Ipoteka Bank Successfully Issues US$400 Million Eurobonds

Tashkent, Uzbekistan (UzDaily.com) — Ipoteka Bank has successfully placed Eurobonds totaling US$400 million, completing a dual-tranche issuance on the Vienna Stock Exchange without the need for any market stabilization measures.

The bank issued US$300 million in 5-year senior unsecured bonds with a fixed coupon rate of 6.45%, and 1.2 trillion soums (equivalent to US$100 million) in 3-year senior unsecured bonds with a fixed rate of 17.5%.

The issuance generated strong investor demand — the U.S. dollar tranche was 2.8 times oversubscribed, while the soum-denominated tranche reached 3.4 times oversubscription, marking one of the highest rates ever achieved for local-currency bonds in Uzbekistan’s history.

J.P. Morgan Securities PLC, acting as stabilization coordinator, confirmed that no stabilization actions were required for either tranche, reflecting the market’s full satisfaction with the issue price.

Sandro Rtveladze, Chairman of the Management Board of Ipoteka Bank OTP Group, described the issuance as a major milestone for the bank, underscoring the confidence of international investors in Uzbekistan’s ongoing economic transformation. He emphasized that the deal demonstrates the bank’s commitment to transparency and operational excellence in line with European standards.

“We are proud to combine Uzbekistan’s rich heritage and growth potential with the best international banking practices,” Rtveladze stated.

László Wolf, Deputy CEO of OTP Bank and Chairman of the Supervisory Board of Ipoteka Bank OTP Group, added that the successful placement sends a strong signal about Uzbekistan’s growing potential and strategic importance. He noted that the government’s and the Central Bank’s efforts to establish a transparent and predictable business environment have paved the way for corporate and financial institutions to access global capital markets.

Irakli Elashvili, Deputy Chairman of the Management Board, highlighted that the transaction confirms the bank’s reliability and its role in supporting corporate clients at every stage of their growth, while also demonstrating OTP Group’s long-term commitment to the country’s economic development.

The funds raised will enable Ipoteka Bank OTP Group to diversify its funding base and accelerate financing for retail, micro, small and medium-sized enterprises (MSMEs), as well as the corporate sector. This landmark transaction reinforces the bank’s position as a driving force of innovation, transparency, and sustainable growth in Uzbekistan’s financial system.