Tashkent, Uzbekistan (UzDaily.com) — The state enterprise Navoiyuran has successfully issued US$300 million in Eurobonds on the London Stock Exchange, setting a record for the lowest coupon rate ever achieved by an Uzbek issuer.

This move aligns with the objectives outlined by President Shavkat Mirziyoyev during a videoconference held on 16 January 2025, which focused on attracting investments and enhancing the country's export potential.

Prior to the bond issuance, the enterprise received BB- credit ratings from both S&P Global Ratings and Fitch Ratings, as well as an ESG rating of Level 3 with a score of 55 from Sustainable Fitch, confirming its stable financial and managerial position.

The Eurobond placement was facilitated by major international financial and legal institutions. Citi, Abu Dhabi Commercial Bank, and Natixis acted as underwriters of the deal. Finasia Capitals served as the financial advisor, Dentons provided legal support, and Deloitte conducted the external audit.

In the run-up to the placement, on 23–24 June, meetings were held in London with 64 major international investors. During these sessions, detailed presentations were made on the comprehensive reforms under the "New Uzbekistan" strategy, the enterprise’s transformation between 2022 and 2024, and its long-term development plans. These factors sparked significant interest among investors.

Initially, the yield guidance was set in the range of 7.250–7.375% per annum. However, due to strong demand, with 93 investors submitting bids totaling over US$1.3 billion—4.3 times the offer size—the rate was lowered to 6.70%.

As a result, Navoiyuran placed five-year Eurobonds worth US$300 million at a final coupon rate of 6.70%, the lowest among all debut international bond offerings by Uzbek issuers in 2025.

The funds raised will be directed toward a large-scale modernization of the enterprise, including expansion of production capacity, development of transport and technological infrastructure, increasing uranium reserves, and implementation of joint projects with international partners.

This successful issuance marks a major milestone not only for Navoiyuran but also for Uzbekistan’s investment policy, underscoring the growing trust of the international financial community in the country's reform agenda.