TASHKENT, Feb. 14 (Xinhua) -- Uzbekistan has placed its first-ever overseas government bonds on the London Stock Exchange in Britain as the Central Asian nation opens its economy to foreign investment, the Uzbek Finance Ministry said Thursday.
"Following an extensive marketing exercise in New York, Boston and London, the Republic of Uzbekistan successfully priced its inaugural 1 billion U.S. dollars of dual-tranche bond offering on 13 February 2019," the ministry said.
"Offering was formed by a dual 500 million U.S. dollars 4.750 percent tranche due February 2024 and a 500 million U.S. dollars 5.375 percent due February 2029," it said.
The success of Uzbekistan's debut Eurobond issue reflects investors' confidence in the country's solid economic fundamentals, progress in reforms and debt management strategy, according to the ministry.
The bond placement was hailed as historic by Uzbek officials as the country reaches international debt markets for the first time following decades of economic isolation.
The bond issuing was backed by J.P. Morgan, Citi Bank and Russia's Gazprombank.
Uzbek officials have said that Uzbekistan's two banks and state-owned Uzbekneftegaz company also plan to enter international debt markets.
Since he came to power following presidential elections in 2016, Uzbek President Shavkat Mirziyoyev has been reforming the country's centralized economy to attract foreign investment.