ANALYSIS: As of January 1, 2006 total state debt of Kazakhstan issued as GS along with servicing is KZT596.0 bn. or $4,455.6 m.

/IRBIS, Yelena Korpusenko, Andrey Tsalyuk, January 9, 06/ - As of January 1, 2006 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 KZT596.0 bn., or $4,455.6 m. at the rate of KZT133.77 per dollar. Specialists of IRBIS 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 registered for the period from October till December 2005, on MEUJKAM - from January till December 2005. Since December 1 to December 31 of 2005 total debt decreased by KZT3.7 bn. (-0.61%), in dollar equivalent (taking into account changes of the National Bank's rate) - by 17.4 m. (-0.39%). Corresponding indicators of debt change in November 2005 were -KZT24.1 bn. (-3.87%) or -$182.5 m. (- 3.92%). Following table contains detailed information. --------------------------------------------------------------------------------- Amount and tructure of debt Change --------------------------- as of for the *Currency of Dec 31, 05 as of period ------------ ---------------- Nov 30, 05 --------------- Issuer issue servi bn. KZT stake, % bn. KZT m. KZT % cing ------------------------ ------ ----- ------- -------- ---------- --------- ----- National Bank KZT KZT 161.275 27.1 181.307 -20,031.4 -11.0 ------------------------ ------ ----- ------- -------- ---------- --------- ----- Ministry of Finance 428.034 71.8 411.603 +16,431.2 +4.0 incl. face value 345.030 57.9 329.931 +15,099.1 +4.6 also, domestic GS KZT, USD KZT 298.210 50.0 283.006 +15,204.1 +5.4 also, euronotes USD USD 46.820 7.9 46.925 -105.0 -0.2 incl. servicing 83.004 13.9 81.672 +1,332.1 +1.6 also, domestic GS KZT, USD KZT 75.191 12.6 73.841 +1,349.7 +1.8 also, euronotes USD USD 7.813 1.3 7.831 -17.5 -0.2 ------------------------ ------ ----- ------- -------- ---------- --------- ----- Municipals USD KZT 6.720 1.1 6.785 -64.8 -1.0 incl. face value USD KZT 5.794 1.0 5.807 -13.0 -0.2 incl. servicing USD KZT 0.926 0.2 0.978 -51.8 -5.3 ------------------------ ------ ----- ------- -------- ---------- --------- ----- incl. Astana akimat USD KZT 2.229 0.4 2.284 -54.8 -2.4 also, face value USD KZT 2.009 0.3 2.013 -4.5 -0.2 also, servicing USD KZT 0.221 0.04 0.271 -50.3 -18.6 ------------------------ ------ ----- ------- -------- ---------- --------- ----- incl. Atyrau obl. akimat USD KZT 4.491 0.8 4.501 -10.1 -0.2 also, face value USD KZT 3.785 0.6 3.794 -8.5 -0.2 also, servicing USD KZT 0.705 0.1 0.707 -1.6 -0.2 ------------------------ ------ ----- ------- -------- ---------- --------- ----- TOTAL 596.029 100.0 599.694 -3,665.1 -0.61 incl. face value 512.099 85.9 517.045 -4,945.4 -1.0 incl. servicing 83.930 14.1 82.649 +1,280.3 +1.5 ------------------------ ------ ----- ------- -------- ---------- --------- ----- OR ------------------------ ------ ----- ------- -------- ---------- --------- ----- incl. internal debt KZT KZT 541.397 90.8 544.939 -3,542.6 -0.7 also, face value KZT KZT 465.280 78.1 470.120 -4,840.4 -1.0 also, servicing KZT KZT 76.117 12.8 74.819 +1,297.8 +1.7 ------------------------ ------ ----- ------- -------- ---------- --------- ----- incl. external debt USD USD 54.633 9.2 54.755 -122.5 -0.2 also, face value USD USD 46.820 7.9 46.925 -105.0 -0.2 also, servicing USD USD 7.813 1.3 7.831 -17.5 -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. Equivalents as of December 31, 05 were calculated at the rate of KZT133.77 per dollar, as of November 31, 05 - at KZT134.07. 