April 2025 – Kinstellar is pleased to have acted as Kazakhstan counsel to JSC Kaspi.kz in its successful debut bond issuance, raising USD 650 million through 6.250% senior unsecured notes due in 2030. This marks the largest investment-grade bond issuance by a private Kazakhstani company, reflecting Kaspi.kz’s strong market position and the growing appeal of Kazakhstan as an investment destination.
The bonds, which garnered significant interest from investors across the US, Europe, and Asia, are listed on the London Stock Exchange and the Astana International Exchange. The funds raised will support Kaspi.kz’s ongoing business development and enhance its digital services, reinforcing its leadership in the fintech and e-commerce sectors. Mikhail Lomtadze, CEO and cofounder of Kaspi.kz, highlighted the successful placement as a testament to the confidence international investors have in the company.
The Kinstellar team, including Managing Partner Joel Benjamin, Partner Adlet Yerkinbayev, and Senior Associate Aigerim Raikhanova, provided expert legal support throughout the transaction.