Joint Stock Company Kaspi.kz bonds KSPI
Who owns Joint Stock Company Kaspi.kz's debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. KSPI stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 466281AA0 | 6.25% fixed | 2030-03-26 | USD | 100.63 | 6.05% | 177 bp | 5 | $23.7M | Jul 2026 |
| 4662819A2 | 6.25% fixed | 2030-03-26 | USD | 101.48 | 5.81% | 172 bp | 1 | $225K | May 2026 |
| YQ5182411 | 6.25% fixed | 2030-03-26 | USD | 100.59 | 6.06% | 178 bp | 8 | $7.0M | Jul 2026 |
| 48581RAA4 | 5.9% fixed | 2031-04-28 | USD | 99.13 | 6.11% | 179 bp | 10 | $29.6M | Jul 2026 |
| XS3310367738 | 5.9% fixed | 2031-04-28 | USD | 99.08 | 6.12% | 180 bp | 3 | $1.4M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Jul 2026 | 4 | $61.7M | 99.86 | 6.09% | 179 bp | 10 |
| Jun 2026 | 4 | $28.6M | 100.55 | 5.90% | 172 bp | 20 |
| May 2026 | 3 | $12.2M | 101.34 | 5.84% | 172 bp | 6 |
| Apr 2026 | 3 | $60.1M | 101.28 | 5.88% | 200 bp | 12 |
| Mar 2026 | 2 | $18.2M | 100.57 | 6.09% | 230 bp | 9 |
| Feb 2026 | 3 | $11.3M | 103.05 | 5.41% | 180 bp | 7 |
| Jan 2026 | 2 | $33.9M | 102.61 | 5.54% | 183 bp | 6 |
| Dec 2025 | 2 | $17.2M | 102.38 | 5.61% | 196 bp | 9 |
| Nov 2025 | 3 | $10.9M | 102.75 | 5.52% | 189 bp | 7 |
| Oct 2025 | 2 | $33.7M | 102.68 | 5.55% | 194 bp | 9 |
| Sep 2025 | 2 | $28.0M | 102.85 | 5.52% | 189 bp | 12 |
| Aug 2025 | 2 | $10.7M | 102.44 | 5.64% | 187 bp | 7 |
| Jul 2025 | 2 | $103.3M | 102.02 | 5.75% | 182 bp | 12 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 10 added, 4 cut, 18 new holders and 3 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| MFS Emerging Markets Debt Fund MFS SERIES TRUST X | 2026-07-31 | $32.7M | $32.7M | $0 |
| iShares Flexible Income Active ETF BlackRock ETF Trust II | 2026-07-31 | $9.5M | $9.5M | $0 |
| TCW Emerging Markets Income Fund TCW FUNDS INC | 2026-07-31 | $8.2M | $8.1M | $0 |
| T. Rowe Price International Bond Fund (USD Hedged) T. ROWE PRICE INTERNATIONAL FUNDS, INC. | 2026-06-30 | $7.8M | $7.9M | $960K |
| BlackRock Strategic Income Opportunities Portfolio BlackRock Funds V | 2026-06-30 | $5.2M | $5.2M | $3.5M |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $4.4M | $4.4M | $3.1M |
| T. Rowe Price Emerging Markets Corporate Bond Fund T. ROWE PRICE INTERNATIONAL FUNDS, INC. | 2026-06-30 | $3.7M | $3.7M | -$400K |
| T. Rowe Price Global Multi-Sector Bond Fund, Inc. T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC. | 2026-05-31 | $3.4M | $3.4M | -$2.5M |
| NYLIM MacKay Strategic Bond Fund NYLIM FUNDS | 2026-07-31 | $2.5M | $2.6M | $0 |
| PIMCO Emerging Markets Bond Fund PIMCO FUNDS | 2026-06-30 | $2.2M | $2.2M | new |
| iShares Core Universal USD Bond ETF iShares Trust | 2026-07-31 | $1.4M | $1.4M | $800K |
| MFS Diversified Income Fund MFS Series Trust XIII | 2026-05-31 | $1.1M | $1.1M | $0 |
| NYLIM MacKay Total Return Bond Fund NYLIM FUNDS TRUST | 2026-07-31 | $1.1M | $1.1M | new |
| Mercer Opportunistic Fixed Income Fund Mercer Funds | 2026-06-30 | $1.0M | $999K | new |
