1. WHAT ARE STATE BILLS AND STATE BONDS?

Starting from January 20th 2004, the Ministry of Finance, acting on behalf of the Republic of Macedonia, started issuing State Bills through the NBRM (as an Agent). State bills and state bonds are issued in MKD, in an electronic form, at a nominal price, and sold at discounted price, with the maturity of three months.


2. WHO CAN BUY STATE BILLS AND STATE BONDS?

All legal entities and individuals, both resident and non-resident, can buy state bills and state bonds  through the domestic banks. The minimum amount to be subscribed is MKD 10.000,00.
Important notice to the non-residents: non-resident legal entities and individuals who want to participate in the auction have to register with the Central Securities Depositary before they participate in the auction.


3. WHAT IS THE PRICE OF STATE BILLS AND STATE BONDS?

The funds placed as state bills and state bonds bear fixed interest, which level is determined by the marked conditions. The client himself determines the price at which he wants to buy state bills and state bonds . The fee of ProCredit Bank for this transaction is 0.12% from the nominal amount subscribed, but not less than MKD 300,00.


4. WHAT IS THE PROCEDURE FOR BUYING STATE BILLS AND STATE BONDS?

a) Before the auction day

The Ministry of Finance issues a calendar of auctions for the first half of the year. ProCredit Bank in its premises displays the calendar and the prospectus (offer) for auction of state bills and state bonds , which NBRM defines and publishes at 14:30 four working days before the auction.
The clients (account holders) of PCB who want to participate in the auction can do so by filling in the application form "ProZapis3", as soon as the prospectus is displayed in the premises of the bank, but not later than closing hours of the Bank one day before the auction day. The clients are stating the SB prices by themselves, according to the market prices. If one participant has several offers with a different price, he should list them all in the application form.
The Client Advisors will then calculate the discounted amount according to the data in the application form. The client then pays in the specified amount (discounted amount) to the special internal account of the PCB and signs the  application form.

b) Auction day

The auction of state bills and state bonds  takes place according to the published calendar, in the period between 11:00 and 12:00. The results of the auction are announced by NBRM to ProCredit Bank in the period between 13:00 and 13:30, upon which PCB immediately informs its clients about the outcome.

c) The day after

The Central Securities Depositary keeps track of all purchased state bills and state bonds . On the day after the auction, it has the obligation to inform the clients who have purchased state bills and state bonds about the ownership.


5. MATURITY DAY

On maturity day ProCredit Bank will credit the nominal amount of the subscribed state bills and state bonds  to the account of the client, decreased by the PCB commission.