As of August 1 of 2004 total state debt of Kazakhstan, issued as GS, reached KZT 717.0 bn. or $5,260.9 m. including servicing

/IRBIS, Yelena Korpusenko, Andrey Tsalyuk, August 10, 04/ - As of August 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 KZT 717.0 bn., or $5,260.9 m. at the rate of KZT136.29 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 May till July of the current year. Sine July 1 till July 31 of 2004 total debt increased by 22.5 bn. (+3.25%) tenge, in dollar equivalent (taking into account changes of the National Bank's exchange rate) - by 171.3 m. (+3.37%). Corresponding indicators of debt change in June of 2004 were +KZT 13.2 bn. (+1.94%) or $129.3 m. (+2.61%). Following table contains more detailed information. -------------------------------------------------------------------------------- Amount and structure of debt ---------------------------- as of Change *Currency of July 31, 04 as of for the period --------------- ---------------- June 30, 04 --------------- Issuer issue servicing bn. KZT stake, % bn. KZT m. KZT % ------------------- ----- --------- ------- -------- ----------- --------- ----- National Bank KZT KZT 338.424 47.2 324.581 +13 843.2 +4.3 ------------------- ----- --------- ------- -------- ----------- --------- ----- Ministry of Finance 367.713 51.3 359.005 +8 708.4 +2.4 incl. face value 308.399 43.0 298.769 +9 630.5 +3.2 also, domestic GS KZT, USD KZT 219.811 30.7 210.076 +9 734.5 +4.6 also, euronotes USD USD 88.589 12.4 88.693 -104.0 -0.1 incl. servicing 59.314 8.3 60.236 -922.1 -1.5 also, domestic GS KZT, USD KZT 40.608 5.7 41.508 -900.1 -2.2 also, euronotes USD USD 18.706 2.6 18.728 -22.0 -0.1 ------------------- ----- --------- ------- -------- ----------- --------- ----- Municipals USD KZT 10.866 1.5 10.878 -12.8 -0.1 incl. face value USD KZT 8.866 1.2 8.876 -10.4 -0.1 incl. servicing USD KZT 2.000 0.3 2.002 -2.3 -0.1 ------------------- ----- --------- ------- -------- ----------- --------- ----- incl. Astana akimat USD KZT 5.104 0.7 5.110 -6.0 -0.1 also, face value USD KZT 4.394 0.6 4.400 -5.2 -0.1 also, servicing USD KZT 0.710 0.1 0.711 -0.8 -0.1 ------------------- ----- --------- ------- -------- ----------- --------- ----- incl. Atyrau region USD KZT 5.068 0.7 5.074 -5.9 -0.1 akimat also, face value USD KZT 3.857 0.5 3.861 -4.5 -0.1 also, servicing USD KZT 1.211 0.2 1.213 -1.4 -0.1 ------------------- ----- --------- ------- -------- ----------- --------- ----- incl. E-Kz USD KZT 0.693 0.1 0.694 -0.8 -0.1 region akimat also, face value USD KZT 0.615 0.1 0.616 -0.7 -0.1 also, servicing USD KZT 0.078 0 0.079 -0.1 -0.1 ------------------- ----- --------- ------- -------- ----------- --------- ----- TOTAL 717.003 100.0 694.464 +22 538.8 +3.25 incl. face value 655.689 91.4 632.226 +23 463.3 +3.7 incl. Servicing 61.314 8.6 62.238 -924.4 -1.49 ------------------- ----- --------- ------- -------- ----------- --------- ----- OR ------------------- ----- --------- ------- -------- ----------- --------- ----- incl. internal debt KZT KZT 609.709 85.0 587.044 +22 664.8 +3.9 also, face value KZT KZT 567.101 79.1 543.533 +23 567.3 +4.3 also, servicing KZT KZT 42.608 5.9 43.510 -902.5 -2.1 ------------------- ----- --------- ------- -------- ----------- --------- ----- incl. external debt USD USD 107.294 15.0 107.420 -126.0 -0.1 also, face value USD USD 88.589 12.4 88.693 -104.0 -0.1 also, servicing USD USD 18.706 2.6 18.728 -22.0 -0.1 -------------------------------------------------------------------------------- *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 July 31, 04 were calculated at the rate of KZT 136.29 per dollar, as of June 30, 04 - at KZT 136.45. 