As of May 1 of 2004 total state debt of Kazakhstan, issued as GS, reached KZT671.8 bn. or $4,850.6 m. along with servicing

/IRBIS, Yelena Korpusenko, Andrey Tsalyuk, April 12, 04/ - As of May 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 KZT671.8 bn., or $4,850.6 m. at the rate of KZT138.50 per dollar. IRBIS specialists made such the conclusion after analyzing agency's databases. While making the analysis amounts of future payments on MEIKAM were calculated taking into consideration consumer price index registered for the period from February till April of the current year. Sine April 1 till April 30 of 2004 total debt increased by 28.8 bn. (+4.49%) tenge, in dollar equivalent (taking into account changes of the National Bank's exchange rate) - by 221.0 m. (+4.77%). Corresponding indicators of debt change in March of 2004 were +KZT34.4 bn. (+5.59%) or +$256.3 m. (+5.90%). Following table contains more detailed information. -------------------------------------------------------------------------------- Amount and structure of debt ---------------------------- as of Change *Currency of Apr 30, 04 as of for the period --------------- ----------------- Mar 31, 04 --------------- Issuer issue servicing bn. KZT stake, % bn. KZT m. KZT % ------------------- ----- --------- -------- -------- ---------- --------- ----- National Bank KZT KZT 306.693 45.7 288.889 +17,803.8 +6.2 ------------------- ----- --------- -------- -------- ---------- --------- ----- Ministry of Finance 352.822 52.5 341.646 +11,175.6 +3.3 incl. face value 287.497 42.8 273.907 +13,590.1 +5.0 also, domestic GS KZT, USD KZT 197.472 29.4 183.635 +13,837.1 +7.5 also, euronotes USD USD 90.025 13.4 90.272 -247.0 -0.3 incl. servicing 65.325 9.7 67.739 -2,414.5 -3.6 also, domestic GS KZT, USD KZT 43.619 6.5 43.159 +460.1 +1.1 also, euronotes USD USD 21.706 3.2 24.580 -2,874.6 -11.7 ------------------- ----- --------- -------- -------- ---------- --------- ----- Municipals USD KZT 12.298 1.8 12.430 -131.4 -1.1 incl. face value USD KZT 10.006 1.5 10.033 -27.5 -0.3 incl. servicing USD KZT 2.292 0.3 2.396 -104.0 -4.3 ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. Astana akimat USD KZT 5.284 0.8 5.396 -112.2 -2.1 also, face value USD KZT 4.466 0.7 4.478 -12.3 -0.3 also, servicing USD KZT 0.818 0.1 0.918 -99.9 -10.9 ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. Atyrau region USD KZT 5.282 0.8 5.297 -14.5 -0.3 akimat also, face value USD KZT 3.919 0.6 3.930 -10.8 -0.3 also, servicing USD KZT 1.363 0.2 1.367 -3.7 -0.3 ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. E-Kz USD KZT 1.732 0.3 1.737 -4.8 -0.3 region akimat also, face value USD KZT 1.621 0.2 1.625 -4.4 -0.3 also, servicing USD KZT 0.111 0.0 0.112 -0.3 -0.3 ------------------- ----- --------- -------- -------- ---------- --------- ----- TOTAL 671.813 100.0 642.965 +28,847.9 +4.49 incl. face value 604.196 89.9 572.829 +31,366.4 +5.5 incl. Servicing 67.617 10.1 70.136 -2,518.4 -3.59 ------------------- ----- --------- -------- -------- ---------- --------- ----- OR ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. internal debt KZT KZT 560.083 83.4 528.113 +31,969.6 +6.1 also, face value KZT KZT 514.171 76.5 482.557 +31,613.4 +6.6 also, servicing KZT KZT 45.912 6.8 45.556 +356.2 +0.8 ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. external debt USD USD 111.731 16.6 114.852 -3,121.6 -2.7 also, face value USD USD 90.025 13.4 90.272 -247.0 -0.3 also, servicing USD USD 21.706 3.2 24.580 -2,874.6 -11.7 -------------------------------------------------------------------------------- *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 April 30, 04 were calculated at the rate of KZT138.50 per dollar, as of March 31, 04 - at KZT138.88. 