Aloqabank set a new benchmark with inaugural Eurobond among mid-sized Uzbek banks
Tashkent / London, 11 May 2026 — Finasia Capital is pleased to announce its role as financial advisor to JSC "Aloqabank" in relation to the Bank's successful inaugural USD-denominated Eurobond offering in the international capital markets.
The transaction is understood to be the first Eurobond issuance by a mid-sized Uzbek bank, setting a new benchmark for similar issuers seeking access to the international debt capital markets. Finasia Capital supported Aloqabank throughout the preparation, positioning and execution of the transaction, contributing to a successful market debut and competitive pricing outcome.
Aloqabank issued USD 300 million of 5-year notes with a 7.7% coupon. The transaction forms part of the Bank's strategy to diversify its funding base, extend its maturity profile and broaden access to international capital markets.
Finasia Capital worked closely with Aloqabank throughout the preparation, marketing and execution process, supporting investor positioning, investor-facing materials, transaction communication and bookbuilding. This included support for Aloqabank's London roadshow from 6 to 11 May 2026, which comprised a global investor conference call and one-on-one meetings with 34 international investors from the United States, Europe, Asia and the Middle East. Following this investor engagement, bookbuilding was launched on 11 May 2026 with initial price thoughts in the mid-to-high 8% area, attracting more than USD 1.2 billion of orders and over 4.0x coverage of the issue size.
The strong order book and disciplined execution enabled pricing to tighten from the initial 8.50%–8.75% area to 8.25%–8.35%, and ultimately to a final coupon of 7.7%. The pricing outcome is particularly notable for a debut transaction by a mid-sized Uzbek bank and reflects continued investor interest in Uzbekistan's financial sector.
The successful placement broadened Aloqabank's international investor base, supported the Bank's access to medium-term foreign currency funding and provided a relevant benchmark for future international issuances by Uzbek financial institutions.
The proceeds from the issuance are expected to be used to finance prospective projects of the Bank's clients, support business activity and contribute to the creation of new employment opportunities.
