Uzbekistan
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UzAuto Motors, a car maker owned by the Uzbek government, has raised its debut syndicated loan from European lenders. The deal is one of many over the last year that have opened up Uzbekistan’s borrowers to international capital markets. -
The Republic of Uzbekistan, which debuted in international debt markets just last year, sold a dual currency bond this week, as foreign investors eyed up an Uzbek som tranche.
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Emerging market issuers have crept back into the small issuance window in international markets after a brief pause for the US elections, with Dubai Islamic Bank and Uzbekistan’s Ipoteka Bank issuing dollar-denominated bonds this week.
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Two CEEMEA issuers mandated banks to arrange investor calls on Monday, although bond issuance volumes are expected to wane in coming weeks.
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Thomas Hugger has more than two decades of investment experience in frontier markets. Volatility is part of the job description. But he has never faced challenges like those unleashed by the Covid-19 pandemic.
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Investors showered a debut dollar deal from Uzpromstroybank with orders on Monday, with the order book for the $300m bond peaking at $1.2bn. But despite the success for the privatisation candidate, government officials are hoping that future Uzbek bond issuance will favour local currencies.
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Uzpromstroybank, the BB-/BB- rated bank that is majority owned by the Uzbek government, had racked up more than $800m of orders by lunchtime on Monday for its five year dollar bond.
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Uzbekistan Special Report interview with Ulugbek Ashurov, deputy chairman, Uzbekneftegaz
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Unveiled in July, a new roadmap for Uzbekistan’s energy sector lays out plans for the restructuring and modernisation of state-owned firms and a major expansion of the industry with foreign investment
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Uzbekistan’s turbulent past has left its mark on every aspect of the country’s economic and social life, but we are now looking to the future. The new government, headed by President Shavkat Mirziyoyev, is searching for ways to reform outdated managerial and technological practices and bring the country into the 21st century.
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Uzbekistan Special Report Interview with Sayidov Ulugbek, chairman of the board, Uztransgaz
