Uzbekistan Emerges From Isolation with $1 Billion Bond Sale
- Ex-Soviet republic tightened guidance on 5- and 10-year bonds
- Natural-gas, gold and cotton exporter seizes on risk appetite
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Uzbekistan sold $1 billion of Eurobonds in its first foray into international debt markets as the ex-Soviet republic opens its economy to foreign investment after more than two decades of isolation.
The placement is a key milestone for Uzbek President Shavkat Mirziyoyev, who aims to set a benchmark for corporate issuers as he steers the country of more than 30 million people down a more market-friendly route following the death of long-time ruler Islam Karimov in 2016. With developing-nation issuers rushing to market this year, the Uzbek offering is reminiscent of the successful 2017 sale by neighboring Tajikistan, which became a byword for the hunt for yield that year.