On April 1, Uzbekistan placed sovereign international bonds in the national currency – the som – equivalent to $1 billion on global financial markets at a historically low interest rate of 12.25%. This was announced by the Ministry of Economy and Finance of Uzbekistan. This issuance marks the country's largest bond offering in the national currency and the largest transaction in the Central and Eastern Europe, Middle East, and Africa region over the past 15 years.

Prior to the placement, a global audioconference was held on April 1 with the participation of 32 major international investors from the US, Europe, the UK, Asia, and Middle Eastern countries. Following this, bids to purchase Uzbekistan's international bonds in som were received from approximately 50 foreign investors, totaling 23.4 trillion som – four times the initial volume – at a rate of 12.5%. Due to high demand, three-year sovereign international bonds worth $1 billion (12.2 trillion som) were placed at 12.25%, on average 14 basis points lower than rates in the domestic market.

The funds raised will be directed towards financing the state budget deficit for 2026. These bonds are being considered for inclusion in the GBI-EM (The Government Bond – Emerging Market Index), which would attract new investors managing assets worth $300 billion and further reduce interest rates in the future. For comparison, in previous years, three-year Eurobonds were placed at 16.6% in 2024 and 15.5% in 2025, highlighting the significance of this new issuance.

Source: kun.uz