PRESS RELEASE
16 October 2025

Kinstellar Advises On Dual-Currency Eurobond Issuance By Ipoteka Bank OTP Group, In Uzbekistan

K
Kinstellar

Contributor

Kinstellar acts as trusted legal counsel to leading investors across Emerging Europe and Central Asia. With offices in 11 jurisdictions and over 350 local and international lawyers, we deliver consistent, joined-up legal advice and assistance across diverse regional markets – together with the know-how and experience to champion your interests while minimising exposure to risk.
Kinstellar has advised J.P. Morgan, Citi, Société Générale, OTP Bank as Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers and Bank of China and Mashreq as Co-Bookrunners; and BNY Mellon Corporate Trustee Services Limited as Trustee, on
Uzbekistan

October 2025 – Kinstellar has advised J.P. Morgan, Citi, Société Générale, OTP Bank as Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers and Bank of China and Mashreq as Co-Bookrunners; and BNY Mellon Corporate Trustee Services Limited as Trustee, on the successful Eurobond issuance by Ipoteka Bank OTP Group. This is the first-ever public Eurobond issuance by a private bank in Uzbekistan setting a new milestone for the development of country's banking and financial sector.

The Reg S-only dual-currency offering comprised USD 300 million of 5-year senior unsecured notes and the UZS 1.2 trillion of 3-year senior unsecured notes.

This landmark transaction marks a major milestone for Ipoteka Bank OTP Group, expanding its access to international capital markets and opening new funding channels to support businesses and economic growth in Uzbekistan. The issuance attracted exceptionally strong demand from a diverse base of international investors, achieving 2.8x oversubscription for the USD tranche and 3.4x oversubscription for the UZS tranche.

The Kinstellar team was led by partner Sherzod Yunusov, supported by Jakhongir Azatov, Senior Associate, and Sardor Akhmedov, Junior Associate.

Contributor

Kinstellar acts as trusted legal counsel to leading investors across Emerging Europe and Central Asia. With offices in 11 jurisdictions and over 350 local and international lawyers, we deliver consistent, joined-up legal advice and assistance across diverse regional markets – together with the know-how and experience to champion your interests while minimising exposure to risk.

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