Joint Stock Company Kaspi.kz issues USD denominated Eurobond
Kaspi.kz (NASDAQ: KSPI) has successfully priced a $650 million offering of senior unsecured Notes due 2030, marking the largest ever investment grade bond issuance by a non-sovereign from Kazakhstan. The Notes, carrying a 6.250% interest rate payable semi-annually, were priced on March 18, 2025, with settlement expected on March 26, 2025.
The Notes will be offered exclusively to qualified institutional buyers in the US under Rule 144A and internationally under Regulation S. Interest payments will commence from September 26, 2025. The company plans to utilize the net proceeds for general corporate purposes.
Kaspi.kz (NASDAQ: KSPI) ha fissato con successo un'offerta di 650 milioni di dollari di obbligazioni senior non garantite con scadenza nel 2030, segnando la più grande emissione di obbligazioni investment grade mai realizzata da un'entità non sovrana del Kazakistan. Le obbligazioni, con un tasso d'interesse del 6,250% pagabile semestralmente, sono state fissate il 18 marzo 2025, con regolamento previsto per il 26 marzo 2025.
Le obbligazioni saranno offerte esclusivamente a compratori istituzionali qualificati negli Stati Uniti ai sensi della Regola 144A e a livello internazionale secondo la Regolamentazione S. I pagamenti degli interessi inizieranno dal 26 settembre 2025. L'azienda prevede di utilizzare i proventi netti per scopi aziendali generali.
Kaspi.kz (NASDAQ: KSPI) ha logrado fijar con éxito una oferta de 650 millones de dólares en Notas senior no garantizadas con vencimiento en 2030, marcando la mayor emisión de bonos de grado de inversión realizada por un no soberano de Kazajistán. Las Notas, con una tasa de interés del 6,250% pagadera semestralmente, fueron fijadas el 18 de marzo de 2025, con liquidación prevista para el 26 de marzo de 2025.
Las Notas se ofrecerán exclusivamente a compradores institucionales calificados en EE. UU. bajo la Regla 144A y a nivel internacional bajo la Regulación S. Los pagos de intereses comenzarán el 26 de septiembre de 2025. La empresa planea utilizar los ingresos netos para fines corporativos generales.
Kaspi.kz (NASDAQ: KSPI)는 2030년 만기 비보증 고위험 채권 6억 5천만 달러의 발행 가격을 성공적으로 책정하였으며, 이는 카자흐스탄의 비정부 기관이 발행한 투자 등급 채권 중 가장 큰 규모입니다. 이 채권은 6.250%의 이자율이 적용되며 반기별로 지급되며, 2025년 3월 18일에 가격이 책정되었고, 2025년 3월 26일에 결제가 예정되어 있습니다.
이 채권은 미국에서 규정 144A에 따라 자격을 갖춘 기관 투자자에게만 제공되며, 국제적으로는 규정 S에 따라 제공합니다. 이자 지급은 2025년 9월 26일부터 시작됩니다. 회사는 순수익을 일반 기업 목적에 사용할 계획입니다.
Kaspi.kz (NASDAQ: KSPI) a réussi à fixer une offre de 650 millions de dollars d'obligations senior non garanties arrivant à échéance en 2030, marquant la plus grande émission d'obligations de qualité investissement jamais réalisée par un émetteur non souverain du Kazakhstan. Les obligations, portant un taux d'intérêt de 6,250% payable semestriellement, ont été fixées le 18 mars 2025, avec un règlement prévu pour le 26 mars 2025.
Les obligations seront offertes exclusivement aux acheteurs institutionnels qualifiés aux États-Unis en vertu de la règle 144A et internationalement en vertu de la réglementation S. Les paiements d'intérêts commenceront le 26 septembre 2025. L'entreprise prévoit d'utiliser les produits nets à des fins corporatives générales.
Kaspi.kz (NASDAQ: KSPI) hat erfolgreich ein Angebot von 650 Millionen Dollar an unbesicherten Senior-Anleihen mit Fälligkeit im Jahr 2030 bepreist, was die größte Emission von Anleihen mit Investment-Grade-Rating durch einen nicht-sovereignen Emittenten aus Kasachstan darstellt. Die Anleihen, die einen Zinssatz von 6,250% haben, der halbjährlich zahlbar ist, wurden am 18. März 2025 bepreist, mit einer Abwicklung, die für den 26. März 2025 erwartet wird.
