Uzbekistan’s Sovereign Bonds Recognized as “Bond of the Year”

Tashkent, Uzbekistan (UzDaily.com) — On 25–26 November 2025, the forum “Bonds, Loans & ESG Capital Markets – CEE, Central Asia & Türkiye” took place in Istanbul, Türkiye, with over 1,200 participants from 38 countries, including investors, issuers, banks, rating agencies, and legal and financial advisors.

Panel sessions addressed the development of regional financial markets, the implementation of ESG principles, government debt policy, prospects for international corporate bonds, and emerging trends in global investment flows.

Government representatives from Uzbekistan, Albania, Poland, Slovakia, Romania, Slovenia, and Hungary participated, alongside leaders from investment banks, rating agencies, and international funds from the US, UK, Europe, and the Middle East.

Uzbekistan received particular attention. During the session “The New Silk Road: Can Uzbekistan, Capitalizing on Recent Growth, Become a Leader in Central Asia?”, presentations were made by Advisor to the Minister of Economy and Finance Jasur Karshibaev, CEO of Finasia Capital Odilbek Isakov, First Deputy General Director of DK “Navoi Ruan” Hasan Haydarov, as well as executives from Standard Chartered and Emirates NBD.

Participants discussed ongoing reforms, the macroeconomic situation, the country’s active participation in international financial markets, and the privatization of state-owned enterprises. Foreign partners noted that despite a challenging global environment in 2025, Uzbekistan’s economy continues to maintain high growth rates.

During the forum, representatives of the Ministry of Economy and Finance held individual meetings with investment banks (Citi, Deutsche Bank, Emirates NBD, First Abu Dhabi Bank, KFH Capital), rating agencies (S&P, Moody’s, Fitch), and the law firm Latham & Watkins to discuss cooperation prospects.

As a result of the forum, Uzbekistan’s sovereign international bonds in national currency, issued in February 2025, were awarded “Best National Currency Bond of the Year” by Global Banking & Markets.

The transaction was the largest in the CEEMEA region over the past ten years and among the largest in the CIS in terms of funds raised through international investment banks.