ANALYSIS: As of September 1, 2005 total state debt of Kazakhstan issued as GS along with servicing reached KZT667.6 bn. or $4,933.2 m.

/IRBIS, Yelena Korpusenko, Andrey Tsalyuk, September 14, 05/ - As of September 1, 2005 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 KZT667.6 bn., or equivalent $4,933.2 m. at the rate of KZT135.32 per dollar. IRBIS specialists made such conclusion after analyzing its databases. While making the analysis the amounts of future payments on MEIKAM were calculated taking into consideration consumer price index, which was fixed for the period from June till August 2005, on MEUJKAM - from September 2004 till August 2005. Within August 1 - 31 of 2005 total debt decreased by KZT31.6 bn. (- 4.50%), in dollar equivalent (taking into account changes of the National Bank's rate) - by 218.4 m. (-4.24%). Corresponding indicators of debt change in July 2005 were -KZT43.3 bn. (-5.80%) or -$337.4 m. (-6.15%). Following table contains detailed information. ---------------------------------------------------------------------------- Amount and structure of debt ------------------------ Change as of for the *Currency of Aug 31, 05 period ------------ ------------- as of ---------------- ser- bn. stake, Jul 31, 05 Issuer issue viсe KZT % bn. KZT m. KZT % -------------------- ------ ----- ------- ------ ---------- --------- ------ National Bank KZT KZT 226.119 33.9 250.306 -24,187.3 -9.7 -------------------- ------ ----- ------- ------ ---------- --------- ------ Ministry of Finance 432.912 64.8 439.622 -6,710.6 -1.5 incl. face value 342.428 51.3 346.840 -4,412.8 -1.3 also, domestic GS KZT, USD KZT 295.066 44.2 299.342 -4,276.3 -1.4 also, euronotes USD USD 47.362 7.1 47.499 -136.5 -0.3 incl. servicing 90.484 13.6 92.782 -2,297.8 -2.5 also, domestic GS KZT, USD KZT 79.946 12.0 82.213 -2,267.4 -2.8 also, euronotes USD USD 10.538 1.6 10.568 -30.4 -0.3 --------------------- ------ ---- ------- ------ ---------- --------- ------ Municipals USD KZT 8.537 1.3 9.199 -662.3 -7.2 incl. face value USD KZT 7.292 1.1 7.924 -632.6 -8.0 incl. servicing USD KZT 1.245 0.2 1.275 -29.7 -2.3 --------------------- ------ ---- ------- ------ ---------- --------- ------ incl. Astana akimat USD KZT 3.831 0.6 3.842 -11.0 -0.3 also, face value USD KZT 3.462 0.5 3.472 -10.0 -0.3 also, servicing USD KZT 0.369 0.1 0.370 -1.1 -0.3 --------------------- ------ ---- ------- ------ ---------- --------- ------ incl. Atyrau obl. akimat USD KZT 4.705 0.7 4.719 -13.6 -0.3 also, face value USD KZT 3.829 0.6 3.840 -11.0 -0.3 also, servicing USD KZT 0.876 0.1 0.879 -2.5 -0.3 --------------------- ------ ---- ------- ------ ---------- --------- ------ incl. EKO akimat USD KZT 0 0 0.638 -637.7 -100.0 also, face value USD KZT 0 0 0.612 -611.6 -100.0 also, servicing USD KZT 0 0 0.026 -26.1 -100.0 --------------------- ------ ---- ------- ------ ---------- --------- ------ TOTAL 667.567 100.0 699.127 -31,560.1 -4.5 incl. face value 575.838 86.3 605.070 -29,232.7 -4.8 incl. servicing 91.729 13.7 94.057 -2,327.4 -2.5 --------------------- ------ ---- ------- ------ ---------- --------- ------ OR --------------------- ------ ---- ------- ------ ---------- --------- ------ incl. internal debt KZT KZT 609.667 91.3 641.060 -31,393.3 -4.9 also, face value KZT KZT 528.476 79.2 557.572 -29,096.2 -5.2 also, servicing KZT KZT 81.191 12.2 83.488 -2,297.1 -2.8 --------------------- ------ ---- ------- ------ ---------- --------- ------ incl. external debt USD USD 57.900 8.7 58.067 -166.9 -0.3 also, face value USD USD 47.362 7.1 47.499 -136.5 -0.3 also, servicing USD USD 10.538 1.6 10.568 -30.4 -0.3 ---------------------------------------------------------------------------- * 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. Equivalents as of August 31, 05 were calculated at the rate of KZT135.32 per dollar, as of July 31, 05 - at KZT135. 