Uzbekistan Places Sovereign International Bonds at 12.25% Yield
Uzbekistan has placed sovereign international bonds at 12.25% per annum, which is lower than current rates on global financial markets. According to the Central bank, this indicates high investor confidence in the country’s reforms and economic policy.
For comparison, on March 31 three-year government treasury bonds worth 300 bn soums ($24.6 mln) were placed on the domestic market at 12.39%.
«In conditions of limited opportunities to attract large volumes of funds on the domestic market, attracting financing on the external market at a lower rate reflects the positive expectations of international investors,» the regulator commented.
A decline in rates for sovereign bonds in the national currency is being recorded for the second consecutive year: from 16.625% in 2024 to 12.25% in 2026. This indicates a reduction in the sovereign risk premium and cheaper external borrowing for the country.
An additional factor was the upgrade of Uzbekistan’s sovereign credit rating to «BB». Following this, the yield on dollar Eurobonds on the secondary market between May and December 2025 decreased by an average of 1.08%.
The placement of bonds in soums also affects the domestic market. The yield on three-year government bonds dropped from 17.95% at the beginning of 2024 to 14.61% between March 2025 and April 2026.