Die Anleihen werden ausschließlich an qualifizierte institutionelle Käufer in den USA gemäß Regel 144A und international gemäß Regulierung S angeboten. Die Zinszahlungen beginnen am 26. September 2025. Das Unternehmen plant, die Nettomittel für allgemeine Unternehmenszwecke zu verwenden.
- Successful placement of $650 million Eurobond demonstrates strong market confidence
- Largest ever investment grade bond issuance by a non-sovereign from Kazakhstan
- Investment grade rating indicates strong financial position
- Additional debt obligation with 6.250% interest payment commitment
- Increased financial leverage could impact future borrowing capacity
Insights
Kaspi.kz's $650 million Eurobond issuance represents a significant capital markets milestone for the company. The 6.250% coupon rate for 5-year notes is relatively attractive in today's interest rate environment for an emerging market issuer, suggesting strong investor confidence in Kaspi's credit profile.
What stands out is this being labeled the "largest ever investment grade bond issuance by a non-sovereign from Kazakhstan" - indicating Kaspi has achieved a financial standing that distinguishes it from other Kazakh corporate issuers. The investment grade rating gives Kaspi access to a broader investor base and typically more favorable borrowing terms.
The vague designation of proceeds for "general corporate purposes" provides maximum flexibility but transparency. This could potentially fund anything from working capital needs to acquisitions in Kazakhstan or expansion in Turkey, where they've mentioned operations.
This issuance diversifies Kaspi's funding sources beyond traditional banking channels, potentially reducing dependency on local capital markets. For a fintech/banking entity, establishing a presence in international debt markets creates additional financial flexibility for future growth initiatives while demonstrating market validation of their business model.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. THIS IS AN ANNOUNCEMENT AND NOT AN OFFER TO SELL OR AN INVITATION TO PURCHASE OR SUBSCRIBE FOR ANY SECURITIES NOR A CIRCULAR OR PROSPECTUS OR EQUIVALENT DOCUMENT AND INVESTORS OR PROSPECTIVE INVESTORS SHOULD NOT MAKE INVESTMENT DECISIONS ON THE BASIS OF ITS CONTENTS.
ALMATY, Kazakhstan, March 21, 2025 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi” – NASDAQ: KSPI), priced an offering of U.S.
The Notes will be senior unsecured obligations of Kaspi. The Notes will only be offered for sale in the United States of America to “qualified institutional buyers” (“QIBs”) as defined in Rule 144A under the U.S. Securities Act of 1933 (the “Securities Act”) in transactions that are exempt from registration under the Securities Act, and outside the United States of America in reliance on Regulation S under the Securities Act.
Interest on the Notes will be paid in cash semi-annually in arrear at a rate of
The transaction marks the largest ever investment grade bond issuance by a non-sovereign from Kazakhstan.
Mikhail Lomtadze, CEO & co-founder of Kaspi.kz, commented:
“Our debut Eurobond is another important milestone for Kaspi.kz. Over the last week we showcased our unique Super App business model to many of the world’s leading debt capital market investors. The ultimate success of the transaction is testament to the strength of our proven and diverse business, built over many years and our strong investment grade rating. As usual we will keep working hard to develop innovative digital services that make everyday life better for our customers in Kazakhstan and Türkiye.”
About Kaspi.kz
Kaspi.kz’s mission is to improve people’s lives by developing innovative mobile products and services. To deliver upon this we operate a unique two-sided Super App model – Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants.
Through these Super Apps consumers and merchants can access our leading Payments, Marketplace, and Fintech Platforms. All our services are designed to be highly relevant to users’ everyday needs and enable consumers and merchants to connect and transact between themselves.
The combination of a large, highly engaged consumer and merchant base, best-in-class, highly relevant digital products and a capex lite approach, results in strong top-line growth, a profitable business model and enables us to continue innovating, delighting our users and fulfilling our mission.
In January 2025, Kaspi.kz acquired a
Harvard Business School has written two case studies on Kaspi.kz which it continues to teach to its MBA students.
Kaspi.kz has been listed on Nasdaq since January 2024.
