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Uzbekistan sold $1 billion of Eurobonds in its first foray into international debt markets as the ex-Soviet republic opens its economy to foreign investment. The placement is a key milestone for Uzbek President Shavkat Mirziyoyev, who aims to set a benchmark for corporate issuers as he steers the country of more than 30 million people down a more market-friendly route. With developing-nation issuers rushing to market this year, the Uzbek offering is addressing the current hunt for yield that year.
The February 2019 deal is reported to be priced with a yield of 4.75 percent on five-year paper and 5.375 percent on 10-year notes, according to Bloomberg. Investors bid for more than $5.5 billion of the bonds. As a start, Uzbekistan is rated BB- at SP Global Ratings and...
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