TASHKENT (Pakistan Point News / Sputnik - 09th July, 2021) Uzbekistan's Finance Ministry is set to issue $870 million worth of eurobonds in two tranches, in US Dollars and Uzbek soms, a representative of the ministry told Sputnik on Friday.
On Thursday, a source from the country's banking sector also told Sputnik that Uzbekistan was planning to sell eurobonds denominated in dollars and soms. The authorities were expected to place a series of calls with potential investors starting that day.
"The total amount of tranches will be $870 million," the representative of the finance ministry said, noting that the Dollar bonds will be issued for ten years, while those denominated in soms for three or five years.
The exact volume of each tranche has not been determined, they added.
"If there is a demand for soms, we will increase the volume of the tranche in national Currency and reduce the one in dollars," the representative said.
In February 2019, Uzbekistan first tapped the eurobond market by selling $1 billion worth of five- and ten-year bonds with a yield of 4.75% and 5.375%, respectively. The offering was split into two tranches of $500 million, due in 2024 and 2029. According to the finance ministry, the demand for eurobonds exceeded $8.5 billion.
In November 2020, Uzbekistan placed another two tranches of three- and 10-year eurobonds denominated in dollars and soms, with a total worth of $750 million.
