The two-tranche placement totalled US$411 million equivalent. The hard-currency tranche was US$300 million with a five-year maturity and an 8.5% coupon.
The local-currency tranche was UZS 1.4 trillion with a three-year maturity and a 19.875% coupon. NBU became the first Uzbek commercial bank to place UZS-denominated international bonds. The underwriter group included J.P. Morgan, Citi, Deutsche Bank, Natixis, Société Générale, Standard Chartered, FAB and Mashreq.
The placement extended sovereign pricing references to a systemically important bank and demonstrated offshore demand for Uzbek-soum credit risk.
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