BAKU, Azerbaijan, Nov 5
By Natavan Rzayeva - Trend:
Uzbekneftegaz JSC will issue and place Eurobonds in the amount of up to $700 million at the London Stock Exchange,Trend reports referring to the Cabinet of Ministers of Uzbekistan.
It will be organized by Bank GPB International S.A (Gazprombank Group), Citigroup Global Markets Limited, J.P Morgan Securities plc, and MUFG Securities EMEA plc.
In 2018, President of Uzbekistan Shavkat Mirziyoyev set a goal for Uzbekneftegaz to obtain the required credit rating and enter foreign markets.
At the same time, the company announced that it had signed a mandate agreement on the appointment of Gazprombank as one of the two global coordinators and co-runners of the debut issue of Uzbekneftegaz's Eurobonds on international capital markets.
The Uzbekneftegaz received this fall its first "BB-" ratings from the Fitch international rating agencies and S&P with a “stable” forecast.
In addition, the American DeGolyer & MacNaughton consulting company audited the reserves, and Ernst & Young audited the financial statements of Uzbekneftegaz for the period 2017-2020.