Uzbekneftegaz will place international bonds on the London Stock Exchange, Spot reports referring to a corresponding resolution of the Cabinet of Ministers adopted on November 3.

A bond issue of up to $700 million is scheduled for November 2021. The organizers are Bank GPB, Citi, J.P. Morgan and MUFG, legal consultant is White & Case LLP.

Also, branches of New York Mellon Bank in London and Dublin will help the company in placing bonds, registering their issue and making payments.

As an exception, Uzbekneftegaz is allowed to conclude contracts with them, as well as with the auditing company EY and the London Stock Exchange without state expertise.

The funds will be transferred to the treasury account of Uzbekneftegaz and used for its financial recovery in agreement with the Ministry of Finance. The company undertakes to fulfill the financial conditions on time, as well as to report on the use of the attracted funds.

In September, Uzbekneftegaz received its first credit rating from Fitch. The rating is identical to that of the government bonds of Uzbekistan – “BB-” with a “stable” outlook. S&P Global Ratings gave a similar assessment.

In addition to Uzbekneftegaz, UzAuto Motors issued Eurobonds in 2021. Also this year, Uzbekistan for the first time in Central Asia issued international bonds in soums.