Central Asia
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After years of isolation, Uzbekistan has started to forcefully address its economic challenges and exploit its inherent advantages in a way that offers the potential to make this resource-rich market a stronger player in the global economy -
Since late 2016, Uzbekistan has embarked on large-scale institutional, economic and social reforms under President Mirziyoyev’s administration.
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Uzbekistan is now the focus of emerging and frontier markets, as international investors, buoyed by the success of Kazakhstan’s privatisation programme, clamber to be in the first wave of opportunities the country is to offer, writes Sam Kerr.
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Yellow Cake, a London-listed company operating in the uranium sector, completed a £25.9m share sale on Friday to continue funding uranium purchases from Kazakh uranium producer Kazatomprom.
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JPM securitization banker leaves — Goldman Brexiter quits for politics — Balax enrols in fintech course
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After six months running the Uzbekistan’s newly created debt management office, ex-HSBC DCM banker Odilbek Isakov has become the country's deputy finance minister.
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Kazakhstan’s privatisation programme is set to continue, despite the decision of its president Nursultan Nazarbayev to step down from that position on Tuesday, according to ECM bankers and investors.
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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.
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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.
