As of June 1 of 2004 total state debt of Kazakhstan, issued as GS, reached KZT681.2 bn. or $4,960.2 m. along with servicing

/IRBIS, Yelena Korpusenko, Andrey Tsalyuk, June 8, 04/ - As of June 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 KZT681.2 bn., or $4,960.2 m. at the rate of KZT137.34 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 March till May of the current year. Sine May 1 till May 31 of 2004 total debt increased by 9.4 bn. (+1.40%) tenge, in dollar equivalent (taking into account changes of the National Bank's exchange rate) - by 109.5 m. (+2.26%). Corresponding indicators of debt change in April of 2004 were +KZT28.8 bn. (+4.49%) or $221.0 m. (+4.77%). Following table contains more detailed information. ----------------------------------------------------------------------------- Amount and structure of debt ---------------------------- as of Change *Currency of May 31, 04 for the period ------------ ----------------- as of --------------- servi- Apr 30, 04 Issuer issue cing bn. KZT stake, % bn. KZT m. KZT % ------------------- ----- ------ -------- -------- ---------- --------- ----- National Bank KZT KZT 317.771 46.6 306.693 +11,077.8 +3.6 ------------------- ----- ------ -------- -------- ---------- --------- ----- Ministry of Finance 351.395 51.6 352.822 -1,426.4 -0.4 incl. face value 290.070 42.6 287.497 +2,572.8 +0.9 also, domestic GS KZT, USD KZT 200.799 29.5 197.472 +3,326.8 +1.7 also, euronotes USD USD 89.271 13.1 90.025 -754.0 -0.8 incl. servicing 61.326 9.0 65.325 -3,999.2 -6.1 also, domestic GS KZT, USD KZT 42.476 6.2 43.619 -1,143.5 -2.6 also, euronotes USD USD 18.850 2.8 21.706 -2,855.6 -13.2 ------------------- ----- ------ -------- -------- ---------- --------- ----- Municipals USD KZT 12.062 1.8 12.298 -235.8 -1.9 incl. face value USD KZT 9.920 1.5 10.006 -85.4 -0.9 incl. servicing USD KZT 2.142 0.3 2.292 -150.4 -6.6 ------------------- ----- ------ -------- -------- ---------- --------- ----- incl. Astana akimat USD KZT 5.240 0.8 5.284 -44.3 -0.8 also, face value USD KZT 4.428 0.7 4.466 -37.4 -0.8 also, servicing USD KZT 0.811 0.1 0.818 -6.9 -0.8 ------------------- ----- ------ -------- -------- ---------- --------- ----- incl. Atyrau region USD KZT 5.107 0.7 5.282 -175.4 -3.3 akimat also, face value USD KZT 3.886 0.6 3.919 -32.8 -0.8 also, servicing USD KZT 1.220 0.2 1.363 -142.6 -10.5 ------------------- ----- ------ -------- -------- ---------- --------- ----- incl. E-Kz USD KZT 1.717 0.3 1.732 -14.5 -0.8 region akimat also, face value USD KZT 1.607 0.2 1.621 -13.6 -0.8 also, servicing USD KZT 0.110 0 0.111 -0.9 -0.8 ------------------- ----- ------ -------- -------- ---------- --------- ----- TOTAL 681.230 100.0 671.813 +9,417.2 +1.40 incl. face value 617.763 90.7 604.196 +13,566.7 +2.2 incl. Servicing 63.468 9.3 67.617 -4,149.5 -6.14 ------------------- ----- ------ -------- -------- ---------- --------- ----- OR ------------------- ----- ------ -------- -------- ---------- --------- ----- incl. internal debt KZT KZT 573.109 84.1 560.083 +13,026.8 +2.3 also, face value KZT KZT 528.492 77.6 514.171 +14,320.7 +2.8 also, servicing KZT KZT 44.618 6.5 45.912 -1,293.9 -2.8 ------------------- ----- ------ -------- -------- ---------- --------- ----- incl. external debt USD USD 108.121 15.9 111.731 -3,609.6 -3.2 also, face value USD USD 89.271 13.1 90.025 -754.0 -0.8 also, servicing USD USD 18.850 2.8 21.706 -2,855.6 -13.2 ----------------------------------------------------------------------------- * 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 May 31, 04 were calculated at the rate of KZT137.34 per dollar, as of April 30, 04 - at KZT138.50. 