| iShares J.P. Morgan EM Corporate Bond ETF iShares, Inc. | 2026-07-31 | $1.0M | $999K | $600K |
| T. Rowe Price Total Return ETF T. Rowe Price Exchange-Traded Funds, Inc. | 2026-05-31 | $805K | $816K | $0 |
| T. Rowe Price International Bond Fund T. ROWE PRICE INTERNATIONAL FUNDS, INC. | 2026-06-30 | $780K | $790K | $0 |
| T. Rowe Price Total Return Fund T. ROWE PRICE TOTAL RETURN FUND, INC. | 2026-05-31 | $770K | $781K | $0 |
| Nomura Diversified Income Fund Delaware Group Adviser Funds | 2026-07-31 | $770K | $777K | $0 |
| BlackRock Multi-Asset Income Portfolio BlackRock Funds II | 2026-07-31 | $699K | $692K | $0 |
| WisdomTree Emerging Markets Corporate Bond Fund WisdomTree Trust | 2026-05-31 | $675K | $677K | $125K |
| VOYA STRATEGIC INCOME OPPORTUNITIES FUND Voya Funds Trust | 2026-06-30 | $675K | $676K | new |
| BlackRock Total Return Fund BlackRock Bond Fund, Inc. | 2026-06-30 | $647K | $652K | $200K |
| BlackRock Global Allocation Fund, Inc. | 2026-07-31 | $561K | $556K | $0 |
| NYLIM MacKay Core Plus Bond ETF NYLIM Active ETF Trust | 2026-07-31 | $550K | $553K | new |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Transamerica Emerging Markets Debt ($620K), MFS MULTIMARKET INCOME TRUST ($405K), Multimanager Core Bond Portfolio ($203K).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 2 | $4.4M | $4.4M | 0.02% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 2 | $1.4M | $1.4M | 0.00% |
| CEMB iShares J.P. Morgan EM Corporate Bond ETF | 2026-07-31 | 2 | $1.0M | $999K | 0.25% |
| TOTR T. Rowe Price Total Return ETF | 2026-05-31 | 1 | $805K | $816K | 0.15% |
| EMCB WisdomTree Emerging Markets Corporate Bond Fund | 2026-05-31 | 1 | $675K | $677K | 0.68% |
| CPLB NYLIM MacKay Core Plus Bond ETF | 2026-07-31 | 1 | $550K | $553K | 0.15% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 2 | $415K | $420K | 0.00% |
| ISTB iShares Core 1-5 Year USD Bond ETF | 2026-07-31 | 2 | $400K | $400K | 0.01% |
| TMSF T. Rowe Price Multi-Sector Income ETF | 2026-05-31 | 1 | $222K | $225K | 0.78% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 7.45: safer than 69% of companies (69th percentile in Technology). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $17.59B |
| Debt barrier (short-term + ½ long-term debt) | $2.01B |
| Equity volatility (1 year) | 33.8% |
| Asset value / asset volatility (solved) | $19.51B / 30.4% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 179 bp spread prices in about 3.0% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Altman Z'' = 3.03 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in KSPI's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 10 | $50.5M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 201 | $7.26B | 8 | $39.7M | 8 | $14.3M | 0 |
| 2026-03-31 | 161 | $6.17B | 7 | $27.4M | 7 | $9.9M | 0 |
| 2025-12-31 | 170 | $6.65B | 6 | $17.9M | 8 | $23.2M | 0 |
| 2025-09-30 | 179 | $6.00B | 5 | $11.5M | 7 | $28.2M | 0 |
| 2025-06-30 | 155 | $6.34B | 4 | $8.1M | 6 | $12.7M | 0 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.