As of October 1, 2004 total state debt of Kazakhstan, issued in GS, reached KZT 736.8 bn or $5,475.8 m including servicing

/IRBIS, Elena Korpusenko, Andrey Tsalyuk, October 8, 04/ - As of October 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 736.8 bn, or $5,475.8 m. at the rate of KZT 134.56 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 September of the current year. From September 1 to 30 of 2004 total debt increased by KZT 10.9 bn (+1.51%), in dollar equivalent (taking into account changes of the National Bank's exchange rate) - by 162.2 m (+3.05%). Corresponding indicators of debt change in August of 2004 were KZT +8.9 bn (+1.24%) or $52.8 m. (+1.00%). Following table contains more detailed information. -------------------------------------------------------------------------------- Amount and structure of debt ---------------------------- as of Change *Currency of Sept 30, 04 as of for the period --------------- ----------------- Aug 31, 04 --------------- Issuer issue servicing bn. KZT stake, % bn. KZT m. KZT % ------------------- ----- --------- -------- -------- ---------- --------- ----- National Bank KZT KZT 308.222 41.8 335.447 -27,224.6 -8.1 ------------------- ----- --------- -------- -------- ---------- --------- ----- Ministry of Finance 417.933 56.7 379.585 +38,347.9 +10.1 incl. face value 350.644 47.6 317.756 +32,887.3 +10.3 also, domestic GS KZT, USD KZT 263.180 35.7 228.960 +34,219.8 +14.9 also, euronotes USD USD 87.464 11.9 88.797 -1,332.5 -1.5 incl. servicing 67.290 9.1 61.829 +5,460.6 +8.8 also, domestic GS KZT, USD KZT 48.821 6.6 43.079 +5,741.9 +13.3 also, euronotes USD USD 18.468 2.5 18.750 -281.4 -1.5 ------------------- ----- --------- -------- -------- ---------- --------- ----- Municipals USD KZT 10.668 1.4 10.865 -197.2 -1.8 incl. face value USD KZT 8.753 1.2 8.887 -133.4 -1.5 incl. servicing USD KZT 1.914 0.3 1.978 -63.8 -3.2 ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. Astana akimat USD KZT 5.040 0.7 5.116 -76.8 -1.5 also, face value USD KZT 4.339 0.6 4.405 -66.1 -1.5 also, servicing USD KZT 0.701 0.1 0.712 -10.7 -1.5 ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. Atyrau region USD KZT 4.969 0.7 5.080 -110.4 -2.2 akimat also, face value USD KZT 3.808 0.5 3.866 -58.0 -1.5 also, servicing USD KZT 1.162 0.2 1.214 -52.4 -4.3 ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. E-Kz USD KZT 0.659 0.1 0.669 -10.0 -1.5 region akimat also, face value USD KZT 0.607 0.1 0.616 -9.2 -1.5 also, servicing USD KZT 0.052 0.01 0.052 -0.8 -1.5 ------------------- ----- --------- -------- -------- ---------- --------- ----- TOTAL 736.823 100.0 725.897 +10,926.0 +1.51 incl. face value 667.619 90.6 662.090 +5,529.3 +0.8 incl. Servicing 69.204 9.4 63.807 +5,396.7 +8.46 ------------------- ----- --------- -------- -------- ---------- --------- ----- OR ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. internal debt KZT KZT 630.891 85.6 618.351 +12,539.9 +2.0 also, face value KZT KZT 580.155 78.7 573.294 +6,861.8 +1.2 also, servicing KZT KZT 50.735 6.9 45.057 +5,678.1 +12.6 ------------------- ----- --------- -------- -------- ---------- --------- ----- incl. external debt USD USD 105.932 14.4 107.546 -1,613.9 -1.5 also, face value USD USD 87.464 11.9 88.797 -1,332.5 -1.5 also, servicing USD USD 18.468 2.5 18.750 -281.4 -1.5 -------------------------------------------------------------------------------- *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. The equivalent amounts as of September 30, 04 were calculated at the rate of KZT 134.56 per dollar, as of August 31, 04 - at KZT 136.61. 