As of September 1 of 2004 total state debt of Kazakhstan, issued in GS, reached KZT 725.9 bn. or $5,313.6 m. including servicing

/IRBIS, Elena Korpusenko, Andrey Tsalyuk, September 8, 04/ - As of September 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 725.9 bn., or $5,313.6 m. at the rate of KZT 136.61 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 July till August of the current year. Sine August 1 till August 31 of 2004 total debt increased by 8.9 bn. (+1.24%) tenge, in dollar equivalent (taking into account changes of the National Bank's exchange rate) - by 52.8 m. (+1.00%). Corresponding indicators of debt change in August of 2004 were +KZT 22.5 bn. (+3.25%) or $171.3 m. (+3.37%). Following table contains more detailed information. -------------------------------------------------------------------------------- Amount and structure of debt ---------------------------- as of Change *Currency of August 31, 04 as of for the period --------------- ---------------- July 31, 04 --------------- Issuer issue servicing bn. KZT stake, % bn. KZT m. KZT % ------------------- ----- --------- ------- -------- ----------- --------- ----- National Bank KZT KZT 335.447 46.2 338.424 -2,977.2 -0.9 ------------------- ----- --------- ------- -------- ----------- --------- ----- Ministry of Finance 379.585 52.3 367.713 +11,872.2 +3.2 incl. face value 317.756 43.8 308.399 +9,357.2 +3.0 also, domestic GS KZT, USD KZT 228.960 31.5 219.811 +9,149.2 +4.2 also, euronotes USD USD 88.797 12.2 88.589 +208.0 +0.2 incl. servicing 61.829 8.5 59.314 +2,515.0 +4.2 also, domestic GS KZT, USD KZT 43.079 5.9 40.608 +2,471.1 +6.1 also, euronotes USD USD 18.750 2.6 18.706 +43.9 +0.2 ------------------- ----- --------- ------- -------- ----------- --------- ----- Municipals USD KZT 10.865 1.5 10.866 -0.8 -0.01 incl. face value USD KZT 8.887 1.2 8.866 +20.8 +0.2 incl. servicing USD KZT 1.978 0.3 2.000 -21.6 -1.1 ------------------- ----- --------- ------- -------- ----------- --------- ----- incl. Astana akimat USD KZT 5.116 0.7 5.104 +12.0 +0.2 also, face value USD KZT 4.405 0.6 4.394 +10.3 +0.2 also, servicing USD KZT 0.712 0.1 0.710 +1.7 +0.2 ------------------- ----- --------- ------- -------- ----------- --------- ----- incl. Atyrau region USD KZT 5.080 0.7 5.068 +11.9 +0.2 akimat also, face value USD KZT 3.866 0.5 3.857 +9.1 +0.2 also, servicing USD KZT 1.214 0.2 1.211 +2.8 +0.2 ------------------- ----- --------- ------- -------- ----------- --------- ----- incl. E-Kz USD KZT 0.669 0.1 0.693 -24.6 -3.6 region akimat also, face value USD KZT 0.616 0.1 0.615 +1.4 +0.2 also, servicing USD KZT 0.052 0.01 0.078 -26.1 -33.2 ------------------- ----- --------- ------- -------- ----------- --------- ----- TOTAL 725.897 100.0 717.003 +8,894.3 +1.24 incl. face value 662.090 91.2 655.689 +6,400.9 +1.0 incl. Servicing 63.807 8.8 61.314 +2,493.4 +4.07 ------------------- ----- --------- ------- -------- ----------- --------- ----- OR ------------------- ----- --------- ------- -------- ----------- --------- ----- incl. internal debt KZT KZT 618.351 85.2 609.709 +8,642.4 +1.4 also, face value KZT KZT 573.294 79.0 567.101 +6,192.9 +1.1 also, servicing KZT KZT 45.057 6.2 42.608 +2,449.5 +5.7 ------------------- ----- --------- ------- -------- ----------- --------- ----- incl. external debt USD USD 107.546 14.8 107.294 +251.9 +0.2 also, face value USD USD 88.797 12.2 88.589 +208.0 +0.2 also, servicing USD USD 18.750 2.6 18.706 +43.9 +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 August 31, 04 were calculated at the rate of KZT 136.61 per dollar, as of July 31, 04 - at KZT 136.25. 