As of April 1 of 2004 total state debt of Kazakhstan, issued as GS, reached KZT639.0 bn. or $4,601.4 m. along with servicing

/IRBIS, Yelena Korpusenko, Andrey Tsalyuk, April 6, 04/ - As of April 1, 2004 total state debt of Kazakhstan, issued as government securities (GS), including compensating (MAOKO) and municipal bonds, along with the servicing (amount of coupon payments) equaled in current prices to KZT639.0 bn., or $4,601.4 m. at KZT138.88 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 January till March of the current year. Sine March 1 till March 31 of 2004 total debt increased by 34.4 bn. (+5.69%) tenge, in dollar equivalent (taking into account changes in the National Bank's exchange rate) - by 256.3 m. (+5.90%). Corresponding indicators of debt change in February of 2004 were +KZT30.8 bn. (+5.37%) or +$229.0 m. (+5.57%). Following table contains more detailed information. ------------------------------------------------------------------------------- Amount and structure of debt --------------------------- as of as of Change *Currency of Mar 31, 04 Feb 29, 04 for the period ----------------------------------------------------------- Issuer issue servicing bn. KZT stake, % bn. KZT m. KZT % ------------------------------------------------------------------------------- National Bank KZT KZT 288.889 45.2 258.888 +30,001.3 +11.6 ------------------------------------------------------------------------------- Ministry of Finance 337.724 52.8 333.249 +4,475.3 +1.3 incl. face value 270.435 42.3 267.097 +3,337.4 +1.2 also, domestic GS KZT, USD KZT 183.635 28.7 180.129 +3,506.1 +1.9 also, euronotes USD USD 86.800 13.6 86.969 -168.8 -0.2 incl. servicing 67.290 10.5 66.152 +1,138.0 +1.7 also, domestic GS KZT, USD KZT 43.159 6.8 41.974 +1,184.9 +2.8 also, euronotes USD USD 24.130 3.8 24.177 -46.9 -0.2 ------------------------------------------------------------------------------- Municipals USD KZT 12.430 1.9 12.489 -59.3 -0.5 incl. face value USD KZT 10.033 1.6 10.053 -19.5 -0.2 incl. servicing USD KZT 2.396 0.4 2.436 -39.8 -1.6 ------------------------------------------------------------------------------- incl. Astana akimat USD KZT 5.396 0.8 5.407 -10.5 -0.2 also, face value USD KZT 4.478 0.7 4.487 -8.7 -0.2 also, servicing USD KZT 0.918 0.1 0.920 -1.8 -0.2 ------------------------------------------------------------------------------- incl. Atyrau region USD KZT 5.297 0.8 5.342 -45.4 -0.9 akimat also, face value USD KZT 3.930 0.6 3.938 -7.6 -0.2 also, servicing USD KZT 1.367 0.2 1.405 -37.8 -2.7 ------------------------------------------------------------------------------- incl. E-Kz USD KZT 1.737 0.3 1.740 -3.4 -0.2 region akimat also, face value USD KZT 1.625 0.3 1.628 -3.2 -0.2 also, servicing USD KZT 0.112 0.0 0.112 -0.2 -0.2 ------------------------------------------------------------------------------- TOTAL 639.044 100.0 604.626 +34,417.3 +5.69 incl. face value 569.357 89.1 536.038 +33,319.1 +6.2 incl. Servicing 69.686 10.9 68.588 +1,098.2 +1.60 ------------------------------------------------------------------------------- OR ------------------------------------------------------------------------------- incl. internal debt KZT KZT 528.113 82.6 493.480 +34,633.0 +7.0 also, face value KZT KZT 482.557 75.5 449.070 +33,487.9 +7.5 also, servicing KZT KZT 45.556 7.1 44.411 +1,145.1 +2.6 ------------------------------------------------------------------------------- incl. external debt USD USD 110.930 17.4 111.146 -215.7 -0.2 also, face value USD USD 86.800 13.6 86.969 -168.8 -0.2 also, servicing USD USD 24.130 3.8 24.177 -46.9 -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 March 31, 04 were calculated at the rate of KZT138.88 per dollar, as of February 29, 04 - at KZT139.15. 