Tashkent, Uzbekistan (UzDaily.com) — On 30 April 2025, Uzbekneftegaz JSC successfully placed a five-year international bond under the 144A/Reg S format, marking the largest single-tranche issuance in Uzbekistan’s history.

The offering attracted strong interest from global investors, including asset managers, banks, private banks, pension and insurance funds from the United Kingdom, the United States, Europe, Switzerland, and Asia. Total demand reached US$1.9 billion, allowing the company to tighten the pricing by 37.5–50 basis points and increase the issuance volume to US$850 million—exceeding the initially planned amount.

This transaction represents a key milestone in Uzbekneftegaz’s strategic development, boosting its credit profile and reinforcing investor confidence in Uzbekistan’s financial market. The bonds are listed on the London Stock Exchange (ISM), further underscoring the company’s solid international reputation.

The deal was executed with the participation of major global financial institutions, including J.P. Morgan, Abu Dhabi Commercial Bank, Deutsche Bank, MUFG, and Standard Chartered Bank as joint bookrunners, with O‘zsanoatqurilishbank acting as co-manager.

S&P Global assigned a “B+” rating to the newly issued bonds. According to analysts, the majority of the proceeds will be used to refinance existing debt, fund capital investments, and support general corporate expenses.

At the same time, the company is preparing for an initial public offering (IPO) after 2028. A representative of Uzbekneftegaz stated at the Fitch Ratings conference on 16 April that the company plans to introduce market-based pricing mechanisms by that time, paving the way for entry into the domestic capital market.