Uzbekistan
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Uzbekistan opened a new chapter in emerging market bonds on Wednesday, printing a $1bn dual tranche deal. Market participants are expecting a swathe of other issuers from the country to follow the sovereign into the capital markets, although soggy trading on Thursday has stiffened investor resolve to hold firmer on pricing on subsequent Uzbek deals, writes Francesca Young. -
In the emerging markets over the past year the art of bond investing has often felt like perfecting the skill of mitigating disaster — of knowing when to catch a falling knife or jump on a rebound before everyone else does.
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Uzbekistan printed its $1bn dual tranche five and 10 year bond on Wednesday to great investor excitement, but the bubble was punctured on Thursday when both traded down in the secondary market. That was despite orders as big as $300m from one international EM account, according to Uzbekistan’s deputy prime minister and finance minister, Jamshid Kuchkarov.
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The Republic of Uzbekistan has released initial price guidance for its dual tranche five and 10 year dollar bonds and a rush of investors showed how desperate they are for a piece of it.
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Uzbekistan's bond market debut, which is expected to be priced as early as Wednesday, has captured the attention of emerging market investors.
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Uzbekistan has told investors that it is focused on a dual tranche five and 10 year transaction and that indications of interest received so far are in excess of $1.5bn.
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The roadshow for Uzbekistan’s debut dollar denominated 144A/Reg S benchmark started this week, but with only two of the three international banks originally picked for the mandate still present on it.
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Uzbekistan landed on screens on Monday morning, announcing a roadshow to promote its debut in the Eurobond market.
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An old argument has rattled on for years between some CEEMEA issuers and banks about the wisdom of paying nothing to banks to arrange sovereign bonds. Uzbekistan has settled it.
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Uzbekistan could announce roadshow dates as early as next week, having put ratings in place and picked banks for its debut Eurobond.
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Uzbekistan has got its first infrastructure financing from the European Bank for Reconstruction and Development for almost a decade, as it starts to reap the rewards of its Development Strategy.
