On 30 April 2025, Uzbekneftegaz successfully placed international bond under the 144A/Reg S format with a five-year fixed term, listed on the London Stock Exchange. These notes were offered at par (100.000%), marking the largest single-tranche issuance in Uzbekistan’s history.
The offering attracted strong interest from global investors, including asset managers, banks, private banks, pension and insurance funds from the United Kingdom, the United States, Europe, Switzerland, and Asia. Total demand reached US$1.9 billion, allowing the company to tighten the pricing by 37.5–50 basis points and increase the issuance volume to US$850 million—exceeding the initially planned amount.
This transaction represents a key milestone in Uzbekneftegaz’s strategic development, boosting its credit profile and reinforcing investor confidence in Uzbekistan’s financial market. The bonds are listed on the London Stock Exchange (ISM), further underscoring the company’s solid international reputation.
The deal was executed with the participation of major global financial institutions, including J.P. Morgan, Abu Dhabi Commercial Bank, Deutsche Bank, MUFG, and Standard Chartered Bank as joint bookrunners, with O‘zsanoatqurilishbank acting as co-manager.
S&P Global assigned a “B+” rating to the newly issued bonds. According to analysts, the majority of the proceeds will be used to refinance existing debt, fund capital investments, and support general corporate expenses.
At the same time, the company is preparing for an initial public offering (IPO) after 2028. A representative of Uzbekneftegaz stated at the Fitch Ratings conference on 16 April that the company plans to introduce market-based pricing mechanisms by that time, paving the way for entry into the domestic capital market.
As of the end of 2024, about 40% of the group's debt falls on its subsidiary - the GTL Uzbekistan liquefied gas production complex, and there are also liabilities from other subsidiaries. This, according to S&P, creates a significant structural level of subordination in capital. Nevertheless, the bond rating was equated to the long-term credit rating of the issuer, since in the event of bankruptcy, according to the agency, government support is possible.
