Long-term treasury bills MEUKAM (in the Kazakh language, Мемлекеттік ұзақ мерзімді қазынашылық міндеттеме) are long-term treasury bills of the Republic of Kazakhstan
, which are coupon-bearing securities.
MEUKAM Long-term treasury bills mature in over five years and have a nominal value of KZT 1,000.
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 long-term treasury bills is paid once a year on days set by the issuer with a corresponding frequency.
The sum of the coupon is determined by the following formula:
S=N*C , where
S (KZT) — sum of the coupon on long-term treasury bills MEUKAM to be paid;
N (KZT) — nominal value of the corresponding number of long-term treasury bills MEUKAM to be paid;
С (%) – coupon rate.
Note: All operations with long-term indexed treasury bills are carried out by the investor via a primary dealer.
The first issue of MEUKAM bills
took place on November 12, 2008. The issue amounted to KZT 14.1 billion, with a coupon rate of 8.75% and a maturity of 2,189 days, the redemption occurred on November 12, 2014.
The largest issue in terms of amount was the fourth issue of 20Y long-term treasury bills MEUKAM, series 240
at KZT 570.96 billion. The issue was placed on January 29, 2015, with repayment in January 2035. The coupon rate was set at 8.07% as a result of the auction.