Uzbekistan
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With Russian and Ukrainian issuers out of the picture, Uzbekistan is likely to dominate CIS bond volumes
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Agrobank has clearly paid attention to investor feedback since the summer but in stalling its new issue it risks losing its audience
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Helping the issuer will be a new bond from the Uzbek sovereign earlier this month
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Country is the first EM sovereign so sell a local currency green bond overseas
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Sovereigns tipped to sit out regional revival
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Uzbekistan plans a dollar and som deal next week and others are lining up
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Appointment of BTIG as sole lead raised questions among EM bond market praticipants
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The state-owned bank's deal is expected to print next week
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Uzbekistan re-entered the international bond markets on Monday for its third ever issue. The dual currency bond it was marketing aimed at drawing in the widest possible investor base, market participants said
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The Republic of Uzbekistan is seeking to capitalise on a successful dual currency bond it sold just months ago, by returning to the bond market to sell a dollar and Uzbek som bond that also includes a sustainable element.
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GlobalMarkets: How is Uzavtosanoat benefitting from the economic reforms in the country?
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The country’s pursuit of achieving a more sustainable and equitable society has coincided with an ambitious economic reform agenda that, together, are delivering results
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GlobalMarkets: SQB has been identified as an upcoming privatisation candidate. That usually requires a lot of work to get an institution ready for that process. What is SQB doing to prepare itself?
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GlobalMarkets: With such a large share of the mortgage market, it doesn’t seem you have much of an impetus to expand your product offerings?
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Uzbekistan is committed to improving its productive capacity and institutional strength on the way to achieving sustainable economic development.
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GlobalMarkets: Your president has made it clear that he expects the country’s banks to improve their efficiency as part of the overall economic liberalisation programme. What is the NBU doing to accomplish this task?
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An ambitious and multifaceted reform programme is underway to take an already sound economy and open it to international markets
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UzAuto Motors, an auto maker owned by the Uzbek state, entered the dollar bond market on Tuesday for its debut deal.
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Diversification has taken hold in central Asia's Uzbekistan, which over the last two years has started its pivot towards international capital markets. According to sources, a plethora of debut deals is expected to hit markets in coming months.
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UzAuto Motors, a car maker owned by the Uzbek government, has raised its debut syndicated loan from European lenders. The deal is one of many over the last year that have opened up Uzbekistan’s borrowers to international capital markets.
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The Republic of Uzbekistan, which debuted in international debt markets just last year, sold a dual currency bond this week, as foreign investors eyed up an Uzbek som tranche.
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Emerging market issuers have crept back into the small issuance window in international markets after a brief pause for the US elections, with Dubai Islamic Bank and Uzbekistan’s Ipoteka Bank issuing dollar-denominated bonds this week.
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Two CEEMEA issuers mandated banks to arrange investor calls on Monday, although bond issuance volumes are expected to wane in coming weeks.
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Thomas Hugger has more than two decades of investment experience in frontier markets. Volatility is part of the job description. But he has never faced challenges like those unleashed by the Covid-19 pandemic.
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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.
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Uzpromstroybank, the BB-/BB- rated bank that is majority owned by the Uzbek government, had racked up more than $800m of orders by lunchtime on Monday for its five year dollar bond.
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Uzbekistan Special Report Interview with Fayzulla Shaismatov, deputy chairman, Thermal Power Plant
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A radical restructuring and upgrading of Uzbekistan’s power sector is creating opportunities for foreign investors and adding new generation sources, from renewables to nuclear
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Uzbekistan Special Report Interview with Sayidov Ulugbek, chairman of the board, Uztransgaz
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In an interview with GlobalMarkets, Golib Kholjigitov, head of Uzbekistan’s PPP Development Agency, lays out the advantages that working with the private sector can bring in terms of lower costs and more efficient delivery of much-needed infrastructure projects
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Uzbekistan Special Report Interview with Elmurodov Kholik, First Deputy Chairman of the Board, Uzbekistan National Power Networks
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Unveiled in July, a new roadmap for Uzbekistan’s energy sector lays out plans for the restructuring and modernisation of state-owned firms and a major expansion of the industry with foreign investment
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Uzbekistan’s turbulent past has left its mark on every aspect of the country’s economic and social life, but we are now looking to the future. The new government, headed by President Shavkat Mirziyoyev, is searching for ways to reform outdated managerial and technological practices and bring the country into the 21st century.
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Uzbekistan Special Report interview with Ulugbek Ashurov, deputy chairman, Uzbekneftegaz