Quarterly report [Sections 13 or 15(d)]

DEBT SECURITIES ISSUED

v3.26.1
DEBT SECURITIES ISSUED
 3 Months Ended
Jun. 30, 2026
Debt Securities [Abstract]  
DEBT SECURITIES ISSUED DEBT SECURITIES ISSUED
As of June 30, 2026, and March 31, 2026, outstanding debt securities issued by the Group included the following:
Debt securities issued by:
Amount as of June 30, 2026
Amount as of March 31, 2026
 Interest rate Issue date Maturity date
Denominated Currency
Freedom SPC bonds due 2029 $ 400,001  $ 186,502  9.0% March, 2026 March, 2029 USD
Freedom SPC bonds due 2028 269,722  269,722  9.5% October, 2025 October, 2028
USD
Freedom SPC bonds due 2028 198,849  200,170 
1-2 years: 12%
3-5 years: 10.39%
 December, 2023 December, 2028
USD
Freedom SPC bonds due 2026 197,951  199,344 
10.5%
 September, 2024 September, 2026
USD
Freedom SPC bonds due 2027 195,605  198,492 
10.0%
 May, 2025 May, 2027
USD
Freedom SPC bonds due 2027 100,106  98,982 
8.0%
 May, 2025 May, 2027
EUR
Freedom SPC bonds due 2026 65,121  65,057 
5.5%
 October, 2021 October, 2026
USD
Freedom SPC bonds due 2027 31,459  30,676 
9.0%
 May, 2025 May, 2027
CNY
Accrued interest 11,879  12,175 
Total debt securities issued $ 1,470,693  $ 1,261,120 
The Freedom SPC bonds are denominated in U.S. dollars, euros, Chinese yuans, issued under the Astana International Financial Centre ("AIFC") law and trade on the AIX. FRHC is a guarantor of the Freedom SPC bonds.
The Freedom SPC bonds due 2026 bear interest at an annual rate of 5.5% and 10.5%. The maturity dates for those bonds are in October and September 2026. Interest payments are due to be made semi-annually in April and October, and on a quarterly basis.
For the first two years of Freedom SPC bonds due 2028, the annual interest rate is 12% and for subsequent (third, fourth and fifth) years the interest rate is fixed as the sum of Effective Federal Funds Rate (EFFR) as of December 10, 2025 and a margin of 6.5%. The annual interest rate for subsequent (third, fourth and fifth) years has been determined at 10.39%. Interest is paid on a monthly basis. The bondholders have a right of early redemption after two years at nominal value plus accrued interest. After two years following the issue date, the issuer has the option to redeem the bonds in full or in part at nominal value plus accrued interest.
The Freedom SPC bonds due 2027 bear interest at an annual rate of 8%, 9% and 10% (depending on the series) and maturity date in May 2027. Interest is paid on a quarterly basis. The Freedom SPC bonds due 2028 bear interest at an annual rate of 9.5% and have a maturity date in October 2028. Interest is paid on a quarterly basis. The Freedom SPC bonds due 2029 bear interest at an annual rate of 9.0% and have a maturity date in March 2029. Interest is paid on a quarterly basis.
The Freedom SPC bonds due 2029 were issued in March 2026 under the Group’s bond program. As of March 31, 2026, bonds with an aggregate nominal value $186.5 million had been placed. During the three months ended June 30, 2026, the Group placed the remaining portion of this issue with an aggregate nominal value of $213.5 million, bringing the total nominal value placed to $400.0 million as of June 30, 2026. The additional bonds during three months ended June 30, 2026 were placed under the same ISIN and on the same terms as those placed previously and form part of the same debt instrument.
Debt securities issued are initially recognized at the fair value of the consideration received, less directly attributable transaction costs.
There are no financial covenants to comply with under the terms of the Group's debt securities.