NMMC Successfully Prices USD 500 Million Eurobond Amid Strong Investor Demand

7 May 2025 – Navoi Mining and Metallurgical Combinat JSC (“NMMC”), the world’s 4th largest gold producer by output, has successfully priced a USD 500 million Eurobond issuance, further solidifying its standing as a leading emerging market corporate issuer.

NMMC holds credit ratings of BB- (Stable) from both S&P Global and Fitch Ratings, with a standalone credit profile of BB+. This transaction marks a key milestone in NMMC’s transformation journey and its growing role in international capital markets.

Transaction Overview

On 7 May 2025, NMMC priced a USD 500 million 5-year senior unsecured bond at a 6.75% coupon, maturing in 2030. The notes performed strongly in the secondary market, reflecting investor confidence in NMMC’s fundamentals.

The transaction attracted robust demand from high-quality institutional investors across the UK, US, Europe, the Middle East, and Asia. The final orderbook totaled USD 1.2 billion (peaking at USD 2.3 billion), with an oversubscription of over 2x.

The bonds are listed on the London Stock Exchange, affirming the company’s commitment to international transparency, best market practices, and deeper integration into global capital markets.

Citi, J.P. Morgan, MUFG, and Société Générale acted as Joint Lead Managers and Joint Bookrunners.

Finasia Capital’s Role as Financial Advisor

Finasia Capital acted as Consultant to NMMC, delivering end-to-end strategic support across the transaction lifecycle — from early market preparation and positioning to execution and pricing.

“The objective with initial price guidance was to bring in a wide pool of investors early in the process,” said Odilbek Isakov, CEO of Finasia Capital, in an interview with GlobalCapital. “We started with an initial price talk of 7.375% for the 5-year tranche. This approach helped build strong momentum, resulting in an orderbook of over USD 2.3 billion at peak.”

“The high-quality demand allowed us to tighten pricing by 62.5 basis points, landing at a final coupon of 6.75%,” he continued. “From an investor perspective, NMMC was viewed as a high-quality credit. Their focus was on gaining allocation, not the spread over the sovereign curve. In the end, the pricing came inside Uzbekistan’s sovereign curve, which is a remarkable achievement and a testament to NMMC’s financial strength and credibility.”

Strategic Outlook

NMMC aims to become a regular issuer in international capital markets, with future transactions aligned with its long-term funding strategy and operational growth plans. The company plans to match its USD-denominated revenue with USD-denominated debt to maintain a prudent capital structure.

With a strong standalone credit profile, disciplined financial policy, and robust balance sheet, NMMC is well-positioned to support Uzbekistan’s economic transformation and global capital markets integration.

As Uzbekistan accelerates its market reforms and privatization agenda, NMMC remains a flagship corporate issuer — highlighting the country's rising prominence among international investors.