Market notes
Latest market note
Selected market developments, dated and linked to their sources.
Latest item dated ·
KASE opens trading in four Uzbekistan sovereign bond issues
KASE admitted four US-dollar-denominated sovereign bond issues maturing in 2028, 2029, 2030 and 2032 to secondary-market trading.
Earlier market notes
- Open publication
Uzbekistan’s soum-denominated sovereign bonds enter the J.P. Morgan GBI-EM index
Inclusion was scheduled for 30 September, when the securities would enter a benchmark tracked by portfolios with more than US$300 billion in assets.
- Open publication
CBU updates the UZS deposit-rate series
The Central Bank’s dated series shows weighted average annual rates for individual and corporate term deposits.
- Open publication
EIB opens Central Asia regional office in Tashkent
The EIB opened a regional office as its Central Asian project pipeline approached €3 billion, including about €1 billion of potential projects in Uzbekistan.
- Open publication
Uzbekistan’s first mortgage bond issue registered
NAPP registered a UZS 40.5 billion issue by UMRC SPV with mortgage coverage and a guarantee.
- Open publication
Winner selected in the international privatisation of MobiUz
A consortium led by McKim and Company/JVR was selected for the 100% state stake at an enterprise value of US$351 million, with stated investment plans of up to US$500 million.
- Open publication
UzNIF completes a landmark international IPO
UzNIF raised US$603.6 million before the over-allotment option, with potential proceeds of about US$692 million; demand exceeded supply more than four times.
- Open publication
bp enters the North Ustyurt production-sharing agreement
bp acquired a combined 40% interest from SOCAR and Uzbekneftegaz, while SOCAR retained the operator role.
- Open publication
UzNIF announces intention to float in London and Tashkent
The Fund announced a planned dual offering of shares in Tashkent and GDRs in London; its disclosed portfolio NAV was US$2.44 billion.
- Open publication
Uzbekistan places soum sovereign bonds at a historic low rate
The three-year international issue totalled UZS 12.2 trillion, about US$1 billion, at 12.25%; orders reached UZS 23.4 trillion.
- Open publication
Uzum secures more than US$130 million in strategic investment
The round combined primary equity and structured capital at a stated US$2.3 billion pre-money valuation, with Oman sovereign entities, Tencent and other investors participating.
- Open publication
DFC lays the foundation for an investment partnership with Uzbekistan
DFC and Uzbekistan signed heads of terms for joint investment in critical minerals, infrastructure and energy, including a proposed holding company.
- Open publication
US–Uzbek Business and Investment Council holds inaugural meeting
The new council began coordinating commercial projects and work on a dedicated fund for strategic sectors.
- Open publication
Privatisation of the 75.2% state stake in SamAuto completed
Anadolu Isuzu completed the acquisition for US$80 million together with US$80 million of investment commitments.
- Open publication
Uzbekistan sovereign issue named Best Local Currency Bond of the Year
Global Banking & Markets recognised Uzbekistan’s February soum-denominated international sovereign issue as the year’s leading local-currency bond transaction.
- Open publication
Uzbekistan upgraded to 'BB' on strong growth and economic reforms
S&P upgraded Uzbekistan’s long-term sovereign ratings from BB− to BB with a stable outlook, citing stronger policy, reforms, growth and reserves.
- Open publication
SQB places US$300 million of AT1 bonds on the London Stock Exchange
Demand from more than 130 investors across 22 countries exceeded US$1.4 billion, allowing the bank to set a 9.45% coupon.
- Open publication
Ipoteka Bank completes dual-currency Eurobond placement
The bank placed US$300 million of five-year notes and a three-year soum tranche equivalent to US$100 million; both order books were substantially oversubscribed.
- Open publication
Tashkent Stock Exchange to be modernised with Nasdaq
Uzbekistan and Nasdaq discussed modernising the Tashkent exchange and creating integrated infrastructure for government-bond trading.
- Open publication
Jefferies to support the National Investment Fund IPO
Jefferies was engaged to promote UzNIF and attract strategic investors for the realisation of its assets through an IPO.
- Open publication
NBU successfully places bonds on international capital markets
NBU placed two international bond tranches in US dollars and Uzbek soum with a total equivalent value of US$418 million.
- Open publication
Agreement reached on the privatisation of the state stake in Uz Truck and Bus Motors
Turon Industrial Investment won the open sale of the 34.2% state stake for UZS 200 billion after a process involving five bidders.
- Open publication
TBC Bank Group agrees to acquire a majority stake in BILLZ, Uzbekistan’s leading retail-management SaaS platform
TBC agreed to acquire an initial 53% of BILLZ for US$9 million, with plans to increase its stake to 60% within two years and invest up to US$12 million in total. The transaction remains subject to customary regulatory approvals.
- Open publication
TBC Bank Group announces a US$200 million bond to support growth in Uzbekistan
The three-year synthetic bond is denominated in Uzbek soum, settled in US dollars and carries a 22% coupon. An initial US$140 million tranche will fund TBC Uzbekistan’s growth, with a further US$60 million available over 12–18 months.
- Open publication
S&P revises Uzbekistan’s outlook to positive and affirms ‘BB−/B’ ratings
S&P Global Ratings revised Uzbekistan’s sovereign outlook to positive from stable while affirming its ‘BB−/B’ long- and short-term ratings.
- Open publication
Franklin Templeton launches the National Investment Fund of Uzbekistan
Franklin Templeton formally began managing UzNIF, whose initial net asset value was stated at US$1.68 billion. Listing the Fund in Tashkent and on a leading international exchange was identified as a key priority.
- Open publication
EBRD welcomes major investment in Uzbek food retailer
A consortium including Abu Dhabi Uzbek Investment and Omani sovereign investment funds plans to invest up to US$110 million in Korzinka. The EBRD described it as one of Uzbekistan’s largest private investments in recent years.
- Open publication
TBC announces new Uzbekistan holding company with EBRD and IFC
TBC Bank Uzbekistan and Payme will be consolidated under TBC Digital. Following registration, TBC PLC will own 79.7%, while EBRD and IFC will each hold approximately 10.15%.
- Open publication
Uzbekistan issues next sovereign international bonds
Uzbekistan placed US$500 million, €500 million and UZS 6 trillion tranches worth about US$1.5 billion in total. Orders reached US$4.2 billion equivalent, and the euro tranche carried a Green designation under the SDG financing programme.
- Open publication
UzNIF and Franklin Templeton sign an investment asset management agreement
The Ministry announced that Franklin Templeton would manage the Fund’s stakes in 18 state enterprises and commercial banks. The mandate includes transformation work ahead of planned domestic and international listings.
- Open publication
Kaspi.kz completes acquisition of controlling interest in Hepsiburada
Kaspi.kz completed the acquisition of 65.41% of Hepsiburada for approximately US$1.127 billion and became its controlling shareholder.
- Open publication
EBRD sets an investment record in Central Asia
The EBRD reported €2.26 billion invested across 121 Central Asian projects in 2024. Uzbekistan received €938 million, the highest amount in the region.