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 July 31,04 as of for the period --------------- ---------------- June 30 ,04 ---------------- Issuer issue servicing m. USD stake, % m. USD th. USD % ------------------- ----- --------- ------- -------- ----------- ---------- ----- National Bank KZT KZT 2 483.1 47.2 2 378.8 +104 364.2 +4.4 ------------------- ----- --------- ------- -------- ----------- ---------- ----- Ministry of Finance 2 698.0 51.3 2 631.0 +66 984.8 +2.5 incl. face value 2 262.8 43.0 2 189.6 +73 232.1 +3.3 also, domestic GS KZT, USD KZT 1 612.8 30.7 1 539.6 +73 232.1 +4.8 also, euronotes USD USD 650.0 12.4 650.0 0 0 incl. Servicing 435.2 8.3 441.5 -6 247.3 -1.4 also, domestic GS KZT, USD KZT 298.0 5.7 304.2 -6 247.3 -2.1 also, euronotes USD USD 137.3 2.6 137.3 0 0 ------------------- ----- --------- ------- -------- ----------- ---------- ----- Municipals USD KZT 79.7 1.5 79.7 0 0 incl. face value USD KZT 65.1 1.2 65.1 0 0 incl. Servicing USD KZT 14.7 0.3 14.7 0 0 ------------------- ----- --------- ------- -------- ----------- ---------- ----- incl. Astana USD KZT 37.5 0.7 37.5 0 0 akimat also, face value USD KZT 32.2 0.6 32.2 0 0 also, servicing USD KZT 5.2 0.1 5.2 0 0 ------------------- ----- --------- ------- -------- ----------- ---------- ----- incl. Atyrau USD KZT 37.2 0.7 37.2 0 0 region akimat also, face value USD KZT 28.3 0.5 28.3 0 0 also, servicing USD KZT 8.9 0.2 8.9 0 0 ------------------- ----- --------- ------- -------- ----------- ---------- ----- incl. E-Kz region USD KZT 5.1 0.1 5.1 0 0 akimat also, face value USD KZT 4.5 0.1 4.5 0 0 also, servicing USD KZT 0.6 0 0.6 0 0 ------------------- ----- --------- ------- -------- ----------- ---------- ----- TOTAL 5 260.9 100.0 5 089.5 +171 349.0 +3.37 incl. face value 4 811.0 91.4 4 633.4 +177 596.4 +3.8 incl. Servicing 449.9 8.6 456.1 -6 247.3 -1.4 ------------------- ----- --------- ------- -------- ----------- ---------- ----- OR ------------------- ----- --------- ------- -------- ----------- ---------- ----- incl. internal debt KZT KZT 4 473.6 85.0 4 302.3 +171 349.0 +4.0 also, face value KZT KZT 4 161.0 79.1 3 983.4 +177 596.4 +4.5 also, servicing KZT KZT 312.6 5.9 318.9 -6 247.3 -2.0 ------------------- ----- --------- ------- -------- ----------- ---------- ----- incl. external debt USD USD 787.3 15.0 787.3 0 0 also, face value USD USD 650.0 12.4 650.0 0 0 also, servicing USD USD 137.3 2.6 137.3 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 July by amounts of floatation was KZT 49,637.4 m. (in June- KZT 32,577.5 m.). Moreover, the issuer paid off its liabilities, including advance repayment, in the amount of KZT 36,863.6 m. (KZT 26,633.2 m.). July's net-borrowing balance of the National Bank at GS market totaled positive KZT 12,773.8 m. Corresponding index of June - positive KZT 5,944.3 m. The Ministry of finance borrowed in June KZT 14,276.9 m. thanks to МЕКАМ floatation (in June - KZT 10,638.5 m.), and redeemed securities in the amount of KZT5,214.0 m. (KZT 1,552.9 m.). Total sum of coupon payments equaled to KZT 898.5 m. (906.7 m.). July's net-borrowing balance of the Ministry of finance is estimated by IRBIS as positive KZT 8,164.4 m. (in June - positive KZT 8,178.8 m.). Total July's net-borrowing balance of all Kazakhstan GS issuers (including domestic executive bodies) is estimated by IRBIS as positive KZT 20,938.2 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 June of 2004 - positive KZT 13,016.5 m. Presented data display that increase of debt in July was caused by high emission activity of the National Bank that withdrew from the market large amounts of money than it did in June. However, compared to last year volumes of sterilization has fallen. IRBIS agency notes that presented data are not official statistics and calculated using GS primary market databases of the agency. Domestic bonds data are compared with data presented by Central Securities Depository CJSC. [2004-08-10]