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Mid-term indexed Treasury bills of Kazakhstan (MOIKAM, Kazakhstan)

Category — Sovereign Bonds
MOIKAM Mid-term indexed treasury bills (in the Kazakh language, Мемлекеттік орта мерзімді индекстелген қазынашылық міндеттеме) are mid-term indexed treasury bills of the Republic of Kazakhstan, which are coupon-bearing securities.

MOIKAM Mid-term indexed treasury bills are issued with maturities of 1 to 5 years, have a nominal value of KZT 1,000 and are divisible by six months.

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 the treasury bills is paid twice 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 6 months during the maturity period.

The sum of the indexed coupon is determined by the following formula:
S=N*I/100+C , where
S (KZT) — sum of the indexed coupon on mid-term indexed treasury bills MOIKAM to be paid on a regular basis;
N (KZT) — nominal value of the corresponding number of mid-term indexed treasury bills MOIKAM to be paid on a regular basis;
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 only issue of MOIKAM bills took place on June 30, 2015. Its maturity period was 5 years with the issue volume of KZT 10 billion. However, the initial offering did not happen, as the demand was 10 times lower than the supply.
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