Uzbekistan placing 10-year Eurobonds for $635 million

Uzbekistan collected investor bids on Monday.

The initial target for the yield of Eurobonds in dollars maturing in October 2031 was 4.25-4.375%, Eurobonds in soums maturing in July 2024 – about 14.5%. The aggregate volume of the placement was originally planned for the equivalent of $870 million.

Since July 8, Uzbekistan has held a series of conference calls with investors on the possible placement of Eurobonds. The organizers are Citi, Gazprombank, J.P. Morgan and MUFG.

In February 2019, the republic placed debut Eurobonds with maturities of five and ten years with a total volume of $1 billion and a yield of 4.75% and 5.375% per annum, respectively. As a result, the demand for Eurobonds exceeded $8.5 billion.

In November 2020, Uzbekistan placed two tranches of Eurobonds denominated in dollars and soums, with an aggregate amount equivalent to $750 million.