Uzbekistan Issues $1 Bn in International Sovereign Bonds on Global Markets
Uzbekistan placed sovereign bonds denominated in its national currency on international markets on April 1, raising the equivalent of $1 bn. The yield was set at 12.25%, marking the lowest rate the country has secured for this type of borrowing.
The terms represent a notable improvement compared with previous years. In 2024, yields stood at 16.6%, while in 2025 they reached 15.5%. The decline points to strengthening confidence among international investors. Around 50 foreign investors from across multiple regions participated, with total demand nearly four times higher than the amount on offer.
The deal became the largest local currency issuance across Central and Eastern Europe, the Middle East and Africa in the past 15 years.
Authorities are also considering including the bonds in the GBI-EM global index, a move that could attract major investment funds and reduce borrowing costs in future.
The funds raised will be used to cover the state budget deficit.
Last autumn, officials confirmed plans to expand the issuance of sustainable bonds and diversify the structure of public debt. In 2024, Uzbekistan issued €600 mln and €500 mln in sustainable bonds, following an earlier placement of green bonds in soums the year before.