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 Dec 31, 05 as of period ------------- ---------------- Nov 30, 05 ---------------- Issuer issue service m. USD stake, % m. USD th. USD % ------------------- ----- ------- ------- -------- ---------- ---------- ----- National Bank KZT KZT 1,205.6 27.1 1,352.3 -146,712.6 -10.8 ------------------- ----- ------- ------- -------- ---------- ---------- ----- Ministry of Finance 3,199.8 71.8 3,070.1 +129,716.8 +4.2 incl. face value 2,579.3 57.9 2,460.9 +118,392.2 +4.8 also, domestic GS KZT, USD KZT 2,229.3 50.0 2,110.9 +118,392.2 +5.6 also, euronotes USD USD 350.0 7.9 350.0 0 0 incl. servicing 620.5 13.9 609.2 +11,324.6 +1.9 also, domestic GS KZT, USD KZT 562.1 12.6 550.8 +11,324.6 +2.1 also, euronotes USD USD 58.4 1.3 58.4 0 0 ------------------- ----- ------- ------- -------- ---------- ---------- ----- Municipals USD KZT 50.23 1.1 50.61 -371.2 -0.73 incl. face value USD KZT 43.3 1.0 43.3 0 0 incl. servicing USD KZT 6.9 0.2 7.3 -371.2 -5.1 ------------------- ----- ------- ------- -------- ---------- ---------- ----- incl. Astana akimat USD KZT 16.7 0.4 17.0 -371.2 -2.2 also, face value USD KZT 15.0 0.3 15.0 0 0 also, servicing USD KZT 1.650 0.04 2.0 -371.2 -18.4 ------------------- ----- ------- ------- -------- ---------- ---------- ----- incl. Atyrau obl. USD KZT 33.6 0.8 33.6 0 0 akimat also, face value USD KZT 28.3 0.6 28.3 0 0 also, servicing USD KZT 5.3 0.1 5.3 0 0 ------------------- ----- ------- ------- -------- ---------- ---------- ----- TOTAL 4,455.6 100.0 4,473.0 -17,367.0 -0.39 incl. face value 3,828.2 85.9 3,856.5 -28,320.4 -0.7 incl. servicing 627.4 14.1 616.5 +10,953.5 +1.8 ------------------- ----- ------- ------- -------- ---------- ---------- ----- OR ------------------- ----- ------- ------- -------- ---------- ---------- ----- incl. internal debt KZT KZT 4,047.2 90.8 4,064.6 -17,367.0 -0.4 also, face value KZT KZT 3,478.2 78.1 3,506.5 -28,320.4 -0.8 also, servicing KZT KZT 569.0 12.8 558.1 +10,953.5 +2.0 ------------------- ----- ------- ------- -------- ---------- ---------- ----- incl. external debt USD USD 408.4 9.2 408.4 0 0 also, face value USD USD 350.0 7.9 350.0 0 0 also, servicing USD USD 58.4 1.3 58.4 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 December by amounts of floatation was KZT191,999.8 m. (in November - KZT181,000.1 m.). Moreover, the issuer paid off his liabilities for a total of KZT212,359.5 m. (KZT196,651.3 m.). November's net-borrowing balance of the National Bank on GS market was negative KZT20,359.7 m. Corresponding index of November - positive KZT15,651.2 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). In December the Ministry of finance attracted KZT17,811.7 owing to floatation of МЕОКАМ (in November has not floated its bonds) and paid bonds' nominal value and coupon interest for the amount KZT3,746.1 m. (in November - 7,349.2 m.). December's net-borrowing balance of the Ministry of finance is estimated by IRBIS as positive KZT14,065.7 m. (in November - negative KZT7,349.2 m.). Total December's net-borrowing balance of all Kazakhstan GS issuers (including municipals) is estimated by IRBIS as negative KZT6,343.6 m. Corresponding indicator of November - negative KZT23,128.0 m. 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). [2006-01-09]