Azernews.Az

By Kamila Aliyeva

Uzbekistan strives to issue the first Eurobonds as early as next year.

In this regard, HSBC banker Odilbek Isakov was appointed as the head of the new debt management bureau, Reuters reported referring to the republic's Ministry of Finance.

This step brings Uzbekistan closer to the goal of attracting foreign capital to its debt market. This process was launched last year, when Uzbek President Shavkat Mirziyoyev took a course to obtain a sovereign credit rating - a prerequisite for the placement of Eurobonds.

Isakov, who previously served as director of customer relations in the debt capital market of HSBC, was appointed adviser to the Minister of Finance and head of the new Office of Sovereign and Corporate Debt, the Ministry of Finance said.

He will supervise the process of obtaining a credit rating and issuing sovereign Eurobonds.

Earlier, it was reported that Uzbekistan attracted J.P. Morgan for the release of the first Eurobonds in its history.

In February 2018, Uzbek Finance Minister Djamshid Kuchkarov said that the country is keen on selling up to $300 million of Eurobonds in 2018 in a bid to open up to foreign investment.

The sale of between $200 million and $300 million would be aimed at creating a benchmark for Uzbek corporate borrowers.

He informed that Uzbekistan signed a memorandum with Citigroup Inc. during a recent visit to New York to develop a road map for obtaining a sovereign credit rating.

Obtaining sovereign credit rating of Uzbekistan will promote the growth of foreign direct investments, expansion of cooperation with foreign partners, as well as creation of favorable conditions for banks and enterprises for attraction of loans in the global financial markets at lower interest rates.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

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