TASHKENT, Uzbekistan, June 30. Uzbekistan’s state enterprise Navoiyuran has placed $300 million in five-year Eurobonds on the London Stock Exchange at a 6.70 percent coupon rate—the lowest recorded among Uzbek debut issuers in 2025, Trend reports, citing the company’s press service.
The issuance encapsulates a pronounced escalation in investor
engagement with Uzbekistan's current economic restructuring
initiatives. The placement experienced an oversubscription of 4.3x,
with a total of 93 investor bids aggregating to over $1.3 billion
in capital commitments. Initially positioned within the bandwidth
of 7.25 to 7.375 percent, the ultimate coupon rate experienced a
downward adjustment to 6.70 percent as a direct consequence of
robust market appetite.
The issuance is congruent with President Shavkat Mirziyoyev’s
strategic framework aimed at amplifying investment influx and
augmenting export capacities, as delineated in a January 2025
videoconference. Navoiyuran has achieved a BB- credit rating from
both S&P and Fitch, alongside an ESG score of 55 from
Sustainable Fitch, highlighting the organization’s fiscal
robustness and governance efficacy.
Global financial entities, such as Citi, Abu Dhabi Commercial Bank,
and Natixis, facilitated the underwriting of the transaction,
whereas legal advisory and audit functions were executed by Dentons
and Deloitte, respectively.
The proceeds will support Navoiyuran’s strategic modernization—including expanded uranium production, improved transport and tech infrastructure, and international project collaboration—reinforcing Uzbekistan’s growing role in the global uranium market.
