Chicago, Oct. 15 – National Bank for Foreign Economic Activity of the Republic of Uzbekistan's (NBU) sold $300 million 4.85% senior eurobonds due Oct. 21, 2025 at par (BB-/BB-), according to a press release.
Citibank (bill and deliver), Natixis, SMBC Nikko and Gazprombank worked as bookrunners, specifically heading efforts in the United States, France, Japan and Russia respectively.
Talk was for a coupon in the low 5% to 5¼% range. The issue was 2x oversubscribed.
The issue follows on the heels of a successful placement of eurobonds in 2019 by the Republic of Uzbekistan.
Proceeds will be used for general banking business.
A roadshow was held on Oct. 12 and Oct. 13.
Based in Tashkent, the issuer is a commercial bank.
| Issuer: | National Bank for Foreign Economic Activity of the Republic of Uzbekistan
|
| Issue: | Senior eurobonds
|
| Amount: | $300 million
|
| Maturity: | Oct. 21, 2025
|
| Bookrunners: | Citibank (bill and deliver), Natixis, SMBC Nikko and Gazprombank
|
| Coupon: | 4.85%
|
| Price: | Par
|
| Yield: | 4.85%
|
| Spread: | Mid-swaps plus 447.6 basis points or Treasuries plus 455.2 bps
|
| Pricing date: | Oct. 14
|
| Settlement date: | Oct. 21
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
| Distribution: | Regulation S
|
| Price talk: | 5% to 5¼% range
|
| Marketing: | Roadshow
|
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