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Uzpromstroybank lists international bonds on London Stock Exchange

Uzpromstroybank listed international bonds on the London Stock Exchange. Eurobonds worth $300 million were highly valued by investors, the press service of the Ministry of Finance of Uzbekistan reported.

The listing of corporate Eurobonds was recommended by financial advisers as JP Morgan, Citigroup, Commerzbank, Raiffeisen Bank.

On November 18-22, meetings and talks were held with more than 60 investors in Zurich, Frankfurt and London. They discussed the current banking reforms in the country, including the government's strategy for the capitalization of large commercial banks, the prospects for their privatization, credit policy, further expected changes in assets, including problematic ones, as well as the dynamics of the development of the sphere.

"Major investors have taken into account the bank's transformation process (including preparations for privatization) with the participation of the International Finance Corporation to improve corporate governance. Due to the fact that its business model is aimed at further commercialization and gradual privatization, JSCB is considered by them as a commercial, not a state bank," the Ministry of Finance noted.

On November 25 of this year, the initial yield of the bank on 5-year international bonds was set at 6.50%, and their placement was announced at 08:23 London time. The volume of orders by 10:00 am reached 300 million dollars (fully covering the listing), and by 12:1 0 -800 million dollars (covering the issue 2.5 times).

At 12:25 am, the bond yield was down 0.125 percent and the new rate was announced at 6.375 percent. Investors were pleased with this strategy, and by 13:05 the volume of orders rose to 1 billion dollars, and by 14:00 - to 1.2 billion dollars (with 4-fold coverage of the issue). Due to such high demand, sufficient profitability of the transaction was provided, which was closed at 17:00 London time with a coupon rate of 5.75%.

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