As of March 1 of 2004 total state debt of Kazakhstan, issued as GS, reached KZT604.6 bn or $4,345.1 m including sevice payments

/IRBIS, Yelena Korpusenko, Andrey Tsalyuk, March 9, 04/ - As of March 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 KZT604.6 bn., or $4,345.1 m. at KZT139.15 per dollar exchange rate. IRBIS specialists drew such a conclusion after analyzing agency's databases. The analysis assumes that the amount of future payments on MEIKAM are calculated taking into consideration consumer price index registered for the period from December of the last year through February of the current year. Throughout February 2004 total debt increased by 30.8 bn. (+5.37%) in tenge, in dollar equivalent (taking into account changes in the National Bank's exchange rate) - by 229.3 bn. (+5.57%). Corresponding indicators of debt change in January of 2004 were +KZT31.4 bn. (+5.79%) or +$355.0 mn. (+9.44%). Following table contains more detailed information. -------------------------------------------------------------------------- Amount and structure of debt ------------------------- as of Change *Currency of Jan 31, 04 as of for the period ------------ -------------- Dec 31 ,03 --------------- servi- bn stake, bn m Issuer issue cing KZT % KZT KZT % ------------------- ----- ------ ------- ------ ---------- --------- ----- National Bank KZT KZT 258.888 42.8 233.035 +25,853.3 +11.1 ------------------- ----- ------ ------- ------ ---------- --------- ----- Ministry of Finance 333.249 55.1 328.214 +5,035.3 +1.5 incl. face value 267.097 44.2 263.117 +3,980.7 +1.5 also, domestic GS KZT, USD KZT 180.129 29.8 175.986 +4,143.2 +2.4 also, euronotes USD USD 86.969 14.4 87.131 -162.5 -0.2 incl. servicing 66.152 10.9 65.097 +1,054.6 +1.6 also, domestic GS KZT, USD KZT 41.974 6.9 40.875 +1,099.8 +2.7 also, euronotes USD USD 24.177 4.0 24.222 -45.2 -0.2 ------------------- ----- ------ ------- ------ ---------- --------- ----- Municipals USD KZT 12.489 2.1 12.539 -50.0 -0.4 incl. face value USD KZT 10.053 1.7 10.071 -18.8 -0.2 incl. servicing USD KZT 2.436 0.4 2.467 -31.2 -1.3 ------------------- ----- ------ ------- ------ ---------- --------- ----- incl. Astana akimat USD KZT 5.407 0.9 5.417 -10.1 -0.2 also, face value USD KZT 4.487 0.7 4.495 -8.4 -0.2 also, servicing USD KZT 0.920 0.2 0.922 -1.7 -0.2 ------------------- ----- ------ ------- ------ ---------- --------- ----- incl. Atyrau region USD KZT 5.342 0.9 5.352 -10.0 -0.2 akimat also, face value USD KZT 3.938 0.7 3.945 -7.4 -0.2 also, servicing USD KZT 1.405 0.2 1.407 -2.6 -0.2 ------------------- ----- ------ ------- ------ ---------- --------- ----- incl. E-Kz USD KZT 1.740 0.3 1.770 -29.9 -1.7 region akimat also, face value USD KZT 1.628 0.3 1.631 -3.0 -0.2 also, servicing USD KZT 0.112 0.0 0.139 -26.9 -19.4 ------------------- ----- ------ ------- ------ ---------- --------- ----- TOTAL 604.626 100.0 573.788 +30,838.6 +5.37 incl. face value 536.038 88.7 506.223 +29,815.2 +5.9 incl. Servicing 68.588 11.3 67.564 +1,023.4 +1.51 ------------------- ----- ------ ------- ------ ---------- --------- ----- OR ------------------- ----- ------ ------- ------ ---------- --------- ----- incl. internal debt KZT KZT 493.480 81.6 462.434 +31,046.3 +6.7 also, face value KZT KZT 449.070 74.3 419.092 +29,977.7 +7.2 also, servicing KZT KZT 44.411 7.3 43.342 +1,068.6 +2.5 ------------------- ----- ------ ------- ------ ---------- --------- ----- incl. external debt USD USD 111.146 18.4 111.354 -207.7 -0.2 also, face value USD USD 86.969 14.4 87.131 -162.5 -0.2 also, servicing USD USD 24.177 4.0 24.222 -45.2 -0.2 -------------------------------------------------------------------------- * 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 February 29, 04 were calculated at KZT139.15 per dollar rate, as of January 31, 04 - at KZT139.41. Therefore, the data shown in the table reflect the dynamics due to exchange rate fluctuations 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 Feb 29,04 as of for the period ------------ -------------- Jan 31,04 ---------------- servi- m. stake, m. th. Issuer