Kaspi.kz JSC, Kazakhstan’s largest publicly traded company, is reportedly preparing to issue its first bond to raise at least US$500 million over five years.

Based in Almaty, the company primarily provides banking and payment services.

Last week, it marketed the bond to international fixed-income investors, with Citigroup Inc. and JPMorgan Chase & Co. serving as arrangers for the transaction.

Kaspi has a large presence in Kazakhstan, serving 14 million users in a country with a population of 20 million.

It has a market capitalization of about US$19 billion and is actively pursuing international expansion.

Recent banking developments