The five-year 144A/Reg S transaction attracted US$1.9 billion of orders, allowing the issuer to tighten pricing by 37.5–50 basis points and increase the final size. At announcement, it was Uzbekistan’s largest single-tranche bond offering.
Uzbekneftegaz priced a US$850 million five-year notes offering on 30 April 2025 in 144A/Reg S format. The securities were admitted to the International Securities Market of the London Stock Exchange, marking the state energy company’s return to international debt capital markets.
Investor orders reached US$1.9 billion. The demand enabled a 37.5–50 basis-point tightening from initial price guidance and supported an increase in the final transaction size to US$850 million. At the time of the announcement, the placement was described as the largest single-tranche bond issued by an Uzbek borrower.
The transaction established a larger hard-currency benchmark for a major quasi-sovereign energy credit and added price-discovery evidence for future Uzbek issuers. Its broader relevance should still be assessed alongside the issuer’s leverage, cash-flow generation, capital-expenditure requirements, commodity exposure and any sovereign linkage rather than from order-book demand alone.
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