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Capital Markets

Uzbekistan takes reform story to bond investors

Central Asian state prepares for $1bn international debt market debut

Ipoteka Bank, which has issued stock and bonds domestically, could be a candidate to issue international debt. (Photo by Ikrom Nosirov)

TASHKENT/ALMATY - Interest in the opening up of Uzbekistan, the Central Asian state that was long one of the world's most isolated nations, has been growing amid a flurry of announced reforms. Soon investors will get a chance to take their own view on its economic prospects.

The government of President Shavkat Mirziyoyev is preparing to make its debut on the international bond market with a $1 billion debt issue. Since Tajikistan, Uzbekistan's poorer neighbor, was able to sell a $500 million bond to international investors in its first outing last year, authorities in Tashkent are optimistic about their chances even as global interest in high-yield debt from frontier markets cools.

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