Commentary & Deal Flow

Reoffer: 3yr: 12.25% / 100 / 12.25%

Books > UZS 19.5tr (over $1.6bn eqv) excl. JLM

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
• Series: 15
• Issuer Ratings: Ba3/BB/BB (Moody's/S&P/Fitch)
• Expected Ratings of the Notes: BB/BB (S&P/Fitch)
• Status of the Notes: Senior, unsecured
• Documentation: The Republic of Uzbekistan’s GMTN Programme
• Format: Rule 144A/Regulation S
• Form of Notes: Registered book-entry form through DTC, Euroclear and Clearstream, Luxembourg
• Trade Date: 1-Apr-26
• Settlement Date: 13-Apr-26
• Maturity Date: 13-Apr-29
• Principal Amount: UZS12,194,000,000,000 (equivalent to U.S.$1,000,000,000 for settlement purposes)
• Issue Price: 100% of the Principal Amount, payable in U.S. Dollars based on an exchange rate for the conversion of Soum into U.S. Dollars of UZS12,194 = U.S.$1.00 (rounded down, for settlement purposes, from UZS12,194.21 = U.S.$1.00, which is the Soum / U.S. Dollar daily official (market) foreign exchange rate as at 1 April 2026, as reported by the Central Bank of the Republic of Uzbekistan and published on its website (https://cbu.uz/en/))
• Interest Rate: 12.250%
• Yield to Maturity: 12.250%
• Interest Payment Dates: Semi-annually in arrear on 13 April and 13 October in each year, commencing on 13-Oct-26
• Day Count Convention: 30/360
• Business Days: London, New York, Tashkent
• Settlement Currency: USD (all payments in US Dollars, incl. settlement, coupon and principal)
• Denominations: UZS2,500,000,000 and integral multiples of UZS10,000,000 in excess thereof
• Governing Law: English
• Expected Listing: London Stock Exchange plc (Main Market)
• Use of Proceeds: General budgetary purposes
• Clearing: Euroclear / Clearstream / DTC
• Joint Lead Managers and Bookrunners: Citigroup Global Markets Limited, Deutsche Bank Aktiengesellschaft, J.P. Morgan Securities plc, Raiffeisen Bank International AG 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
• Investor presentation: Direct Link: https://dealroadshow.com/e/UZBEK2026, URL: https://dealroadshow.com, Entry Code: UZBEK2026
• Stabilisation: FCA / ICMA
• Security Codes:
• • Reg S:
  • • ISIN: XS3303614252
    • Common Code: 330361425
  • 144A:
  • • ISIN: US91824PAE79
    • CUSIP: 91824P AE7