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The measures are intended to encourage more #FDI and pave the way for Uzbek corporates and quasi-sovereigns to tap into the global capital markets.
The B1-rated sovereign first tapped international capital markets in 2019, issuing a USD1Bn Eurobond. The issuance included two tranches of USD500Mn each. The first tranche had a maturity of five years (4.75% yield) while the other had a maturity of 10 years (5.38% yield). The bond was heavily oversubscribed, with demand from investors exceeding USD8.5Bn. It was followed by bonds from several state-owned companies.
More recently, in November 2020, Uzbekistan placed dual-tranche bond denominated both in US Dollars and Uzbek Soum on the London Stock Exchange Group (LSEG). The Reg S/144A issuance consisted of a 10-year USD555M 3.7% November 2030 tranche and UZS2Bn (USD192.6M) 14.5% November 2023 tranche.
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