On May 21, Uzbekistan placed sovereign Eurobonds on world financial markets worth total of $1.5 billion, the Ministry of Economy and Finance said.

Uzbekistan issued bonds for the first time in three currencies - 7-year Eurobonds in US dollars, 3-year bonds in Euros to finance the Sustainable Development Goals (SDGs) and bonds in local currency.

During the day, bids were received worth total of US$ 5.5 billion (US$ 3 billion, 2 billion euros and 4 trillion soums, US$ 315 million).

The $600 million 7-year bond has a of 6.9%;

- the 600 million euros 3-year bonds coupon rate is 5.375%;

- the 4 trillion soums 3-year bonds coupon rate is 16.625%.

The ministry noted that the interest rate on three-year government securities issued on the domestic market of Uzbekistan is 17.9%

The proceeds from bonds will reportedly be used to cover government budget deficits and finance the Sustainable Development Goals.

According to the MEF, on May 17, a conference call took place with 76 investors from the USA, the UK, Germany, Denmark and the UAE, and on May 20-21, meetings were held with 40 large investors.

Uzbek officials spoke about the macroeconomic situation and structural reforms within the framework of the Uzbekistan 2030 strategy.

“Despite the ongoing difficult situation in the world, international investors positively assessed the preservation of macroeconomic stability in Uzbekistan, the acceleration of energy tariffs, privatization and other structural reforms in practical terms,” the statement said.