On 27 October, Fitch Ratings hosted Fitch on Uzbekistan 2026 at the InterContinental Tashkent, bringing together policymakers, investors, issuers and Fitch's senior ratings team. Finasia Capital was pleased to take part, represented by Otabek Isakov, Executive Director, who spoke on the panel "Uzbekistan: Financing, Governance and Corporate Transformation".
Moderated by Yulia Buchneva of Fitch Ratings, the panel also featured Sagarika Chandra (Fitch Ratings), Karen Srapionov (UzNIF / Franklin Templeton), Uktam Murodov (Uzbekneftegaz JSC) and Bobur Abdinazarov ("UzAssets" JSC).
Key Points from the Panel Discussion
- A decade of diversification. Until around 2016, corporate funding relied on one or two channels, mainly state guarantees and loans from international financial institutions, in a largely budget-dependent environment. Reforms and greater openness have since brought a much broader toolkit.
- New instruments, proven locally. The panel highlighted the bridge-to-bond facility, used for the first time in Uzbekistan by Uzbekneftegaz JSC: short-term financing from the bond's participating banks that keeps CapEx and OpEx funded while the Eurobond is prepared. It also discussed Agrobank's USD 250 million ESG club loan, arranged alongside its Eurobond with technical support from the Global Green Growth Institute (GGGI), which attracted USD 375 million in commitments, a rare oversubscription for a loan.
- Preparation beats market noise. State Enterprise Navoiyuran, a single-commodity issuer only recently separated from NMMC, priced its 2025 Eurobond amid acute geopolitical volatility, yet was 4.3x oversubscribed and achieved the lowest coupon of any Uzbek corporate after the sovereign at the time. Three drivers were emphasized: thorough preparation regardless of deal size, a compelling equity story, and hands-on management engagement with investors throughout the London roadshow.
- A wider pipeline that demands careful planning. Private-sector companies and banks are now also preparing for Eurobonds and IPOs. With geopolitical uncertainty making precise timing harder, these transactions need to be planned carefully so issuers are ready when market windows open.
The common thread: market conditions set the backdrop, but preparation and planning determine the outcome.
Our thanks to Fitch Ratings for a well-organised event and a timely discussion on the next stage of Uzbekistan's capital markets. Finasia Capital will continue to help Uzbek companies and banks prepare for international markets, from credit ratings to Eurobonds and IPOs, and to build long-term relationships with global investors.
