Kosta Legal advises on Uzbekistan's USD 1 billion local currency sovereign bond issuance

Kosta Legal acted as Uzbek legal counsel in connection with the sovereign bond issuance by the Republic of Uzbekistan (acting through the Ministry of Economy and Finance), advising on Uzbek law aspects of the transaction, including the regulatory framework, transaction documentation.

The Kosta Legal team was led by partner Shukhrat Yunusov, with support from associate Dilshodbek Orifjonov and junior associates Islombek Ismatov and Shahzoda Khusenova.

The three-year bonds were placed at a record low yield of 12.25%, reflecting strong investor demand and confidence in Uzbekistan’s macroeconomic stability and reform agenda. The transaction attracted significant interest from international investors, with demand exceeding the initial offering by approximately four times.

This issuance represents one of the largest local currency transactions in the CEE, Middle East and Africa region in the past 15 years and marks an important milestone in the development of Uzbekistan’s capital markets.

Shukhrat Yunusov commented: “This transaction reflects the increasing confidence of international investors in Uzbekistan’s financial markets and the continued progress of the country’s reform agenda. The successful placement in local currency is a particularly important step in strengthening the domestic capital markets framework.”
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