Latham & Watkins Advises Kaspi.kz on Debut US$650 Million Bond Issuance

Latham & Watkins has advised Kaspi.kz (NASDAQ: KSPI) on the issuance of its debut US$650 million 6.250% notes due 2030 pursuant to Regulation S and Rule 144A of the US Securities Act listed on the International Securities Market of the London Stock Exchange and Astana International Exchange. Citi and J.P. Morgan acted as joint lead managers and joint bookrunners and BCC Invest acted as Kazakhstan manager.

Kaspi.kz is the leading payments, marketplace, and fintech technology platform in Kazakhstan operating a unique two-sided business model: Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants. In Türkiye, Kaspi.kz owns 65.41% of Hepsiburada, a leading e-commerce technology platform. Harvard Business School has written two case studies on Kaspi.kz, which it continues to teach to its MBA students.

The Latham team was led by London corporate partner David Stewart and Riyadh corporate partner Edward Kempson, with associate Alexander Kartyshev. Advice on US tax matters was provided by New York partner Elena Romanova, with associate Ryan Brenner.