Bonds

Uzbekistan sold $1 billion of Eurobonds in its first foray into international debt markets. The deal priced with a yield of 4.75% on five-year paper and 5.375% on 10-year notes. Investors bid for more than $5.5 billion of the bonds. The main buyers of Eurobonds were fund managers - 75% and 78%, insurance companies and pension funds bought out 20% and 16% of bonds, while banks and private banks - 5% and 6%. "The success of the debut issue of Eurobonds reflects investors' confidence in the solid economic foundations of Uzbekistan, the progress of reforms and the debt management strategy," claims London Stock Exchange in its message.

Source: Legal info