Commentary & Deal Flow

Launched: 3yr: UZS 12.194tr ($1bn eqv) @ 12.25% - Books > UZS 19.5tr (over $1.6bn eqv) excl. JLM
IPTs: 3yr: 12.500%a

• Note: The Republic of Uzbekistan has also announced an invitation to holders of its outstanding UZS 4,250,000,000,000 16.250% Notes due 2026 to tender any and all of the Notes for cash, with the expiration deadline of 10:00 p.m. (London time) on 9-Apr-26.
• Issuer: The Republic of Uzbekistan (represented by the Ministry of Economy and Finance of the Republic of Uzbekistan)
• Issuer Ratings: Ba3/BB/BB (Moody's/S&P/Fitch)
• Expected Issue Ratings: BB/BB (S&P/Fitch)
• Documentation: The Republic of Uzbekistan’s GMTN Programme
• Ranking: Senior unsecured notes
• Format: 144A/Reg S
• Currency: UZS
• Tenor: 3 years
• Maturity Date: 13-Apr-29
• Size: UZS 12.194tr ($1bn equivalent)
• Denominations: UZS2,500mm x UZS10mm
• Coupons: Fixed, Payable semi-annual
• Day Count: 30/360
• Settle: 13-Apr-26
• Settlement Currency: USD (all payments in US Dollars, incl. settlement, coupon and principal)
• Governing Law: English
• Listing: London Stock Exchange (Main Market)
• UoP: General budgetary purposes
• Clearing: Euroclear / Clearstream / DTC
• JLMs & Joint Books: Citi, Deutsche Bank, J.P. Morgan (B&D), Raiffeisen Bank International and Standard Chartered Bank
• Reference FX rate: USD/UZS at 12,194 (for UZS tranche settlement purposes), as reported and published by the Central Bank of Uzbekistan on its website on 1-Apr-26
• Schedule: Books open, today's business
• Books Subject: 2:45pm UKT
• Investor presentation: Direct Link: https://dealroadshow.com/e/UZBEK2026, URL: https://dealroadshow.com, Entry Code: UZBEK2026
• Stabilisation: FCA / ICMA