XML 24 R14.htm IDEA: XBRL DOCUMENT v3.22.2.2
TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE
 6 Months Ended
Sep. 30, 2022
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]  
Trading and available-for-sale securities at fair value TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE
As of September 30, 2022, and March 31, 2022, trading and available-for-sale securities consisted of:
 September 30, 2022March 31, 2022
 (Recasted)
Corporate debt$666,137 $712,133 
Non-U.S. sovereign debt634,056 360,570 
Corporate equity32,522 72,354 
U.S. sovereign debt23,883 10,435 
Exchange traded notes2,946 2,884 
Total trading securities$1,359,544 $1,158,377 
September 30, 2022March 31, 2022
(Recasted)
Corporate debt$155,529 $145,836 
Non-U.S. sovereign debt8,293 12,997 
U.S. sovereign debt4,352 2,530 
Corporate equity1 1 
Total available-for-sale securities, at fair value$168,175 $161,364 

The following tables present maturity analysis for available-for-sale securities as of September 30, 2022, and March 31, 2022:
September 30, 2022
Remaining contractual maturity of the agreements
Up to 1 year1-5 years5-10 yearsMore than 10 yearsTotal
Non-US sovereign debt— 430 850 7,013 8,293 
Corporate debt50,533 53,456 49,411 2,129 155,529 
US sovereign debt— 1,389 1,694 1,269 4,352 
Corporate equity— — — 1 1 
Total available-for-sale securities, at fair value$50,533 $55,275 $51,955 $10,412 $168,175 

March 31, 2022
Remaining contractual maturity of the agreements
Up to 1 year1-5 years5-10 yearsMore than 10 yearsTotal
Non-US sovereign debt1,692 864 1,086 9,355 12,997 
Corporate debt69,364 50,155 26,284 33 145,836 
US sovereign debt— — — 2,530 2,530 
Corporate equity— — — 1 1 
Total available-for-sale securities, at fair value$71,056 $51,019 $27,370 $11,919 $161,364 

