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    Uzbekistan Economics

    Uzbekistan issues $1.5 bn in sovereign bonds in three currencies, first time in history

    Uzbekistan issues $1.5 bn in sovereign bonds in three currencies, first time in history

    Uzbekistan issued sovereign international bonds in three currencies for the first time, totalling approximately $1.5 bn on May 21. A Global Investor Call was held on May 17, with 76 investors participating from the United States, the United Kingdom, Germany, Denmark, and the United Arab Emirates. Subsequent one-on-one meetings with 40 major investors took place on May 20 and 21. International investors acknowledged Uzbekistan's macroeconomic stability and the progress of structural reforms, despite global challenges.

    Photo: Uzbekistan issues $1.5 bn in sovereign bonds in three currencies, first time in history
    Source: Shutterstock

    Orders were placed for sovereign international bonds denominated in the national currency of Uzbekistan and three foreign currencies:

    •  $3 bn in 7-year U.S. dollar bonds;
    • €2 bn in 3-year euro bonds; 
    • UZS 4 trillion in 3-year soum bonds.

    Demand for Uzbekistan's sovereign Eurobonds exceeded $5.5 bn. The bonds were placed at competitive rates:

    • 7-year U.S. dollar bonds: $600 mn at a coupon rate of 6.9%.
    • 3-year euro bonds: €600 mn at a rate of 5.375%.
    • 3-year soum bonds: UZS 3 trillion at a rate of 16.625%.

    The interest rate on 3-year government securities issued in Uzbekistan's domestic financial markets is 17.9%.

    The issuance of sovereign international bonds in the euro aligns with Uzbekistan's Sustainable Development Goals (SDGs) program, aimed at financing projects that contribute to the nation's SDGs. The proceeds from these bonds will be used to cover the state budget deficit and fund projects under the SDGs. This program also entails the preparation and publication of reports on the 'Allocation of Funds' and 'Impact of Projects on Sustainable Development Goals of Uzbekistan'.

     

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    22.05.2024, 15:18   Comments (0)   3280
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