Uzpromstroybank nabs dollars as government pushes local issuance

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By Ross Lancaster
26 Nov 2019

Investors showered a debut dollar deal from Uzpromstroybank with orders on Monday, with the order book for the $300m bond peaking at $1.2bn. But despite the success for the privatisation candidate, government officials are hoping that future Uzbek bond issuance will favour local currencies.

The BB-/BB- rated bank, which is majority owned by the Uzbek government, had roadshowed for the deal last week. It met investors in Zurich, Frankfurt and London.

Investors pushed the deal’s order book to $1.2bn at one point. But despite the trade’s popularity, future Uzbek issuance seems ...

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