Dentons advises SQB on first Central Asian perpetual AT1 Eurobond issuance

London-Dentons has advised JSCB Uzbek Industrial and Construction Bank (SQB) on its inaugural offering of Rule 144A/Regulation S US$300 million 9.45% fixed rate resettable perpetual additional tier 1 notes. This was the first issuance of international perpetual AT1 instruments by an issuer from Central Asia. The bonds are listed on the International Securities Market of the London Stock Exchange. The transaction was priced on 16 October, 2025 and completed on 23 October, 2025.

SQB is one of the largest and most established financial institutions in Uzbekistan, with a strong nationwide presence and a diversified client base across key sectors of the Uzbekistan's economy. As a leading state-owned bank, it plays a strategic role in supporting the country's industrial development and infrastructure growth.

This transaction reinforces Dentons' leading role in debt capital markets in Central Asia. It is the fifth major international bond issuance from the region on which the Firm has advised in the past year, alongside landmark transactions for Agrobank, NavoiyUran and NBU in Uzbekistan, and ForteBank in Kazakhstan. The NavoiyUran issuance was recognized as the "Debut Corporate Bond of the Year" and the ForteBank issuance was awarded the "Debut Financial Institutions Bond of the Year" at the GBM CEE Central Asia and Türkiye Awards 2025.

A cross-border Dentons team acted as English and US securities law counsel to SQB. Milan-based capital markets partner Tamer Amara and London-based capital markets and US securities partner Cameron Half led the team, which included Amsterdam-based senior associate Ali Imanalin and London-based associate Pichrotanak Bunthan. San Francisco-based partner Linda Pfatteicher provided US tax advice.

Tamer Amara highlighted, "It has been a privilege to have played a part in bringing such an innovative and ambitious project to life. SQB's vision, commitment, and leadership have set a remarkable example, and this transaction will no doubt serve as a benchmark for others to follow."

Cameron Half commented "This landmark transaction highlights our commitment to Central Asian capital markets and the strength of our cross-border capital markets team in advising on novel and complex transaction structures."

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