As of September 30, 2022, the Company held debt securities of two issuers which individually exceeded 10% of the Company’s total trading securities - Kazakhstan Sustainability Fund JSC (Fitch: BBB credit rating) in the amount of $321,902 and the Ministry of Finance of the Republic of Kazakhstan (S&P Global: BBB- credit rating) in the amount of $622,251. As of March 31, 2022, the Company held debt securities of two issuers which individually exceeded 10% of the Company’s total trading securities - the Ministry of Finance of the Republic of Kazakhstan and the Kazakhstan Sustainability Fund JSC in the amounts of $357,343 and $506,472, respectively.
The Company recognized no other-than-temporary impairment in accumulated other comprehensive loss.
The fair value of securities is determined using observable market data based on recent trading activity. Where observable market data is unavailable due to a lack of trading activity, the Company utilizes internally developed models to estimate fair value and independent third parties to validate assumptions, when appropriate. Estimating fair value requires significant management judgment, including benchmarking to similar instruments with observable market data and applying appropriate discounts that reflect differences between the securities that the Company is valuing and the selected benchmark. Depending on the type of securities owned by the Company, other valuation methodologies may be required.
Measurement of fair value is classified within a hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
The valuation hierarchy contains three levels:
•Level 1 - Valuation inputs are unadjusted quoted market prices for identical assets or liabilities in active markets.
•Level 2 - Valuation inputs are quoted market prices for identical assets or liabilities in markets that are not active, quoted market prices for similar assets and liabilities in active markets, and other observable inputs directly or indirectly related to the asset or liability being measured.
•Level 3 - Valuation inputs are unobservable and significant to the fair value measurement.
The following tables present securities assets in the Сondensed Сonsolidated Balance Sheets or disclosed in the Notes to the condensed consolidated financial statements at fair value on a recurring basis as of September 30, 2022, and March 31, 2022:
Weighted Average
Interest Rate		Total
Fair Value Measurements as of September 30, 2022 using
Quoted Prices in
Active Markets
for Identical Assets		Significant
Other Observable
Inputs		Significant Unobservable
Units
(Level 1)(Level 2)(Level 3)
Corporate debt10.90 %$666,137 $622,933 $42,689 $515 
Non-U.S. sovereign debt10.90 %634,056 421,301 209,418 3,337 
Corporate equity— %32,522 19,986 12,213 323 
U.S. sovereign debt4.32 %23,883 20,997 2,886 — 
Exchange traded notes— %2,946 2,465 481 — 
Total trading securities$1,359,544 $1,087,682 $267,687 $4,175 
Corporate debt12.20 %$155,529 $147,582 $7,947 $— 
Non-US sovereign debt5.90 %8,293 7,661 632 — 
US sovereign debt4.05 %4,352 3,510 842 — 
Corporate equity— %1 — — 1 
Total available-for-sale securities, at fair value$168,175 $158,753 $9,421 $1 
Weighted Average
Interest Rate
TotalFair Value Measurements as of March 31, 2022 (Recasted) using
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
(Level 1)(Level 2)(Level 3)
Corporate debt9.09 %$712,133 $711,538 $— $595 
Non-U.S. sovereign debt13.15 %360,571 352,275 — 8,296 
Corporate equity— 72,354 71,827 276 251 
U.S. sovereign debt2.35 %10,435 10,435 — — 
Exchange traded notes— 2,884 2,884 — — 
Total trading securities$1,158,377 $1,148,959 $276 $9,142 
Corporate debt11.09 %$145,836 $145,836 $— $— 
Non-U.S. sovereign debt5.51 %12,997 12,551 — 446 
U.S. sovereign debt2.17 %2,530 2,530 — — 
Corporate equity— 1 — — 1 
Total available-for-sale securities, at fair value$161,364 $160,917 $— $447 
The tables below present the valuation techniques and significant level 3 inputs used in the valuation as of September 30, 2022, and March 31, 2022. The tables are not intended to be all inclusive, but instead capture the significant unobservable inputs relevant to determination of fair value.
TypeValuation TechniqueFV as of September 30, 2022Significant Unobservable Inputs%
Non-US sovereign debtDCF$3,337 Discount rate48.8%
Estimated number of years11 years
Corporate debtDCF515 Discount rate74.0%
Estimated number of years3 months
Corporate equityDCF323 Discount rate58.8%
Estimated number of years9 years
Total$4,175 
TypeValuation TechniqueFV as of March 31, 2022Significant Unobservable Inputs%
Non-US sovereign debtDCF$7,524 Discount rate69.0%
Estimated number of years11 years
Non-US sovereign debtDCF772 Discount rate13.9%
Estimated number of years1 year
Corporate debtDCF595 Discount rate45.0%
Estimated number of years3 months
Corporate equityDCF251 Discount rate20.0%
Estimated number of years9 years
Total$9,142 
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended September 30, 2022, and the year ended March 31, 2022:
Trading securitiesAvailable-for-sale securities
Balance as of March 31, 2022 (Recasted)
$9,142 $1 
Purchase of investments that use Level 3 inputs1,750 446 
Reclassification to level 2(1,267)— 
Sale(4,716)— 
Revaluation of investments that use Level 3 inputs(160)— 
Translation difference(574)— 
Balance as of September 30, 2022 (Recasted)
$4,175 $447 
Balance as of March 31, 2021 (Recasted)
$19,032 $1 
Reclassification to level 3682 — 
Reclassification to level 1(18,370)— 
Purchase of investments that use Level 3 inputs10,812 — 
Revaluation of investments that use Level 3 inputs(3,014)— 
Balance as of March 31, 2022 (Recasted)
$9,142 $1 
The table below presents the amortized cost, unrealized gains and losses accumulated in other comprehensive income, and fair value of available-for-sale securities as of September 30, 2022, and March 31, 2022:
September 30, 2022
Assets measured at amortized costRecognized impairment loss in Income StatementUnrealized gain/(loss) accumulated in other comprehensive
income/(loss)		Assets
measured at
fair value		Maturity Date
Corporate debt$152,826 $(402)$3,105 $155,529 2022 - 2042
Non-US sovereign debt10,002 — (1,709)8,293 2024 - indefinite
U.S. sovereign debt5,035 — (683)4,352 2024 - 2044
Corporate equity1 — — 1 not applicable
Total available-for-sale securities, at fair value$167,864 $(402)$713 $168,175 
March 31, 2022 (Recasted)
Assets measured at amortized costUnrealized gain/(loss) accumulated in other comprehensive
income/(loss)		Assets
measured at
fair value		Maturity Date
Corporate debt$146,111 $(275)$145,836 2022 - 2035
Non-U.S. sovereign debt13,784 (787)12,997 2022 - indefinite
U.S. sovereign debt2,912 (382)2,530 2044
Corporate equity1 — 1 not applicable
Total available-for-sale securities, at fair value$162,808 $(1,444)$161,364