National Bank of Uzbekistan Successfully Prices Dual-Tranche Eurobond

The National Bank of Uzbekistan JSCB (NBU) has successfully priced a dual-tranche Eurobond offering, marking its return to the international capital markets after a one-year break. The transaction received strong interest from a broad base of global investors.

The proceeds from the issuance will be used to support NBU’s ongoing initiatives in infrastructure financing and SME lending, in line with Uzbekistan’s national development strategy and broader economic modernization efforts.

NBU has been assigned a long-term issuer default credit rating of BB with a stable outlook by Fitch Ratings and received a revised credit outlook from 'stable' to 'positive' by both Standard & Poor’s and Moody’s, reflecting its financial resilience and strategic importance in Uzbekistan’s banking sector.

Transaction Details

On July 8, 2025, NBU issued a USD 300 mln. Reg S senior bond with a five-year tenor and a fixed coupon of 7.2%, maturing in July 2030. Initial yield guidance ranged from 7.625% to 7.75%, but strong demand exceeding USD 1.1 bln. allowed the final yield to be set at 7.2%.

In addition, NBU issued a UZS 1.5 trln. denominated bond with a three-year tenor and a fixed coupon of 17.95%, maturing in July 2028. Initial price guidance was approximately 18.5% yield, and investor demand exceeding UZS 3 trln. (around USD 217 mln.) set the coupon at 17,95%. All settlements and payments for the soum tranche will be made in USD.

The UZS-denominated tranche represents one of the largest local currency Eurobonds issued by a commercial bank from Uzbekistan to date.

The offering garnered interest from a geographically diverse group of investors, predominantly from Asia and the United Kingdom, with further participation from Europe and the Gulf Cooperation Council region.

Finasia Capital’s Advisory Role

Finasia Capital joined the transaction during its final stages, providing an independent and comprehensive review of the process and contributing to key execution, pricing and investor engagement strategies.

Furthermore, Finasia Capital’s CEO participated in the Global Investor Call and in-person investor meetings held on July 7–8 in London. Drawing on his experience as a former senior official at Uzbekistan’s Ministry of Economy and Finance, he provided insights into the country’s macroeconomic environment and fiscal policy. This contribution supported the investor engagement process and helped strengthen confidence in the transaction.