Standard Chartered Supports the Republic of Uzbekistan in its Largest Ever Bond Issuance

3 June 2024, London, UK – Standard Chartered announces its role as joint dealer manager and joint bookrunner in the successful issuance of sovereign international bonds in three currencies – USD, EUR and UZS (Uzbek Sun) – worth USD1.5 billion for the Republic of Uzbekistan.

This is Uzbekistan’s largest ever bond issuance, its first triple currency issuance, and first ever Euro denominated tranche issuance. Proceeds will be used for general support of the economy, with the Euro tranche funds being earmarked for sustainable development projects in line with the country’s Sustainable Development Goals (SDG) Bond Program.

The issuance is Standard Chartered’s first bond transaction in Uzbekistan and follows the Bank’s EUR114 million financing for National Bank of Uzbekistan, which was announced on 14 May 2024.

The issuance was met with significant demand, achieving an oversubscription rate of 3.5 times, with orders of purchase totaling USD5.5 billion:

7-yr USD bonds USD600 million with 6.9% coupon rate
3-yr EUR bonds EUR600 million with 5.375% coupon rate
3-yr UZS bonds UZS3 trillion with 16.625% coupon rate

Saif Malik, UK CEO at Standard Chartered Bank said: “Following the announcement of our first deal with the National Bank of Uzbekistan last week, we are thrilled to have supported Uzbekistan’s Ministry of Finance with this record-breaking issuance. The issuance’s oversubscription is a strong indicator of the level of investor interest and support for the country’s ambitious economic reform agenda.”

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For further information please contact:

Julien Moity
Senior Communications Manager
Standard Chartered Bank
Tel: +44 7918 601617
Email: Julien.moity@sc.com

Standard Chartered
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