Kaspi.kz completed a $600 million issuance of 5.900% senior unsecured notes due 2031 on April 24 2026. The notes were 3.5‑times oversubscribed, with roughly 130 institutional investors participating. Citigroup and J.P. Morgan served as joint lead managers, while BCC Invest acted as the Kazakhstan manager. Settlement took place on April 28 2026, and coupon payments will be made semi‑annually beginning October 28 2026.
The bond sale marks Kaspi.kz’s second international offering since it achieved investment‑grade ratings—Fitch BBB‑ in September 2024 and Moody’s Baa3 in March 2025. The strong demand reflects confidence in the company’s strategy, operating performance and cash generation. CEO Mikhail Lomtadze said, “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 and deepening our relationships with leading international investors. The strong demand for this transaction reflects confidence in our strategy, operating performance and strong cash generation.”
Proceeds from the notes will be used for general corporate purposes and to strengthen the company’s liquidity position, providing financial flexibility for ongoing operations, potential investments and debt management. This is a standard use of proceeds for such issuances and aligns with Kaspi.kz’s strategy to maintain a robust cash buffer.
Financially, Kaspi.kz reported FY 2025 revenue of KZT 4.05 trillion and net income of KZT 1.07 trillion, a margin compression from 40.9% to 26.5% versus the prior year. The compression is driven by rising costs and expansion, particularly in Türkiye where the company’s stake in Hepsiburada has incurred a net loss. Marketplace and Fintech segments remain key revenue drivers, while the Türkiye operations have been a headwind. The company’s super‑app model—integrating payments, e‑commerce and fintech—continues to generate strong cash flow, but margin pressure signals the need for disciplined cost management.
Strategically, the bond issuance supports Kaspi.kz’s expansion beyond Kazakhstan, especially its focus on Türkiye. The liquidity cushion and investor confidence from the successful sale reinforce the company’s ability to pursue growth opportunities while managing the headwinds of margin compression and cost inflation. The issuance also underscores the company’s solid credit profile and its capacity to access global capital markets at attractive terms.
No specific market reaction to the bond issuance was reported. Other events in the same week—such as Tencent’s purchase of 6.0 million ADSs on April 20 2026 and the announcement of the Q1 2026 earnings date on April 13 2026—did influence stock movements, but the bond sale itself did not trigger a notable market response.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.