Long-term Treasury bills of Kazakhstan (MEUKAM, Kazakhstan)

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.