Quarterly report pursuant to Section 13 or 15(d)

DEBT SECURITIES ISSUED

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DEBT SECURITIES ISSUED
 3 Months Ended
Jun. 30, 2024
Debt Securities [Abstract]  
DEBT SECURITIES ISSUED DEBT SECURITIES ISSUED
As of June 30, 2024, and March 31, 2024, outstanding debt securities issued by the Group included the following:
Debt securities issued by:
June 30, 2024
March 31, 2024
 Interest rate Issue date Maturity date
Freedom SPC bonds due 2028 $ 200,366  $ 200,386 
1-2 years: 12%
3-5 years: EFFR + 6.5%
 December, 2023 December, 2028
Freedom SPC bonds due 2026 64,610  64,546 
5.5%
 October, 2021 October, 2026
Accrued interest 1,422  2,319 
Total debt securities issued $ 266,398  $ 267,251 
As of June 30, 2024 the carrying value of the Group’s debt securities issued was $64,610 Freedom SPC bonds due 2026 and $200,366 Freedom SPC bonds due 2028, respectively. The Freedom SPC bonds are denominated in U.S. dollars and were issued under Astana International Financial Centre ("AIFC") law and trade on the AIX. The Company is a guarantor of the Freedom SPC bonds.
The Freedom SPC bonds due 2026 bear interest at an annual rate of 5.5% and mature in October 2026. Interest is paid semi-annually in April and October. The proceeds from the issuance of such bonds were loaned to the Company pursuant to a loan agreement dated November 22, 2021. The loan has the same interest rate and maturity date as the bonds.
For the first two years of Freedom SPC bonds due 2028, the annual interest rate is 12%, and for subsequent years the interest rate will be fixed and set as the sum of Effective Federal Funds Rate (EFFR) as of December 10, 2025 and a margin of 6.5%. Interest is paid on a monthly basis. The bondholders have a right of early redemption after two years at nominal value plus accrued interest. After two years, the issuer has the option to redeem the bonds in full or in part at nominal value plus accrued interest.
Debt securities issued are initially recognized at the fair value of the consideration received, less directly attributable transaction costs.
The Group has no covenants to comply with in its debt securities.