For further information
david.ferguson@kaspi.kz +44 7427 751 275
Cautionary Statement Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the U.S. federal securities laws, which statements relate to our current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as “believe,” “may,” “might,” “will,” “expect,” “estimate,” “could,” “should,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “prospective,” “continue,” “is/are likely to” or other similar expressions. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. Therefore, you should not place undue reliance on these forward-looking statements. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, risks related to the following: our ability to attract sufficient new customers, engage and retain our existing customers or sell additional functionality, products and services to them on our platforms; our ability to maintain and improve the network effects of our Super App business model; our ability to improve or maintain technology infrastructure; our ability to successfully execute the new business model and reach sustained profitability of our e-Grocery operations; our ability to partner with sufficient new merchants or maintain relationships with our existing merchant partners; our ability to effectively manage the growth of our business and operations; developments affecting the financial services industry; our brand or trusted status of our platforms and Super Apps; our ability to retain and motivate our personnel and attract new talent, or to maintain our corporate culture; our ability to keep pace with rapid technological developments to provide innovative services; our ability to implement changes to our systems and operations necessary to capitalize on our future growth opportunities; changes in relationships with third-party providers, including software and hardware suppliers, delivery services, credit bureaus and debt collection agencies; our ability to compete successfully against existing or new competitors; our ability to integrate acquisitions, strategic alliances and investments; our ability to adequately obtain, maintain, enforce and protect its intellectual property and similar proprietary rights; evolving nature of Kazakhstan’s legislative and regulatory framework; our ability to obtain or retain certain licences, permits and approvals in a timely manner; our ability to successfully remediate the existing material weaknesses in our internal control over financial reporting and our ability to establish and maintain an effective system of internal control over financial reporting; dependence on our subsidiaries for cash to fund our operations and expenses, including future dividend payments, if any; and risks related to other factors discussed under Item 3.D. “Risk Factors” in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on March 10, 2025 and other SEC filings we make from time to time.
We operate in an evolving environment. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can we assess the effect of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
MANUFACTURER TARGET MARKET (UK MIFIR PRODUCT GOVERNANCE) IS ELIGIBLE COUNTERPARTIES AND PROFESSIONAL CLIENTS ONLY (ALL DISTRIBUTION CHANNELS). NO UK PRIIPS KEY INFORMATION DOCUMENT (“KID”) HAS BEEN PREPARED AS NOT AVAILABLE TO RETAIL IN UK.
This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States of America or in any other jurisdiction. The securities to which this announcement relates have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, registration under the Securities Act and applicable state securities laws. The securities will only be offered for sale in the United States of America to "qualified institutional buyers" (“QIBs”) as defined in Rule 144A under the Securities Act in transactions that are exempt from registration under the Securities Act, and outside the United States of America in reliance on Regulation S under the Securities Act.
This announcement is being distributed to and is directed only at persons in the United Kingdom having professional experience in matters relating to investments, falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), and persons falling within Article 49(2) of the Order (all such persons together being referred to as “relevant persons”). In the UK, this announcement must not be acted on or relied on by persons who are not relevant persons. In the UK, any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with such persons.
Singapore SFA Product Classification: In connection with Section 309B of the Securities and Futures Act 2001 of Singapore (the “SFA”) and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (the “CMP Regulations 2018”), unless otherwise specified before an offer of Notes, the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A(1) of the SFA), that the Notes are “prescribed capital markets products” (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).
The information contained in this announcement is not an offer, or an invitation to make offers, to sell, purchase, exchange or otherwise transfer securities in Kazakhstan to or for the benefit of any Kazakhstani person or entity, except in compliance with the Kazakhstan local offering requirements, and except for those persons or entities that are capable of doing so under the legislation of Kazakhstan and any other laws applicable to such capacity of such persons or entities. This announcement shall not be construed as an advertisement in, and for the purpose of the laws of, Kazakhstan, unless such advertisement is in full compliance with Kazakhstani laws and the rules and regulations of the Astana International Financial Centre.
This announcement is not an offer of securities or investments for sale nor a solicitation of an offer to buy securities or investments in any jurisdiction where such offer or solicitation would be unlawful. No action has been taken that would permit an offering of securities or possession or distribution of this announcement in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.
FAQ
What is the size and interest rate of Kaspi.kz's (KSPI) 2025 Eurobond offering?
When will Kaspi.kz (KSPI) start paying interest on its 2025 Eurobond?
What is significant about KSPI's 2025 Eurobond issuance in Kazakhstan's context?
How will Kaspi.kz (KSPI) use the proceeds from its 2025 Eurobond offering?
