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LONDON Reuters - Uzbekistan is making final preparations for its first foray into international debt markets, naming four international banks to lead a dollar bond deal, sources involved in the plans have told Reuters. JP Morgan has been appointed as lead adviser, and is joined by international debt houses Deutsche Bank and Citi as well state-owned Russian bank Gazprombank. Uzbekistan has been gradually opening up what is largely still a Soviet 'command'-style economy since the death of hardline president Islam Karimov in and his replacement by Shavkat Mirziyoyev.
Issuing its first dollar-denominated bond will put Uzbekistan firmly on the map of international investors. A formal deal roadshow will take place early next year, the source said, with the deal set to be marketed to investors in Europe and the United States. Uzbekistan's new BB- rating puts it in line with big emerging market debt issuers such Turkey, whose benchmark bonds now trade at a yield of around 7.
It is also in between neighbours Kazakhstan with its 'investment grade' BBB-, and Tajikistan, with its B- rating, six notches below investment grade. Read full article. By Virginia Furness. Fri, 21 Dec , pm. By Virginia Furness LONDON Reuters - Uzbekistan is making final preparations for its first foray into international debt markets, naming four international banks to lead a dollar bond deal, sources involved in the plans have told Reuters.