The National Bank of Foreign Economic Activity of Uzbekistan (NBU) has successfully placed international bonds totaling $411mn on the prestigious London Stock Exchange. This financial maneuver, launched on May 21, 2024, demonstrates NBU's strategic engagement with global financial markets and highlights Uzbekistan's growing economic influence.
The bond issuance comprised two tranches: a $300mn tranche with a maturity period of 5 years, and another tranche of UZS 1.4 trillion ($111mn) with a maturity period of 3 years. By issuing sovereign international bonds denominated in U.S. dollars and Uzbek soums, NBU showcases its readiness to engage with global investors across multiple currencies.
To ensure the success of this venture, NBU enlisted the support of leading global institutions as underwriters, including JP Morgan, Citibank, Deutsche Bank, NATIXIS, Societe Generale, Standard Chartered Bank, First Abu Dhabi Bank, and Mashreqbank. The process was further facilitated by the expertise of prominent audit firms such as Deloitte & Touche and Ernst & Young, alongside legal guidance from Dentons and Linklaters.
The funds raised through this bond issuance on the London Stock Exchange are earmarked for fulfilling strategic objectives set forth by Uzbekistan's leadership. These include crucial infrastructural projects aimed at enhancing economic growth and improving living standards across various sectors of the economy.
NBU’s successful placement amidst global economic complexities underscores international investors' confidence in Uzbekistan's ongoing reforms under President Shavkat Mirziyoyev.
The bank's pioneering effort in issuing international bonds in Uzbek soums sets a precedent for other commercial entities within the country, signaling a new era of financial opportunity and growth.
Established in 1801, the London Stock Exchange remains a cornerstone of global finance, providing a platform for companies worldwide to raise capital and expand their operations.
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