Ipoteka Bank, Member of OTP Group – One of Central and Eastern Europe’s Leading Banking Groups – Successfully Prices Dual-Currency Eurobond

Ipoteka Bank OTP Group, the largest European bank operating in Uzbekistan, has successfully priced its inaugural Eurobond issuance - the first-ever public issuance by a private bank from Uzbekistan. This landmark transaction marks a new era for the bank, broadens its access to global capital markets, and opens new funding channels to support Uzbekistan’s businesses and economic growth.

The Reg S-only dual-currency Eurobond offering comprised USD 300 million in 5-year senior unsecured notes and the UZS equivalent of USD 100 million in 3-year senior unsecured notes. Both tranches are rated ‘BB’ by Fitch Ratings.

The transaction attracted exceptionally strong demand from a wide range of international investors, achieving 2.8x oversubscription for the USD tranche and 3.4x oversubscription for the UZS tranche - the highest-ever oversubscription rate for a UZS-denominated international offering. The issuance has effectively repositioned Ipoteka Bank OTP Group’s credit profile among similarly rated CEEMEA financial institutions while securing highly attractive funding terms. Notably, the transaction represents the lowest cost of borrowing for any Uzbek Eurobond issuer since 2023, and achieves a spread over 200 basis points tighter than Ipoteka Bank’s debut Eurobond in 2020.

J.P. Morgan, Citi, Société Générale, and OTP Bank acted as Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers (JLMs) for the transaction, with Bank of China and Mashreq serving as Co-Bookrunners. This world-class syndicate brought together exceptional execution expertise, market reach, and professionalism -key factors that ensured the outstanding success of the deal.

“This Eurobond is not only a milestone for Ipoteka Bank OTP Group but also a powerful testament to the confidence global investors place in Uzbekistan’s economic transformation, as well as in the transparency and operational excellence we deliver through EU-level standards. We are proud to create a unique blend -combining Uzbekistan’s rich heritage and growth potential with the best international banking practices. This achievement reflects both the strength of our strategy and the trust investors have in our journey.”
— Sandro Rtveladze, CEO of Ipoteka Bank OTP Group

“We are proud of OTP Group’s decision to invest in this extraordinary country -Uzbekistan - with its fast-growing economy and carefully sequenced reforms. The Government of Uzbekistan and the Central Bank have demonstrated visionary leadership in creating a transparent, predictable, and investor-friendly environment. Their efforts have paved the way for corporates and financial institutions to access international markets under globally recognized standards. Today’s achievement is not only a success for Ipoteka Bank OTP Group but also a strong signal of Uzbekistan’s unfolding potential and strategic importance.”
— László Wolf, Deputy CEO of OTP Bank, Chairman of the Supervisory Board of Ipoteka Bank OTP Group

“I am honored to have led this important milestone in Ipoteka Bank’s new chapter. Uzbekistan holds immense potential across all sectors of the economy and is undergoing a dynamic transformation. We are proud to contribute to this progress by providing reliable support to our corporate clients in their investment and strategic initiatives. Today’s transaction reaffirms that Ipoteka Bank, as part of OTP Group, stands as a strong pillar for both its clients and the national economy. We have full confidence in the potential of our clients and remain committed to supporting them at every stage of their growth.”.”

— Irakli Elashvili, Deputy CEO, Corporate Banking and Market Instruments

The Eurobond proceeds will further diversify Ipoteka Bank OTP Group’s funding base and accelerate financing for Uzbekistan’s retail, MSME, and corporate sectors. This landmark transaction underscores the Bank’s role as a catalyst for innovation, transparency, and sustainable growth in Uzbekistan’s financial system—while highlighting OTP Group’s long-term commitment and confidence in the country’s future.