Uzbekistan plans to issue sovereign eurobonds in 2025, following a record $4.1bn in eurobonds by the end of 2024, as assessed by Avesta Investment Group, and confirmed by Zakhro Murtazaeva, financial analyst.
Of this amount, slightly more than a third came from the government, while the remaining $2.6bn was distributed between Navoi Mining and Metallurgical Company (NMMC) and several banks, including Uzpromstroybank (SQB), Agrobank, NBU, and Ipoteka Bank.
The exact volume of the upcoming eurobond issue will be determined based on global financial market conditions, but confirmed plans to enter the international debt market this year.
Further details regarding the eurobond issuance will be made available on the Ministry’s official website in due course.
Earlier in January, President Shavkat Mirziyoyev gave directives for the issuance of debut eurobonds by the Almalyk Mining and Metallurgical Complex (Almalyk MMC) valued at $1bn and an additional $500mn issue by NMMC.
Additionally, the government expects both Navoiyuran and Uzmetkombinat (Uzbek Steel) to raise $300mn each through similar bond issuances.
On the other hand, in October, Kazakhstan returned to the international capital market, issuing $1.5bn in eurobonds for the first time since 2015. The 10-year bonds were offered with a coupon rate of 4.714%.
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