Uzbekistan Banks Poised to Dominate CIS Eurobond Market, Says Fitch

In 2025, Uzbekistan and Kazakhstan are anticipated to lead in Eurobond issuance among CIS banks, according to a forecast by Fitch Ratings (as reported by Kursiv Uzbekistan).

This year, Uzbek banks are projected to issue Eurobonds totaling $0.7 bin, even though some of their liabilities were refinanced in the second half of 2024, as noted in the agency’s report.

Fitch Ratings analysts highlight that foreign debt in foreign currency plays a significant role in the financing of Russian banks. This is evident from the high loan-to-deposit ratio within the sector, which stood at 173% at the end of last year.

Some Uzbek banks are expected to issue Eurobonds for the first time to support credit growth.

In Kazakhstan, the Development Bank of Kazakhstan successfully issued $1.4 bn in Eurobonds in 2024, which is sufficient to refinance most of its debt until 2027.

Other banks in Kazakhstan may also consider issuing bonds, as there is a gradual increase in the loan-to-deposit ratio within the country’s banking sector.

Kursiv Uzbekistan also reports that the issuance of corporate bonds in Uzbekistan has surpassed two trillion soums