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Glossary

Special mid-term Treasury bills (MAOKAM)

Category — CIS Bond Market
MAOKAM Special mid-term treasury bills (in the Kazakh language, Мемлекеттік арнайы орта мерзімді қазынашылық міндеттеме) are treasury bills of the Republic of Kazakhstan with maturities of 2 and 3 years.

The nominal value of the МАОКАМ special mid-term treasury bills is equivalent to USD 10.

They are placed and redeemed at nominal value, with a coupon being paid within the maturity period. The calculation base for coupon calculation is 30 days in the assessment month / 360 days in the assessment year. The coupon on the treasury bills is paid twice a year on days set by the issuer with a corresponding frequency.

MAOKAM Special mid-term treasury bills are only placed among individuals-residents of the Republic of Kazakhstan by subscription through an agent selected on a tender basis. On the secondary market, both individuals and legal entities that are residents of the Republic of Kazakhstan may purchase MAOKAM bills.

The sum of the coupon is determined using the following formula:
S=N*C*180/360 , where
S (KZT) — sum of the coupon on МАОКАМ special mid-term treasury bills to be paid;
N (KZT) — nominal value of the corresponding number of MAOKAM special mid-term treasury bills converted at the official KZT/USD exchange rate as determined by the National Bank of the Republic of Kazakhstan on the date of remuneration payment;
С (%) – coupon rate.

Note: All payments relating to MAOKAM special mid-term treasury bills are made in KZT converted at the official KZT/USD exchange rate as determined by the National Bank of the Republic of Kazakhstan on the date of payment.

To date, the Ministry of Finance of the Republic of Kazakhstan has placed 2 issues of MAOKAM special mid-term treasury bill at USD 64.1 million and USD 488.77 thousand. Notably, both issues were placed on November 18, 2009. The first issue had a 3-year maturity, 7.5% coupon rate; the second issue had a 2-year maturity and 7.3% coupon rate.

Subsequently, the Ministry of Finance of the Republic of Kazakhstan did not issue MAOKAM special mid-term treasury bills.
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