -------- ------ incl. internal debt KZT KZT 2,962.2 78.8 1,470.8 +1,491.4 +101.4 also, face value KZT KZT 2,676.6 71.2 1,248.2 +1,428.4 +114.4 also, servicing KZT KZT 285.5 7.6 222.6 +62.9 +28.3 ------------------- ----- ------ ------- -------- --------- -------- ------ incl. external debt USD USD 798.8 21.2 875.2 -76.4 -8.7 also, face value USD USD 625.0 16.6 625.0 0 0 also, servicing USD USD 173.8 4.6 250.2 -76.4 -30.5 --------------------------------------------------------------------------- * 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). [2004-01-13]