AKFA Explores Possibility of Debut Bond Issuance

Tashkent, Uzbekistan (UzDaily.uz) — AKFA Aluminium Group is scheduled to hold a series of introductory meetings with international financiers in London next week to gauge investor sentiment for a potential debut bond placement. The major industrial holding has appointed global banking institutions Citigroup and JPMorgan to organize the exploratory roadshow.

According to Bloomberg, the upcoming consultations are strictly preliminary and informative in nature, meaning an actual debt placement is not anticipated in the immediate future. The exploratory talks are aimed at assessing general market conditions and introducing the company's financial profile to the global capital market, with senior executives from AKFA’s top management participating directly in the negotiations.

The strategic move aligns with AKFA’s broader transition toward international corporate governance standards, transparent financial reporting systems, and institutional structural expansion, which the group officially prioritized earlier this year in May.

AKFA Aluminium Group is recognized as one of the largest private manufacturing conglomerates in Uzbekistan, producing an extensive catalog of aluminum and plastic (PVC) extruded profiles and building materials for the construction sector. Backed by an expansive regional industrial footprint, the company exports its manufactured goods to more than 30 countries across Eurasia and North America.

Since 2024, the manufacturer has maintained a long-term issuer credit rating of 'B+' from S&P Global Ratings. In July 2025, the credit rating agency revised its outlook on the company from "stable" to "negative" while affirming the 'B+' baseline rating. S&P analysts attributed the outlook adjustment to an elevated debt burden and increased leverage metrics, propelled in part by financial guarantees provided to support a related-party project.