Banks & Financial Institutions

Kinstellar advises Catara Consulting Europe on the USD 50 million Loan Participation Notes of Uzbek Industrial and Construction Bank

June 2020 – Kinstellar has advised Catara Consulting Europe on matters of Uzbek law in relation to the structuring of the USD 50 million 3-year local currency unsecured Loan Participation Notes of the Joint-Stock Commercial Bank “Uzbek Industrial and Construction Bank” (PSB). This is the second international debt placement for UzPSB following its debut USD 300 million Eurobond issue on the London Stock Exchange in late 2019. Despite the turbulence on global financial markets, UzPSB’s landmark transaction is evidence of international investor appetite for good-quality credits in Uzbekistan.

This transaction was structured as a privately placed loan participation note with a Dutch finance vehicle, which funded the loan to UzPSB. The loan was denominated in local currency (Uzbek Soums), reducing UzPSB’s exposure to foreign exchange risk on the transaction. The proceeds will be used by UzPSB to support the financing requirements of local SME businesses, an important driver of economic growth and job creation in Uzbekistan.

Catara Consulting is a fully independent firm assisting clients with the structuring of their funding needs in a variety of global jurisdictions.

Kinstellar’s team was coordinated by Joel Benjamin, Managing Partner Central Asia and Muborak Kambarova, Counsel, Tashkent.

For more information about the transaction, please refer to the official press release:

For more information about our team, experience and presence in Uzbekistan, please contact Joel Benjamin, at