Ipoteka-Bank Plans Dual-Currency Bond Placement of US$400 Million on the Vienna Stock Exchange

Tashkent, Uzbekistan (UzDaily.com) — Ipoteka-Bank is preparing a new dual-currency bond placement totaling US$400 million, Investing.com reported, citing the bank’s press release.

The plan includes the issuance of five-year bonds worth US$300 million and three-year bonds in Uzbek soums equivalent to US$100 million. Both series will be listed on the Vienna Stock Exchange (MTF).

J.P. Morgan Securities PLC will act as the stabilization coordinator, while Citi, OTP Bank, Société Générale, Bank of China, and Mashreq Bank will serve as issuance managers. The stabilization period will run from October 2 to November 2, 2025, during which organizers may allocate up to 5% of the issue volume to support the market price of the securities.

For reference, in November 2020, “Ipoteka-Bank” placed five-year international bonds totaling US$300 million at a 5.5% annual coupon on the London Stock Exchange, with obligations scheduled for full repayment at the end of October 2025.

In June 2023, Hungary’s OTP Bank completed the acquisition of a 73.71% state stake in “Ipoteka-Bank” for US$324 million, planning to purchase the remaining 25% over the next three years to raise its stake to 98%. In April 2024, the bank issued a new eurobond series worth 1.4 trillion soums on the Vienna Stock Exchange with a 20.5% annual coupon and a three-year maturity.