71. Therefore, the data shown in the table reflects 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 ------------------------- Change as of for the *Currency of Aug 31, 05 period ------------ -------------- as of ----------------- ser- m. stake, Jul 31, 05 Issuer issue viсe USD % m. USD th. USD % --------------------- ------ ----- ------- ------ ---------- ---------- ------ National Bank KZT KZT 1,671.0 33.9 1,844.4 -173,425.5 -9.4 --------------------- ------ ----- ------- ------ ---------- ---------- ------ Ministry of Finance 3,199.2 64.8 3,239.4 -40,254.5 -1.2 incl. face value 2,530.5 51.3 2,555.7 -25,244.6 -1.0 also, domestic GS KZT, USD KZT 2,180.5 44.2 2,205.7 -25,244.6 -1.1 also, euronotes USD USD 350.0 7.1 350.0 0 0 incl. servicing 668.7 13.6 683.7 -15,010.0 -2.2 also, domestic GS KZT, USD KZT 590.8 12.0 605.8 -15,010.0 -2.5 also, euronotes USD USD 77.9 1.6 77.9 0 0 --------------------- ------ ----- ------- ------ ---------- ---------- ------ Municipals USD KZT 63.09 1.3 67.78 -4,698.7 -6.93 incl. face value USD KZT 53.9 1.1 58.4 -4,506.6 -7.7 incl. servicing USD KZT 9.2 0.2 9.4 -192.1 -2.0 --------------------- ------ ----- ------- ------ ---------- ---------- ------ incl. Astana akimat USD KZT 28.3 0.6 28.3 0 0 also, face value USD KZT 25.6 0.5 25.6 0 0 also, servicing USD KZT 2.7 0.1 2.7 0 0 --------------------- ------ ----- ------- ------ ---------- ---------- ------ incl. Atyrau obl. akimat USD KZT 34.8 0.7 34.8 0 0 also, face value USD KZT 28.3 0.6 28.3 0 0 also, servicing USD KZT 6.5 0.1 6.5 0 0 --------------------- ------ ----- ------- ------ ---------- ---------- ------ incl. EKO akimat USD KZT 0 0 4.7 -4,698.7 -100.0 also, face value USD KZT 0 0 4.5 -4,506.6 -100.0 also, servicing USD KZT 0 0 0.2 -192.1 -100.0 --------------------- ------ ----- ------- ------ ---------- ---------- ------ TOTAL 4,933.2 100.0 5,151.6 -218,378.7 -4.24 incl. face value 4,255.4 86.3 4,458.6 -203,176.7 -4.6 incl. servicing 677.9 13.7 693.1 -15,202.0 -2.2 --------------------- ------ ----- ------- ------ ---------- ---------- ------ OR --------------------- ------ ----- ------- ------ ---------- ---------- ------ incl. internal debt KZT KZT 4,505.4 91.3 4,723.8 -218,378.7 -4.6 also, face value KZT KZT 3,905.4 79.2 4,108.6 -203,176.7 -4.9 also, servicing KZT KZT 600.0 12.2 615.2 -15,202.0 -2.5 --------------------- ------ ----- ------- ------ ---------- ---------- ------ incl. external debt USD USD 427.9 8.7 427.9 0 0 also, face value USD USD 350.0 7.1 350.0 0 0 also, servicing USD USD 77.9 1.6 77.9 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 KZT198,319.7 m. (in July - KZT208,088.4 m.). Moreover, the issuer paid off his liabilities for a total of KZT222,844.7 m. (KZT230,566.3 m.). August's net-borrowing balance of the National Bank on GS market was negative KZT24,525.0 m. Corresponding index of July - negative KZT22,477.9 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). In August the Ministry of finance did not float its bonds. The issuer paid face value of bonds and coupons and coupon interests for a total of KZT5,572.9 m. (in July - 22,807.6 m.). August's net-borrowing balance of the Ministry of finance is estimated by IRBIS as negative KZT5,572.9 m. (in July - negative KZT22,807.6 m.). Total August's net-borrowing balance of all Kazakhstan GS issuers is (including municipal bodies) estimated by IRBIS as negative KZT30,735.5 m. Corresponding indicator of July - negative KZT45,285.5 m. The above data certify that analyzed month a little differed in described sector from July. Refusal of the Ministry of finance from floatation of new bonds in the market was not compensated by the National Bank through issue of notes. As a result there is practically nothing to say about sterilization of free money in primary market of GS. IRBIS agency draws the attention of its subscribers and mass media to the fact that figures presented above are not an official data since it was obtained through analyzing information on primary GS market using databases of the agency. As regards domestic bonds, agency's databases have been checked according to the data presented to IRBIS by Central securities depository JSC (Almaty). [2005-09-14]