NavoiyUran’s Inaugural Eurobond Issuance: A Strategic Entry into International Capital Markets

Tashkent, Uzbekistan – June 26, 2025 – NavoiyUran State Enterprise, the world’s 6th largest uranium producer, has completed its debut Eurobond issuance, marking an important step in accessing international capital markets. The USD 300 million bond attracted strong interest from global investors, representing a key component of the company’s long-term financial and strategic plans.

NavoiyUran holds a long-term issuer default rating of BB- with stable outlook from both Standard & Poor’s and Fitch Ratings, recognizing its strong operations and strategic role in Uzbekistan’s industrial sector. Additionally, Sustainable Fitch has awarded NavoiyUran an ESG rating of Level 3 with a score of 55, reflecting commitment to robust environmental, social, and governance standards.

On June 26, 2025, NavoiyUran priced its USD 300 million senior unsecured 5-year Eurobond with a fixed coupon of 6.7%, maturing in June 2030.

The offering received strong demand from institutional investors across the US, UK, Continental Europe, Middle East, and Asia. Initial pricing thoughts were set at 7.25-7.375%, but the orderbook covered USD 300 million within the first hour. Before the US market open, the orderbook exceeded USD 1 billion, allowing official guidance to tighten to 7%. By 2:30pm London time, the book reached USD 1.3 billion, and final pricing landed at 6.7%.

The final orderbook surpassed USD 740 million, representing an oversubscription of over 2.5x. This strong demand reflects NavoiyUran’s solid fundamentals, rising global uranium demand, low production costs, and Uzbekistan’s sovereign and corporate credit strength.

Finasia Capital’s Role as Financial Advisor

Finasia Capital acted as the exclusive financial and capital markets advisor to NavoiyUran, leading the transaction from start to finish. Between March and June 2025, Finasia worked closely with NavoiyUran to strengthen its credit profile with both S&P and Fitch Ratings by developing detailed rating materials, conducting financial stress tests, and providing coaching for management team interactions with the agencies.

Finasia Capital also provided strategic investor communication support during Non-Deal and Deal Roadshows, engaging over 35 global investors. The team played an active role in due diligence preparation and review processes, ensuring successful investor engagement and execution.