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PROCUREMENT NOTICE to act as issuer’s counsel in a private placement of bonds denominated in Uzbek Soums for the state-owned mortgage bank IPOTEKA

Ipoteka is pleased to invite top-tier international legal advisors in bond deals to participate in a competitive bidding process to determine the issuer’s counsel in connection with a contemplated private placement of soum denominated bonds. RFP in English is attached below.


If you have additional questions or require clarification on any aspect of RFP, please contact us at or at


Preliminary issue volume                   Up to 100,000,000 USD equivalent

Denomination currency                      Uzbek Soum (UZS)

Settlement currency                           In US Dollars, based on spot exchange rate ahead of pricing

Coupon and principal payments        In US Dollars, based on spot exchange rate ahead of payments

Issue type                                          Senior unsecured notes

Format                                               Reg S only

Tenor                                                  3 years

Governing Law                                   English

Listing                                                 Vienna Stock Exchange MTF

Timing                                                 Closing by mid-March

Clearing Systems                                Euroclear and Clearstream


The deadline for accepting proposals is 11:00 (Tashkent time), Monday, January 18, 2021.



Ipoteka 92.4% state-owned bank, is fully involved in policy reforms and state development programs in Uzbekistan. At the same time, the bank is universal and carries out various activities such as retail business, investment activities, project financing. The Bank currently takes leading positions in the banking system of Uzbekistan. As of December 2020, the bank accounts for about 9.1% of the total assets of the banking system and about 7.2% of the total capital. For additional information about Ipoteka bank please reference our website at