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 Apr 30,04 as of for the period --------------- ------------------ Mar 31,04 ---------------- Issuer issue servicing m. USD stake, % m. USD th. USD % ------------------- ----- --------- -------- --------- --------- ---------- ----- National Bank KZT KZT 2,214.4 45.7 2,080.1 +134,254.4 +6.5 ------------------- ----- --------- -------- --------- --------- ---------- ----- Ministry of Finance 2,547.4 52.5 2,460.0 +87,439.5 +3.6 incl. face value 2,075.8 42.8 1,972.3 +103,534.4 +5.2 also, domestic GS KZT, USD KZT 1,425.8 29.4 1,322.3 +103,534.4 +7.8 also, euronotes USD USD 650.0 13.4 650.0 0 0 incl. Servicing 471.7 9.7 487.8 -16,094.9 -3.3 also, domestic GS KZT, USD KZT 314.9 6.5 310.8 +4,174.8 +1.3 also, euronotes USD USD 156.7 3.2 177.0 -20,269.7 -11.5 ------------------- ----- --------- -------- --------- --------- ---------- ----- Municipals USD KZT 88.8 1.8 89.5 -703.2 -0.8 incl. face value USD KZT 72.2 1.5 72.2 0 0 incl. Servicing USD KZT 16.6 0.3 17.3 -703.2 -4.1 ------------------- ----- --------- -------- --------- --------- ---------- ----- incl. Astana USD KZT 38.2 0.8 38.9 -703.2 -1.8 akimat also, face value USD KZT 32.2 0.7 32.2 0 0 also, servicing USD KZT 5.9 0.1 6.6 -703.2 -10.6 ------------------- ----- --------- -------- --------- --------- ---------- ----- incl. Atyrau USD KZT 38.1 0.8 38.1 +0.0 +0.0 region akimat also, face value USD KZT 28.3 0.6 28.3 0 0 also, servicing USD KZT 9.8 0.2 9.8 0 0 ------------------- ----- --------- -------- --------- --------- ---------- ----- incl. E-Kz region USD KZT 12.5 0.3 12.5 0 0 akimat also, face value USD KZT 11.7 0.2 11.7 0 0 also, servicing USD KZT 0.8 0.0 0.8 0 0 ------------------- ----- --------- -------- --------- --------- ---------- ----- TOTAL 4,850.6 100.0 4,629.6 +220,990.7 +4.77 incl. face value 4,362.4 89.9 4,124.6 +237,788.8 +5.8 incl. Servicing 488.2 10.1 505.0 -16,798.2 -3.3 ------------------- ----- --------- -------- --------- --------- ---------- ----- OR ------------------- ----- --------- -------- --------- --------- ---------- ----- incl. internal debt KZT KZT 4,043.9 83.4 3,802.7 +241,260.4 +6.3 also, face value KZT KZT 3,712.4 76.5 3,474.6 +237,788.8 +6.8 also, servicing KZT KZT 331.5 6.8 328.0 +3,471.6 +1.1 ------------------- ----- --------- -------- --------- --------- ---------- ----- incl. external debt USD USD 806.7 16.6 827.0 -20,269.7 -2.5 also, face value USD USD 650.0 13.4 650.0 0 0 also, servicing USD USD 156.7 3.2 177.0 -20,269.7 -11.5 --------------------------------------------------------------------------------- *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. According to the data of IRBIS, issue volume of the National Bank's GS in April by amounts of floatation was KZT53,919.2 m. (in March- KZT45,886.8 m.). Moreover, the issuer paid off its liabilities, including advance repayment, in the amount of KZT26,308.5 m. (KZT29,744.4 m.). April's net-borrowing balance of the National Bank at GS market totaled positive KZT27,610.7 m. Corresponding index of March - positive KZT16,142.4 m. The Ministry of finance borrowed in April KZT18,790.9 m. due to МЕКАМ floatation (in March - KZT6,263.1 m.), and redeemed securities in the amount of KZT8,825.2 m. (KZT2,473.8 m.). Total sum of coupon payments equaled to KZT4,433.7 m. (659.3 m.). April's net-borrowing balance of the Ministry of finance is estimated by IRBIS as positive KZT5,532.0 m. (in March - positive KZT2,859.8 m.). Total April's net-borrowing balance of all Kazakhstan GS issuers (including domestic executive bodies) is estimated by IRBIS as positive KZT33,045.6 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 March of 2004 - positive KZT18,967.1 m. Presented data gives evidence that April's primary GS market differed from March's one with growth of activity of the Ministry of finance. The three-fold growth of borrowing volume, in all probability, was caused by the necessity to pay coupon on euronotes of the third issue, and also by the considerable volume of the current servicing of internal debt in April. As the result total growth of the state debt issued as GS in April was provided by 48% by the Ministry of finance and by 62% - by the National Bank, which continued to tie superfluous tenge liquidity. 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. As regards domestic bonds the agency's databases were adjusted according to data presented to IRBIS by Central depository of securities CJSC (Almaty). [2004-05-12]