Thursday, 28, March, 2024

Uzbekistan is preparing to place a dual-tranche sovereign eurobonds denominated both in U.S. dollars and Uzbek soums on the London Stock Exchange, the Uzbekistan Ministry of Finance said.

The 500 million U.S. dollar worth of Eurobonds have 4.25 yield and 10-year maturity, while 500 million U.S. dollar worth of Uzbek soum-denominated bonds to mature in 3 years and will yield 15.25%, the ministry added.

"The national currency issue will serve to reduce currency risks, and create a basis for attracting investors to the domestic financial market, including to the government treasury bond market," it said.

Uzbekistan selected Citi, Gazprombank, J.P. Morgan, Societe Generale and VTB Capital as joint lead managers and bookrunners.

Uzbekistan placed its first-ever overseas bonds on the London Stock Exchange on Feb. 13 last year following an extensive marketing in New York, Boston and London.

The bond placement was hailed as historic by Uzbek officials as the country tapped international debt markets for the first time.

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