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Glossary

Long-term savings Treasury bills of Kazakhstan (MEUZKAM)

(Kazakhstan). Long-term savings T-bills are coupon-bearing securities. Their face value is KZT 1,000. In the Kazakh language, a long-term savings T-bill is called ‘Мемлекеттiк узак мерзiмдi жинактаушы казынашылык мiндеттеме’ (MEUZKAM). Long-term savings T-bills are placed among savings pension funds. For the first half of their tenor long-term savings T-bills must be traded by savings pension funds, then they can be traded freely. Long-term savings T-bills mature in over 5 years; their tenors are divisible by 12 months. The amount of issued long-term savings T-bills must not exceed 30% of the total government T-bill issuance for the respective year. They are placed and redeemed at face value; during their tenor, they pay a return called an indexed coupon. Long-term savings T-bills are placed on the second to last business day of the month, is the issuer does not stipulate a different date. The calculation base for coupon calculation for long-term savings T-bills is 30 days in the assessment month/ 360 days in the assessment year. The indexed coupon on long-term savings T-bills is paid once year on days set by the issuer with a corresponding frequency. The indexed coupon on long-term savings T-bills is paid on the fifth business day of the month every full 12 months during the tenor. Money invested in long-term savings T-bills is indexed by paying the indexed coupon (as a sum of the fixed coupon set at placement and the inflation index over the last coupon period). The CPI is published by the Agency of Statistics of the Republic of Kazakhstan on a monthly basis. If the inflation index for the last coupon period is negative, then it is considered zero for coupon calculation. E.g. Kazakhstan, MEUZKAM-144, 03

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