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 as of Change *Currency of Mar 31,04 Feb 29,04 for the period ----------------------------------------------------------- Issuer issue servicing m. USD stake, % m. USD th. USD % ------------------------------------------------------------------------------- National Bank KZT KZT 2,080.1 45.2 1,860.5 +219,640.2 +11.8 ------------------------------------------------------------------------------- Ministry of Finance 2,431.8 52.8 2,394.9 +36,880.5 +1.5 incl. face value 1,947.3 42.3 1,919.5 +27,762.2 +1.4 also, domestic GS KZT, USD KZT 1,322.3 28.7 1,294.5 +27,762.2 +2.1 also, euronotes USD USD 625.0 13.6 625.0 0 0 incl. Servicing 484.5 10.5 475.4 +9,118.3 +1.9 also, domestic GS KZT, USD KZT 310.8 6.8 301.6 +9,118.3 +3.0 also, euronotes USD USD 173.8 3.8 173.8 0 0 ------------------------------------------------------------------------------- Municipals USD KZT 89.5 1.9 89.8 -252.5 -0.3 incl. face value USD KZT 72.2 1.6 72.2 +0.0 +0.0 incl. Servicing USD KZT 17.3 0.4 17.5 -252.5 -1.4 ------------------------------------------------------------------------------- incl. Astana USD KZT 38.9 0.8 38.9 0 0 akimat also, face value USD KZT 32.2 0.7 32.2 0 0 also, servicing USD KZT 6.6 0.1 6.6 0 0 ------------------------------------------------------------------------------- incl. Atyrau USD KZT 38.1 0.8 38.4 -252.5 -0.7 region akimat also, face value USD KZT 28.3 0.6 28.3 0 0 also, servicing USD KZT 9.8 0.2 10.1 -252.5 -2.5 ------------------------------------------------------------------------------- incl. E-Kz region USD KZT 12.5 0.3 12.5 0 0 akimat also, face value USD KZT 11.7 0.3 11.7 0 0 also, servicing USD KZT 0.8 0.0 0.8 0 0 ------------------------------------------------------------------------------- TOTAL 4,601.4 100.0 4,345.1 +256,268.2 +5.90 incl. face value 4,099.6 89.1 3,852.2 +247,402.4 +6.4 incl. Servicing 501.8 10.9 492.9 +8,865.8 +1.8 ------------------------------------------------------------------------------- OR ------------------------------------------------------------------------------- incl. internal debt KZT KZT 3,802.7 82.6 3,546.4 +256,268.2 +7.2 also, face value KZT KZT 3,474.6 75.5 3,227.2 +247,402.4 +7.7 also, servicing KZT KZT 328.0 7.1 319.2 +8,865.8 +2.8 ------------------------------------------------------------------------------- incl. external debt USD USD 798.8 17.4 798.8 0 0 also, face value USD USD 625.0 13.6 625.0 0 0 also, servicing USD USD 173.8 3.8 173.8 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 March by amounts of floatation was KZT45,886.8 m. (in February- KZT44,359.4 m.). Moreover, the issuer paid off its liabilities, including advance repayment, in the amount of KZT29,744.4 m. (KZT19,966.1 m.). March's net-borrowing balance of the National Bank at GS market totaled positive KZT16,142.4 m. Corresponding index of February - positive KZT24,393.3 m. The Ministry of finance borrowed in March KZT6,263.1 m. (in February- KZT9,601.3 m.) due to МЕКАМ floatation, and redeemed securities in the amount of KZT2,743.8 m. (KZT5,445.4 m.). Total sum of coupon payments equaled to KZT659.3 m. (733.3 m.). March's net-borrowing balance of the Ministry of finance is estimated by IRBIS as positive KZT2,859.8 m. (in February - positive KZT3,422.6 m.). Total March's net-borrowing balance of all Kazakhstan GS issuers (including domestic executive bodies) is estimated by IRBIS as positive KZT18,967.1 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 February of 2004 - positive KZT27,789.3 m. Presented data gives evidence that March's primary GS market did not differ much from February's one. The biggest growth of the debt issued as bonds is still provided by the National Bank, which ties free money at the market. However its activity in this direction has significantly decreased (pro rata to the volume of dollar purchase at the market). Decrease of inflation risks has also been reflected in the work of the Ministry of finance, which finished March with less net-borrowing balance than in February. IRBIS agency 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 IRBIS agency, but not by Kazakhstan Stock Exchange (KASE). [2004-04-06]