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Glossario

Treasury bills indexed to TONIA — METIKAM

Categoria — Obbligazioni Sovrane
Treasury bills indexed to the TONIA rate (METIKAM) are long-term coupon securities issued by the Ministry of Finance of the Republic of Kazakhstan.

The maturity of these securities is more than one year, the nominal value is 1000 tenge, the income is paid in the form of a coupon twice a year. Placement and redemption of securities takes place at face value, the calculation base, used to calculate the coupon amount, is 30 days in the settlement month / 360 days in the year.

The key feature of METIKAM securities is that the coupon rate is floating and it is linked to TONIA rate, which reflects the yield of one-day REPO operations with securities of the Kase basket. As the way to calculate the coupon amount, 10 working days before the end date of the coupon period the TONIA Compounded rate for six months (TCR_6M) is calculated. And this rate remains unchanged until the end of the coupon period.

The sum of the indexed coupon is formulated by the formula:
S=N*T/2+C, where,
S, tenge - the amount of the indexed coupon of treasury obligations to be paid;
N, tenge - the amount of the nominal value to be paid;
T, % ? TONIA Compounded rate for six months (TCR_6M) for the expired coupon period, T value is rounded up to the third decimal place;
C, tenge - the amount of a fixed coupon, while C=N*K*180/360, where,
K, % - the value of the fixed annual coupon determined during placement.

The first placement of METIKAM bonds took place on August 3, 2022. The volume of the issue was 35 billion tenge, the fixed margin to the TONIA rate was 0.75 percentage points. The maturity is of 1080 days.
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