
Uzbekistan’s National Energy Champion, Uzbekneftegaz, Returns to International Debt Capital Markets
April 2025 – Uzbekneftegaz JSC (UNG), the state-owned vertically integrated oil and gas company of Uzbekistan, has made a triumphant return to the international debt capital markets with a landmark Eurobond issuance. Leveraging its significantly strengthened financial position in 2024, the transaction showcases UNG’s commitment to diversifying its funding sources and enhancing its global financial footprint.
Initially targeting USD 500–750 million, the offering attracted overwhelming interest from global investors. Ultimately, UNG priced USD 850 million in 5-year notes at a coupon of 8.75%. The orderbook peaked at USD 1.8 billion, with final demand exceeding 2x, reflecting strong investor confidence in UNG’s creditworthiness, operations, and strategic direction.
Finasia Capital’s Role as Financial Consultant

Finasia Capital acted as financial consultant to UNG, providing end-to-end support from concept to execution. This included advising on underwriter and legal counsel selection, shaping transaction strategy, and coordinating preparation of marketing and offering documents.
Finasia also accompanied UNG during investor roadshows across the United Kingdom, United Arab Emirates, and United States. Through one-on-one and group meetings with leading institutional investors, Finasia helped secure anchor orders and optimize pricing—ultimately contributing to the near 50 bps tightening from initial price thoughts to final pricing.
Collaboration with Leading Global Banks

The Eurobond was executed with a syndicate of world-class investment banks: Abu Dhabi Commercial Bank, Deutsche Bank, J.P. Morgan, MUFG, and Standard Chartered Bank. The diverse distribution breakdown included the UK (39.9%), U.S. (29.5%), Europe (12.4%), MENA (10.8%), Switzerland (5.5%), and Asia & Other (1.9%).
Supporting UNG’s Strategic Growth and Diversification

Proceeds from the bond will refinance short-term debt and fund capital investments, including upstream and downstream modernization and operational efficiency improvements. This supports UNG’s strategy to optimize its capital structure, reduce borrowing costs, and extend debt maturity.
The transaction underscores UNG’s resilience and its efforts to align with international standards in transparency and investor relations, reinforcing its role in Uzbekistan’s industrial and energy development.
A Testament to Partnership and Excellence

This landmark deal reflects Finasia Capital’s dedication to excellence in complex cross-border capital market transactions. With a proven track record in sovereign and corporate issuances, Finasia remains committed to supporting Uzbekistan’s integration into global markets and advancing sustainable development.