issue cing USD % USD USD % ------------------- ----- ------ ------- ------ --------- ---------- ----- National Bank KZT KZT 1,860.5 42.8 1,671.6 +188,917.9 +11.3 ------------------- ----- ------ ------- ------ --------- ---------- ----- Ministry of Finance 2,394.9 55.1 2,354.3 +40,585.2 +1.7 incl. face value 1,919.5 44.2 1,887.4 +32,133.8 +1.7 also, domestic GS KZT, USD KZT 1,294.5 29.8 1,262.4 +32,133.8 +2.5 also, euronotes USD USD 625.0 14.4 625.0 0 0 incl. Servicing 475.4 10.9 466.9 +8,451.4 +1.8 also, domestic GS KZT, USD KZT 301.6 6.9 293.2 +8,451.4 +2.9 also, euronotes USD USD 173.8 4.0 173.8 -0.0 -0.0 ------------------- ----- ------ ------- ------ --------- ---------- ----- Municipals USD KZT 89.8 2.1 89.9 -191.2 -0.2 incl. face value USD KZT 72.2 1.7 72.2 -0.0 -0.0 incl. Servicing USD KZT 17.5 0.4 17.7 -191.2 -1.1 ------------------- ----- ------ ------- ------ --------- ---------- ----- incl. Astana USD KZT 38.9 0.9 38.9 0 0 akimat also, face value USD KZT 32.2 0.7 32.2 0 0 also, servicing USD KZT 6.6 0.2 6.6 +0.0 +0.0 ------------------- ----- ------ ------- ------ --------- ---------- ----- incl. Atyrau USD KZT 38.4 0.9 38.4 -0.0 -0.0 region akimat also, face value USD KZT 28.3 0.7 28.3 0 0 also, servicing USD KZT 10.1 0.2 10.1 0 0 ------------------- ----- ------ ------- ------ --------- ---------- ----- incl. E-Kz region USD KZT 12.5 0.3 12.7 -191.2 -1.5 akimat also, face value USD KZT 11.7 0.3 11.7 -0.0 -0.0 also, servicing USD KZT 0.8 0.0 1.0 -191.2 -19.2 ------------------- ----- ------ ------- ------ --------- ---------- ----- TOTAL 4,345.1 100.0 4,115.8 +229,311.8 +5.57 incl. face value 3,852.2 88.7 3,631.2 +221,051.6 +6.1 incl. Servicing 492.9 11.3 484.6 +8,260.2 +1.7 ------------------- ----- ------ ------- ------ --------- ---------- ----- OR ------------------- ----- ------ ------- ------ --------- ---------- ----- incl. internal debt KZT KZT 3,546.4 81.6 3,317.1 +229,311.8 +6.9 also, face value KZT KZT 3,227.2 74.3 3,006.2 +221,051.6 +7.4 also, servicing KZT KZT 319.2 7.3 310.9 +8,260.2 +2.7 ------------------- ----- ------ ------- ------ --------- ---------- ----- incl. external debt USD USD 798.8 18.4 798.8 0 0 also, face value USD USD 625.0 14.4 625.0 0 0 also, servicing USD USD 173.8 4.0 173.8 -0.0 -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. According to the data of IRBIS, issue volume of the National Bank's GS in February by amounts of floatation did not exceed KZT44,359.4 m. (in January- KZT58,100.2 m.). Moreover, the issuer paid off its liabilities, including advance repayment, in the amount of KZT19,966.1 m. (KZT32,734.3 m.). Net-borrowing balance in February of the National Bank at GS market totaled positive KZT24,393.3 m. Corresponding index of January - positive KZT25,365.9 m. The Ministry of finance borrowed in February KZT9,601.3 m. (in January- KZT7,676.8 m.) thanks to МЕКАМ floatation, and redeemed securities in the amount of KZT5,445.4 m. (KZT1,351.7 m.). Total sum of coupon payments equaled to KZT733.3 m. (786.8 m.). January's net-borrowing balance of the Ministry of finance is estimated by IRBIS as positive KZT3,422.6 m. (in January - plus KZT5,508.4 m.). Total January's net-borrowing balance of all Kazakhstan GS issuers (including domestic executive bodies) is estimated by IRBIS as positive KZT27,789.3 m. ("minus" sign in balance indicator means that the mentioned sum was withdrawn from issuer's budget and remained in investors' possession, "plus" sign - issuer borrowed more by the mentioned sum than redeemed). Corresponding indicator of January 2004 - positive KZT30,874.3 mn. Presented data evidence about the fact that GS primary market in February was almost the same as in January. The National bank provided the largest debt marginal increase issued in form of bonds. The central bank is actively tying idle funds at market. The agency IRBIS draws the attention of its subscribers and mass media to the fact that figures presented above is not an official data since 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, not Kazakhstan Stock Exchange (KASE). [2004-03-09]