Uzbekistan

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

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?

Uzbekistan is committed to improving its productive capacity and institutional strength on the way to achieving sustainable economic development.

An ambitious and multifaceted reform programme is underway to take an already sound economy and open it to international markets

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?

UzAuto Motors, an auto maker owned by the Uzbek state, entered the dollar bond market on Tuesday for its debut deal.

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.

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.

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.

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.

Two CEEMEA issuers mandated banks to arrange investor calls on Monday, although bond issuance volumes are expected to wane in coming weeks.

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.