Posted by: 10 october, 2025
Tashkent, Uzbekistan - On October 9, 2025, Ipoteka Bank OTP Group successfully closed and placed its dual-currency Eurobond transaction.
The USD 300 million 5-year and the UZS equivalent of USD 100 million 3-year senior notes attracted exceptional international demand, with oversubscriptions of 2.8x and 3.4x respectively - the highest ever for a UZS-denominated international issue.
The USD tranche was issued at par with an annual coupon of 6.45% - the lowest coupon from a similarly-rated CEEMEA FI on a USD 300m+ issuance since 2021. The UZS tranche has a record-low yield of 17.50%.
Both tranches tightened 37.5 basis points from initial guidance, representing one of the most significant compressions in CEEMEA this year - underscoring robust investor demand for Ipoteka Bank and growing confidence in Uzbekistan’s capital-market story.
J.P. Morgan, Citi, Société Générale, and OTP Bank acted as Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers, with Bank of China and Mashreq as Co-Bookrunners.
Leadership Quotes
“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
