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Glossary

Mid-term indexed Treasury bills of Kazakhstan (MOIKAM)

(Kazakhstan). Mid-term indexed Treasury bills are coupon-bearing securities. Their face value is KZT 1,000. In the Kazakh language, a mid-term indexed T-bill is called ‘Мемлекеттiк орта мерзiмдi индекстелген казынашылык мiндеттеме’. Their tenors range from over a year to 5 years divisible by 6 months. They are placed and redeemed at face value; during their tenor, they pay a return called an indexed coupon. Mid-term indexed 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 mid-term indexed T-bills is 30 days in the assessment month/ 360 days in the assessment year. The indexed coupon on mid-term indexed T-bills is paid twice a year on days set by the issuer with a corresponding frequency. The indexed coupon on mid-term indexed T-bills is paid on the fifth business day of the month every full 6 months during the tenor. Money invested in mid-term indexed 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.

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