NEGU Delegation visits London for high-level seminars and meetings organised by Finasia Capital

The management team of the National Electric Grids of Uzbekistan “NEGU” successfully completed a comprehensive five-day program in London, designed to enhance their financial expertise and establish key relationships with international banks, rating agencies, and legal firms. The visit, organised by Finasia Capital Ltd., included high-level seminars and strategic meetings with major global banks, rating agencies, and legal advisors to discuss company’s future debt financing opportunities.

Seminars

The first two days of the program were dedicated to in-depth financial training at Finasia Capital’s London office, where experts provided key insights into international debt markets and corporate finance.

On Day 1, Finasia’s team conducted a comprehensive seminar on debt management, liquidity planning, and international debt financing strategies. The session covered essential financial concepts such as optimal capital structure, weighted average cost of capital (WACC), and debt structuring strategies. Participants gained a deeper understanding of corporate debt instruments, including bilateral loans, Export Credit Agency (ECA)-backed financing, partially guaranteed loans, International Financial Institutions (IFI) financing, and international bond issuance. Special emphasis was placed on ESG instruments, which are increasingly gaining traction among investors seeking sustainable investment opportunities. The seminar also addressed liquidity management strategies, including cash flow forecasting and working capital optimization.

On Day 2, the focus shifted to investor relations, equipping NEGU team with the necessary insights and industry expertise to build and maintain strong relationships with international investors. The session explored key investor expectations, reporting standards, and best practices in investor communications. Later in the day, J.P. Morgan’s team led a dedicated seminar on hedging instruments, particularly tailored for NEGU’s USD-denominated loan obligations versus their mostly UZS-based revenue stream. The discussion centered on currency risk mitigation strategies, with J.P. Morgan presenting customised hedging solutions to minimize potential losses from currency devaluation and unpredictable tariff adjustments.

Following the intensive training sessions, the NEGU delegation engaged in a series of strategic meetings with some of the leading global banks, including MUFG, J.P. Morgan, Citi, and Standard Chartered Bank (SCB). These discussions centered around relationship building, upcoming reforms in Uzbekistan’s energy sector, and NEGU’s long-term investment plans. The delegation also introduced their future financing needs, particularly for large-scale modernization projects in energy transmission infrastructure. The banks expressed strong interest in supporting NEGU’s future capital-raising efforts in international capital markets and readiness to propose tailored solutions through loan and bond financing.

A crucial component of NEGU’s international financing strategy is obtaining strong international credit ratings. The delegation met with Fitch Ratings to discuss the process of obtaining a credit rating and its advantages. Given NEGU’s ambitions to access international capital markets with at least two credit ratings, Fitch provided an overview of their rating methodology and the strategic benefits of securing a strong credit profile.

One of the highlights of the visit was an important meeting with the London Stock Exchange (LSEG), where NEGU team expressed their keen interest in issuing international bonds to fund their ambitious infrastructure projects. The LSEG team delivered a detailed presentation on the exchange’s offerings, its role in facilitating bond issuance and the advantages of listing on the LSEG. Discussions covered market accessibility, investor base, and regulatory considerations, with LSEG officials reaffirming their commitment to supporting NEGU’s potential bond issuance.

Recognising the critical role of legal advisors in international capital market transactions, the NEGU delegation also met with leading global law firms Norton Rose Fulbright and Dentons. Both firms emphasized their expertise in structuring and executing cross-border transactions and provided insights into the legal complexities, documentation requirements, and regulatory compliance involved in international transactions. Both firms expressed their full support for NEGU’s future financing ambitions.

To balance the intensive seminar and meeting schedule, Finasia Capital also organised a cultural and recreational program, allowing the delegation to explore London’s rich history, landmarks, and cultural experiences. This provided an excellent opportunity to foster informal networking and strengthen relationships outside the boardroom.

The visit marked a significant milestone for NEGU, providing its team with valuable financial knowledge, strategic insights, and key global connections. Through Finasia Capital’s expertly curated program, NEGU has taken a decisive step toward accessing international capital markets, securing strategic financing, and strengthening its position in Uzbekistan’s evolving energy sector.

As NEGU prepares for its next phase of growth, the relationships established during this visit will be instrumental in driving its financial sustainability, investment expansion, and long-term success in global markets.