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 Sept 30, 04 as of for the period --------------- ----------------- Aug 31 04 ---------------- Issuer issue servicing m. USD stake, % m. USD th. USD % ------------------- ----- --------- ------- --------- --------- ---------- ----- National Bank KZT KZT 2,290.6 41.8 2,455.5 -164,914.1 -6.7 ------------------- ----- -------- -------- --------- --------- ---------- ----- Ministry of Finance 3,105.9 56.7 2,778.6 +327,318.7 +11.8 incl. face value 2,605.9 47.6 2,326.0 +279,842.6 +12.0 also, domestic GS KZT, USD KZT 1,955.9 35.7 1,676.0 +279,842.6 +16.7 also, euronotes USD USD 650.0 11.9 650.0 0 0 incl. Servicing 500.1 9.1 452.6 +47,476.2 +10.5 also, domestic GS KZT, USD KZT 362.8 6.6 315.3 +47,476.2 +15.1 also, euronotes USD USD 137.3 2.5 137.3 0 0 ------------------- ----- --------- -------- --------- --------- ---------- ---- Municipals USD KZT 79.3 1.4 79.5 -253.8 -0.3 incl. face value USD KZT 65.1 1.2 65.1 0 0 incl. Servicing USD KZT 14.2 0.3 14.5 -253.8 -1.8 ------------------- ----- --------- ------- --------- --------- ---------- ----- 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 36.9 0.7 37.2 -253.8 -0.7 region akimat also, face value USD KZT 28.3 0.5 28.3 0 0 also, servicing USD KZT 8.6 0.2 8.9 -253.8 -2.9 ------------------- ----- --------- ------- --------- --------- ---------- ----- incl. E-Kz region USD KZT 4.9 0.1 4.9 0 0 akimat also, face value USD KZT 4.5 0.1 4.5 0 0 also, servicing USD KZT 0.4 0.01 0.4 0 -0.0 ------------------- ----- --------- ------- --------- --------- ---------- ----- TOTAL 5,475.8 100.0 5,313.6 +162,150.8 +3.05 incl. face value 4,961.5 90.6 4,846.6 +114,928.5 +2.4 incl. Servicing 514.3 9.4 467.1 +47,222.3 +10.1 ------------------- ----- --------- ------- --------- --------- ---------- ----- OR ------------------- ----- --------- ------- --------- --------- ---------- ----- incl. internal debt KZT KZT 4,688.5 85.6 4,526.4 +162,150.8 +3.6 also, face value KZT KZT 4,311.5 78.7 4,196.6 +114,928.5 +2.7 also, servicing KZT KZT 377.0 6.9 329.8 +47,222.3 +14.3 ------------------- ----- --------- ------- --------- --------- ---------- ----- incl. external debt USD USD 787.3 14.4 787.3 0 0 also, face value USD USD 650.0 11.9 650.0 0 0 also, servicing USD USD 137.3 2.5 137.3 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 September by amounts of floatation was KZT 15,883.7 m. (in August - KZT 33,939.3 m). Moreover, the issuer paid off its liabilities, including advance repayment, in the amount of KZT 43,529.4 m (KZT 37,571.4 m.). September's net-borrowing balance of the National Bank at GS market totaled negative KZT 27,645.7 m. Corresponding index of August - negative KZT 3,632.2 m. The Ministry of finance borrowed in September KZT 34,262.1 m thanks to МЕКАМ floatation (in August - KZT 9,125.0 m) and paid off coupon payments for KZT 546.1 m. (739.1 m). September's net-borrowing balance of the Ministry of finance is estimated by IRBIS as positive KZT 33,716.0 m (in August - positive KZT 8,385.9 m.). Total September's net-borrowing balance of all Kazakhstan GS issuers (including domestic executive bodies) is estimated by IRBIS as positive KZT 6,036.0 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 August of 2004 - positive KZT 4,727.5 m. The Naitonal Bank has used its opportunity to lower sharply its emission activity on the expense of the Ministry of Finance (MoF). Increased emission activity of the MoF is linked to forthcoming redemption of sovereign eurobonds on October 18, 2004. 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. [2004-10-08]