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...