Kaspi.kz issues $600 million notes due 2031 with 5.900% coupon

Kaspi.kz (NASDAQ: KSPI) completed a $600 million bond offering of 5.900% senior unsecured notes due 2031, the company announced. The five-year notes will settle on April 28, 2026, with semi-annual coupon payments beginning October 28, 2026.

The offering attracted approximately 130 institutional investors and was 3.5 times oversubscribed. Citigroup and J.P. Morgan served as joint lead managers and joint bookrunners, while BCC Invest acted as Kazakhstan manager.

The proceeds will be used for general corporate purposes and to strengthen the company's liquidity position. This marks the second international bond issuance since Kaspi.kz achieved investment grade status, with current ratings of Baa3 from Moody's and BBB- from Fitch.

"Our second international bond offering since achieving investment-grade ratings marks another important step in broadening Kaspi.kz's access to global debt capital markets," said CEO and co-founder Mikhail Lomtadze.

The Kazakhstan-based company operates a digital platform serving more than 25 million consumers and 900,000 merchants across Kazakhstan and Turkey. In Turkey, Kaspi.kz holds an 86% stake in e-commerce platform Hepsiburada. The company has been listed on Nasdaq since January 2024.

The notes were offered to qualified institutional buyers in the United States under Rule 144A and to international investors under Regulation S of the U.S. Securities Act of 1933.

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