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 May 31,04 for the period ------------ ----------------- as of ---------------- servi- Apr 30 ,04 Issuer issue cing m. USD stake, % m. USD th. USD % ------------------- ----- ------ -------- -------- ---------- ---------- ----- National Bank KZT KZT 2,313.8 46.6 2 214.4 +99,362.5 +4.5 ------------------- ----- ------ -------- -------- ---------- ---------- ----- Ministry of Finance 2,558.6 51.6 2 547.4 +11,130.5 +0.4 incl. face value 2,112.1 42.6 2 075.8 +36,265.4 +1.7 also, domestic GS KZT, USD KZT 1,462.1 29.5 1 425.8 +36,265.4 +2.5 also, euronotes USD USD 650.0 13.1 650.0 0 0 incl. Servicing 446.5 9.0 471.7 -25,134.9 -5.3 also, domestic GS KZT, USD KZT 309.3 6.2 314.9 -5,666.2 -1.8 also, euronotes USD USD 137.3 2.8 156.7 -19,468.8 -12.4 ------------------- ----- ------ -------- -------- ---------- ---------- ----- Municipals USD KZT 87.8 1.8 88.8 -967.0 -1.1 incl. face value USD KZT 72.2 1.5 72.2 -11.9 -0.0 incl. Servicing USD KZT 15.6 0.3 16.6 -955.1 -5.8 ------------------- ----- ------ -------- -------- ---------- ---------- ----- incl. Astana USD KZT 38.2 0.8 38.2 0 0 akimat also, face value USD KZT 32.2 0.7 32.2 0 0 also, servicing USD KZT 5.9 0.1 5.9 0 0 ------------------- ----- ------ -------- -------- ---------- ---------- ----- incl. Atyrau USD KZT 37.2 0.7 38.1 -955.1 -2.5 region akimat also, face value USD KZT 28.3 0.6 28.3 0 0 also, servicing USD KZT 8.9 0.2 9.8 -955.1 -9.7 ------------------- ----- ------ -------- -------- ---------- ---------- ----- 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 0.8 0 0 ------------------- ----- ------ -------- -------- ---------- ---------- ----- TOTAL 4,960.2 100.0 4 850.6 +109,538.0 +2.26 incl. face value 4,498.1 90.7 4 362.4 +135,628.0 +3.1 incl. Servicing 462.1 9.3 488.2 -26,090.0 -5.3 ------------------- ----- ------ -------- -------- ---------- ---------- ----- OR ------------------- ----- ------ -------- -------- ---------- ---------- ----- incl. internal debt KZT KZT 4,172.9 84.1 4 043.9 +129,006.7 +3.2 also, face value KZT KZT 3,848.1 77.6 3 712.4 +135,628.0 +3.7 also, servicing KZT KZT 324.9 6.5 331.5 -6,621.2 -2.0 ------------------- ----- ------ -------- -------- ---------- ---------- ----- incl. external debt USD USD 787.3 15.9 806.7 -19,468.8 -2.4 also, face value USD USD 650.0 13.1 650.0 0 0 also, servicing USD USD 137.3 2.8 156.7 -19,468.8 -12.4 ------------------------------------------------------------------------------ * 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 May by amounts of floatation was KZT27,864.4 m. (in April- KZT53,919.2 m.). Moreover, the issuer paid off its liabilities, including advance repayment, in the amount of KZT17,911.5 m. (KZT26,308.5 m.). April's net-borrowing balance of the National Bank at GS market totaled positive KZT9,952.9 m. Corresponding index of March - positive KZT27,610.7 m. The Ministry of finance borrowed in May KZT7,791.8 m. due to МЕКАМ floatation (in April - KZT18,790.9 m.), and redeemed securities in the amount of KZT4,671.4 m. (KZT8,825.2 m.). Total sum of coupon payments equaled to KZT3,745.8 m. (4,433.7 m.). April's net-borrowing balance of the Ministry of finance is estimated by IRBIS as negative KZT625.4 m. (in March - positive KZT5,532.0 m.). Total May's net-borrowing balance of all Kazakhstan GS issuers (including domestic executive bodies) is estimated by IRBIS as positive KZT9,196.5 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 April of 2004 - positive KZT33,045.6 m. Data presented look unusual in the context of last moths thanks to significant reduction in borrowing activity of both the National bank and Ministry of Finance. Net balance of borrowing of these issuers fell three times. In other words, in May there were 4 times much of idle funds compared to April and that was proved by extremely low rates on repo at the end of month. However, inflation rate according to official data in May reduced relatively to April. Analyzed month is interesting for the growth of state debt issued in form of GS, guaranteed by solely National bank. Debt of the Ministry of Finance and municipal bodies declined. This was made possible through coupon payments as well as by the fact that the Ministry of Finance issued in May discount short-term bonds. Monthly results at primary market of GS make an impression of significant changes in tactics of Ministry of Finance and the National bank. 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). [2004-06-08]