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Long-term savings Treasury bills of Kazakhstan (MEUZKAM, Kazakhstan)

Category — Sovereign Bonds
Long-term savings treasury bills MEUDjKAM (in the Kazakh language, Мемлекеттік ұзақ мерзімді жинақтаушы қазынашылық міндеттеме) are long-term savings treasury bills of the Republic of Kazakhstan, which are coupon-bearing securities.

Long-term savings treasury bills MEUDjKAM mature in over five years, have a nominal value of KZT 1,000 and are divisible by twelve months.

The specific feature of these securities is that for the first half of their maturity period they are placed and traded among JSC Unified Accumulative Pension Fund, savings pension funds, life insurance companies, as well as JSC State Social Insurance Fund. Upon expiry of the first half of the maturity period, MEUDjKAM bills can be traded freely.

They are placed and redeemed at nominal value, with an indexed 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 indexed coupon on long-term savings treasury bills is paid once a year on days set by the issuer with a corresponding frequency. Payment should be made on the fifth business day of the month every full 12 months during the maturity period.

The sum of the indexed coupon is determined using the following formula:
S=N*I/100+C , where
S (KZT) — sum of the indexed coupon on long-term savings treasury bills MEUDjKAM to be paid on a regular basis;
N (KZT) — nominal value of the corresponding number of long-term savings treasury bills MEUDjKAM to be paid;
I (%) — inflation index for the expired coupon period to be paid, whilst:
where I1, I2, I3, …, In — are consumer price indices for the respective months of the coupon period, with values rounded to three decimal places;
C – amount of the fixed coupon (C = N * K, where К (%) is the value of the fixed coupon determined at placement).

1) The Consumer price index is published on a monthly basis by the Agency on Statistics of the Republic of Kazakhstan;
2) If the inflation index for the expired period is negative, the inflation index value is equal to zero;

The first issue of MEUDjKAM bills took place on April 27, 2007. The issue amounted to KZT 24.1 billion, with a maturity of 2,192 days, the redemption occurred on April 27, 2013.

The largest issue in terms of amount was the second issue of 7Y long-term savings treasury bills MEUDjKAM, series 84 at KZT 180 billion. The issue was placed on January 29, 2016, with repayment in January 2023. The issue was placed exclusively at the primary auction in the KASE system.
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