According to Fixygen, on April 1 of this year, Uzbekistan issued sovereign international bonds denominated in local currency on global financial markets for an amount equivalent to $1 billion, at a historically low interest rate of 12.25%. This was reported by the Ministry of Economy and Finance.
For comparison: the yield on similar three-year issues in previous years was significantly higher—16.625% in 2024 and 15.5% in 2025. The decline in borrowing costs reflects growing confidence among global investors in the republic’s macroeconomic stability and the reform agenda outlined in the “Uzbekistan-2030” Strategy.
Demand from foreign investors was overwhelming.
During the auction on April 1, nearly 50 major funds from the U.S., Europe, Asia, and the Middle East submitted bids totaling 24.3 trillion soums, which was four times the initial offering. As a result, bonds worth 12.2 trillion soums were successfully placed. Notably, the final yield was even lower than the yield on Uzbekistan’s domestic financial market.
The relevant agency highlighted the uniqueness of the event: this issuance of Eurobonds in the national currency became the largest transaction of its kind in Central and Eastern Europe, the Middle East, and Africa over the past 15 years. The success of the placement confirmed the stability of the country’s economy even amid ongoing geopolitical tensions worldwide.
