KSPI · Joint Stock Company Kaspi.kz

Kaspi.kz's successful $600 million bond issuance represents a significant capital markets milestone, being only the second such transaction following the company's upgrade to Investment Grade status with Baa3 from Moody’s and BBB- from Fitch. The 3.5x oversubscription from approximately 130 institutional investors underscores robust confidence in Kaspi.kz’s business model, operating performance, and cash generation capabilities, as highlighted by CEO Mikhail Lomtadze. This access to global debt markets at a 5.900% coupon over a 5-year tenor diversifies funding sources and bolsters liquidity for general corporate purposes, positioning the company to sustain leadership in Kazakhstan, expand in Türkiye via its 86% stake in Hepsiburada, and invest in innovative digital services. The transaction, managed by Citigroup, J.P. Morgan, and BCC Invest, was structured exclusively for qualified institutional buyers under Rule 144A and Regulation S, ensuring efficient execution without broad retail distribution. This move enhances financial flexibility amid the company's Super App ecosystem serving over 25 million consumers and 900 thousand merchants.