J.P. Morgan announced inclusion effective 30 September 2026, bringing Uzbekistan’s local-currency sovereign international bonds into a benchmark used by investors overseeing more than $300 billion.
J.P. Morgan has announced that Uzbekistan’s soum-denominated sovereign international bonds will be included in the Government Bond Index–Emerging Markets effective 30 September 2026, according to the Ministry of Economy and Finance. Uzbekistan will be the only CIS country represented through local-currency sovereign bonds in the index.
The index inclusion follows Uzbekistan’s 2026 placement of three-year soum-denominated sovereign international bonds equivalent to $1 billion, or UZS 12.2 trillion, at a rate of 12.25%. The ministry said the pricing was an average of 14 basis points below the domestic financial market and described the issue as the largest local-currency transaction in Central and Eastern Europe, the Middle East and Africa over the previous 15 years.
GBI-EM tracks emerging-market government debt issued in local currencies. The official release states that the benchmark covers 20 emerging-market countries, 13 of them investment grade, and is used by international investors managing more than $300 billion when forming investment decisions.
For Uzbekistan’s sovereign debt market, inclusion establishes a new institutional reference point and increases the visibility of soum exposure within global local-currency mandates. The ministry expects a broader investor base and improved funding conditions over time. Index membership does not itself guarantee investment inflows or repricing, but it places eligible exposure within a widely followed benchmark framework.
This material is provided for general information only and does not constitute investment, legal or tax advice, or an offer or solicitation in any jurisdiction.