Vienna Stock Exchange Offering

Centil Law Firm acted as Uzbek law counsel to Ipoteka bank OTP Group on its dual-tranche Eurobond issuance, the first-ever public Eurobond offering by a private bank from Uzbekistan.

The transaction comprised USD 300 million and UZS 1.2 trillion (approx. USD 100 million) senior unsecured notes, both listed on the Vienna MTF. The offering was significantly oversubscribed, marking one of the highest oversubscription levels for local-currency bonds in Uzbekistan’s history and enabling highly competitive pricing.

Led by Counsel Khayrullo A., together with Associate Anvar Ashirboev and Paralegal Shokhrukh Tojiboev, the team advised on all Uzbek law aspects, including regulatory approvals, English law-governed offering documentation, and registration procedures.

A&O Shearman advised the issuer on English law matters, while J.P. Morgan, Citi, Société Générale, OTP Bank Magyarország, Bank of China, and Mashreq acted as joint bookrunners.

This milestone strengthens Uzbekistan’s private banking sector and deepens its integration into global capital markets.