In 2024, the government and companies from Uzbekistan set a record for the issuance of eurobonds. This is according to a report by the investment company Avesta Investment Group, which Spot has reviewed.
A total of five companies and the government conducted 12 placements, with their volume increasing fourfold to $4 billion. Of this amount, nearly 81% of the eurobonds ($3.3 billion) were issued in foreign currency, while the remaining 19% ($0.8 billion) were in the national currency. The average coupon rate for eurobonds issued in foreign currency was 7.5%, while for placements in local currency it exceeded 20%.
The government was responsible for the issuance of eurobonds in May totaling $1.5 billion, of which only $300 million were placed in the national currency.
The remaining $2.6 billion were attributed to several large state-owned companies. For instance, in October, NGMC issued debut eurobonds worth $1 billion and plans another placement of $500 million in 2025. Additionally, bonds were issued by banks such as "Uzpromstroybank" ($400 million and 2.25 trillion soums), "Agrobank" ($400 million and 700 billion soums), NBU ($300 million and 1.4 trillion soums), and "Ipoteka-bank" (1.4 trillion soums).
Moreover, by the end of 2024, the volume of issued government securities (GCS) in circulation and not redeemed increased 2.4 times to 24.6 trillion soums. A total of 74 placements were conducted (an increase of 2.3 times), with an average annual yield of 16.8% (compared to 17.1% in 2023).
Earlier, Spot reported that the president instructed to allow the issuance of mortgage securities.