"Dentons Advises Uzbek Industrial and Construction Bank on Historic $300 Million AT1 Notes Issuance"

"Dentons has advised JSCB Uzbek Industrial and Construction Bank (SQB) on its first international issuance of US$300 million in fixed rate resettable perpetual additional tier 1 notes, marking a significant milestone as the first such issuance from Central Asia. The bonds, which carry a 9.45% interest rate, are listed on the London Stock Exchange and were priced on October 16, 2025, with completion on October 23, 2025. This transaction underscores Dentons' prominent role in Central Asian debt capital markets, having advised on multiple major bond issuances in the region over the past year."

**Law Firms and Parties Involved:** Dentons acted as legal counsel to JSCB Uzbek Industrial and Construction Bank (SQB) in its inaugural offering of US$300 million 9.45% fixed rate resettable perpetual additional tier 1 notes. **Transaction Overview:** The transaction marked the first issuance of international perpetual AT1 instruments by an issuer from Central Asia. The bonds were listed on the International Securities Market of the London Stock Exchange, priced on October 16, 2025, and completed on October 23, 2025. This issuance reinforces Dentons' prominent role in debt capital markets within Central Asia, being the fifth major international bond issuance the firm has advised on in the past year. **Legal Team:** - Tamer Amara - Capital Markets Partner, Milan (Senior) - Cameron Half - Capital Markets and US Securities Partner, London (Senior) - Ali Imanalin - Senior Associate, Amsterdam - Pichrotanak Bunthan - Associate, London - Linda Pfatteicher - Partner, US Tax, San Francisco (Senior)

"Dentons Advises Uzbek Industrial and Construction Bank on Historic $300 Million AT1 Notes Issuance"

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