Posted by: 29 april, 2024
On 25 April 2024, Ipoteka Bank issued UZS1.4 trillion 3-year Eurobonds on the Vienna Stock Exchange. Bonds offer a coupon of 20.5% paid semi-annually. J.P. Morgan acted as the sole arranger of the offering.
In 2023 Ipoteka Bank was acquired by Hungarian OTP Bank. The change in ownership was positively met by potential investors.
The new issue follows a similar transaction by the Bank in April 2021. Ipoteka Bank became the first among all corporates from Uzbekistan to issue eurobonds in UZS with an issuance size of 785 billion soums. As of now, Ipoteka Bank remains the only corporate issuer from the country with listed local currency Eurobonds.
This issue will serve as an additional source of long-term funding in the national currency for the bank. It will reduce the level of dollarization, strengthen the bank’s liquidity position, and also serve as a growth stimulus for its business activities.
Ipoteka Bank continues to strengthen its position as an active international issuer with a high credit rating at the sovereign level (“BB-“, Outlook Stable), expand its geographical base of investors, and diversify its funding sources.
