Uzbekistan planned US$1bn bond issue to set stage for corporate debt sales
Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan plans to follow up an upcoming $1 billion international bond market debut with regular debt sales while the country’s banks are also expected to seek funds overseas, fund managers said on Tuesday.
Reuters reported that the delegation of Uzbekistan during a roadshow in London stated that the Government of Uzbekistan plans to sell two tranches with a 5- and 10-year maturity with each tranche at least benchmark sized, or $500 million.
Uzbek Deputy Minister and Finance Minister Jamshid Kuchkarov stated that Uzbekistan plans to place another eurobonds in 2020.
The report said that two banks of Uzbekistan plan to tap international markets in the first and second half of 2019. Among possible issuers are Uzbek Industrial and Construction Bank Joint-Stock Commercial Bank (UPSB), Joint Stock Commercial Bank Asaka, SCM Ipoteka Bank and National Bank of Uzbekistan.
The sovereign debt sale was also expected to provide an opportunity for Uzbek state energy firm Uzbekneftegaz.