Aloqabank Raises US$300 Million in Debut Eurobond Issue

Tashkent, Uzbekistan (UzDaily.com) — Aloqabank placed its debut eurobond issuance worth US$300 million on 11 May 2026, with a maturity in 2031 and a coupon rate of 7.7%, according to placement data. The bonds were sold at a price of 98.985% of nominal value.

According to deal organizers, the issuance involved Citigroup, Mashreqbank, First Abu Dhabi Bank, and Abu Dhabi Commercial Bank.

Investor demand exceeded US$1 billion, indicating strong interest in the Uzbek bank’s first international capital markets transaction.

According to GlobalCapital, the bank reduced the yield on its first eurobonds to below 8% despite high investor demand, helping secure favorable borrowing conditions while broadening its international investor base.

International rating agency Fitch Ratings assigned an expected credit rating to the planned issuance on May 11, 2026. The bonds were classified as senior unsecured obligations with equal priority to the bank’s other similar liabilities.

Fitch said the “BB(EXP)” rating reflects moderate expectations of potential state support for the bank from Uzbekistan.