TASHKENT, Uzbekistan, December 5. TBC Bank Uzbekistan, the largest digital bank in the nation and a subsidiary of London-listed TBC Bank Group PLC, has issued its inaugural one-year bond denominated in Uzbek soums, the bank told Trend.
This marks the first-ever local currency bond issued by a digital bank in Uzbekistan. The 40 billion soum bond ($3.11 million), offering a yield of 24 percent, represents a significant achievement. The proceeds from the issuance will support TBC’s expansion in Uzbekistan.
Uzbekistan’s financial market has seen rapid development in recent years, particularly since the country issued its first sovereign Eurobond in 2019. This initial offering paved the way for further significant issuances, including both dollar- and soum-denominated bonds from sovereign entities and corporates, attracting an increasing number of international investors and highlighting the ongoing evolution of Uzbekistan's financial markets.
This debut local currency bond issuance is another key milestone for TBC Uzbekistan, which includes TBC Bank Uzbekistan, Payme, and Payme Nasiya and has reached 17 million customers across the country. The bond issuance aligns with TBC Bank Uzbekistan’s ongoing efforts to diversify its funding sources while enabling the largest digital bank in the country to play a key role in attracting both local and foreign investment to Uzbekistan’s capital markets.
"We are pleased to announce our debut bond issuance denominated in Uzbek soums, a transaction carried out with the support of TBC Capital, while Tat Reestr acted as our broker on the local market. This bond issuance marks a significant milestone not only for TBC Uzbekistan but also for the broader financial market in the country. It represents our commitment to supporting the region's economic growth and providing new opportunities for investors interested in Central Asia. As we continue to diversify our funding sources and strengthen our presence in Uzbekistan, we look forward to further contributing to the development of the country’s financial market," the CEO of TBC Group operations in Uzbekistan, Nika Kurdiani said.
This bond issue follows a series of recent funding milestones for TBC Uzbekistan, underscoring the company's strong growth trajectory. Total wholesale funds secured earlier this year by TBC Bank Uzbekistan reached $105 million, including a $40 million loan from FMO (Dutch entrepreneurial development bank), credit lines from Swiss impact investor responsAbility Investments AG totalling $20 million, $25 million debt financing from BlueOrchard, a $10 million loan from EBRD, and a $10 million loan from Global Gender-Smart Fund (GGSF) via Triple Jump.