Page 21 - Uzbek Outlook 2022

6.3 Bonds

For Uzbekistan, 2021 can truly be named the “Year of Bonds”. Dozens of large issuers joined the
“eurobond bonanza”, initiated by the government back in 2019.

Capital markets “reforms” are expected to continue in 2022.

Mining giant Almalyk Mining and Metallurgical Combine (AMMC) plans to issue $500mn of eurobonds
during the first half of 2022.

A eurobond debut is anticipated from Asakabank. Fitch Ratings assigned the bank’s upcoming issue of
UZS-denominated senior unsecured eurobonds an expected long-term rating of 'BB-(EXP)'.

President Shavkat Mirziyoyev during his pre-election campaign said that commercial banks would

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