Uzbekistan Issues US$1B International Bonds in National Currency

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan has successfully placed international bonds denominated in its national currency, equivalent to US$1 billion, the Ministry of Economy and Finance reported.

The issuance was completed at a historic low rate of 12.25%, significantly lower than previous issuances: in 2024, three-year bonds worth 3 trillion soums were issued at 16.625%, and in 2025, bonds totaling 6 trillion soums were issued at 15.5%.

On April 1, a global conference was held in Tashkent with the participation of 32 major international investors from the US, Europe, the UK, Asia, and the Middle East. The event presented the objectives of the “Uzbekistan-2030” Strategy, reform outcomes, current macroeconomic conditions, and the country’s future development plans.

Despite ongoing geopolitical tensions in the Middle East, investors highly rated Uzbekistan’s macroeconomic stability and consistent implementation of reforms. On the same day, the book for sovereign international bonds in the national currency was opened.

Demand exceeded expectations: nearly 50 foreign investors submitted applications totaling 23.4 trillion soums, approximately four times the initially announced volume, with an indicative yield of 12.5%. Ultimately, three-year bonds worth 12.2 trillion soums were placed at a rate of 12.25%, 14 basis points below the average domestic market yield.

The Ministry emphasized that this issuance represents the largest national currency bond deal in Central and Eastern Europe, the Middle East, and Africa over the past 15 years, confirming strong international investor interest in Uzbekistan’s financial instruments.