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 August 31,04 as of for the period --------------- ---------------- July 31 ,04 --------------- Issuer issue servicing m. USD stake, % m. USD th. USD % ------------------- ----- --------- ------- -------- ----------- --------- ----- National Bank KZT KZT 2,455.5 46.2 2,483.1 -27,610.0 -1.1 ------------------- ----- --------- ------- -------- ----------- --------- ----- Ministry of Finance 2,778.6 52.3 2,698.0 +80,586.2 +3.0 incl. face value 2,326.0 43.8 2,262.8 +63,195.6 +2.8 also, domestic GS KZT, USD KZT 1,676.0 31.5 1,612.8 +63,195.6 +3.9 also, euronotes USD USD 650.0 12.2 650.0 0 0 incl. Servicing 452.6 8.5 435.2 +17,390.7 +4.0 also, domestic GS KZT, USD KZT 315.3 5.9 298.0 +17,390.7 +5.8 also, euronotes USD USD 137.3 2.6 137.3 0 0 ------------------- ----- --------- ------- -------- ----------- --------- ----- Municipals USD KZT 79.5 1.5 79.7 -192.3 -0.2 incl. face value USD KZT 65.1 1.2 65.1 0 0 incl. Servicing USD KZT 14.5 0.3 14.7 -192.3 -1.3 ------------------- ----- --------- ------- -------- ----------- --------- ----- 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 4.9 0.1 5.1 -192.3 -3.8 akimat also, face value USD KZT 4.5 0.1 4.5 0 0 also, servicing USD KZT 0.4 0.01 0.6 -192.3 -33.4 ------------------- ----- --------- ------- -------- ----------- --------- ----- TOTAL 5,313.6 100.0 5,260.9 +52,784.0 +1.0 incl. face value 4,846.6 91.2 4,811.0 +35,585.6 +0.7 incl. Servicing 467.1 8.8 449.9 +17,198.4 +3.8 ------------------- ----- --------- ------- -------- ----------- --------- ----- OR ------------------- ----- --------- ------- -------- ----------- --------- ----- incl. internal debt KZT KZT 4,526.4 85.2 4,473.6 +52,784.0 +1.2 also, face value KZT KZT 4,196.6 79.0 4,161.0 +35,585.6 +0.9 also, servicing KZT KZT 329.8 6.2 312.6 +17,198.4 +5.5 ------------------- ----- --------- ------- -------- ----------- --------- ----- incl. external debt USD USD 787.3 14.8 787.3 0 0 also, face value USD USD 650.0 12.2 650.0 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 August by amounts of floatation was KZT 33,939.3 m. (in July - KZT 49,637.4 m.). Moreover, the issuer paid off its liabilities, including advance repayment, in the amount of KZT 37,571.4 m. (KZT 36,863.6 m.). August's net-borrowing balance of the National Bank at GS market totaled negative KZT 3,632.2 m. Corresponding index of July - positive KZT 12,773.8 m. The Ministry of finance borrowed in August KZT 9,125.0 m. thanks to МЕКАМ floatation (in July - KZT 14,276.9 m.) and paid off coupon payments for KZT 739.1 m. (898.5 m.). August's net-borrowing balance of the Ministry of finance is estimated by IRBIS as positive KZT 8,385.9 m. (in July - positive KZT 8,164.4 m.). Total August's net-borrowing balance of all Kazakhstan GS issuers (including domestic executive bodies) is estimated by IRBIS as positive KZT 4,727.5 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 in July of 2004 - positive KZT 20,938.2 m. Slight increase of government debt in August occurred mainly thanks to the finance ministry that issued 6-year MEOKAM. The National Bank has redeemed more funds than placed. 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. [2004-09-08]