Yield of short-term Uzbek government bonds rises sharply

By Muzaffar Ismailov in Tashkent October 25, 2023

The yield of Uzbek short-term government bonds has risen sharply, according to data from the ministry of economy and finance.

Compared to October 13, the rate on government securities in the national currency with a maturity until November 25 increased from 16.53% to 20.53%.

The yield of government bonds denominated in foreign currencies maturing next year rose from 8.46% to 8.98%.

Economist Otabek Bakirov noted that 95% of government bonds, payments on which are scheduled for the end of November, were repaid due to a new securities issuance. The increase in yields was due to the reduced liquidity of these bonds, he said.

In early October, Uzbekistan issued its first green bonds, raising $349mn. Tashkent Stock Exchange head Giorgi Paresishvili said the attraction of green bonds was dictated by the need to repay old debt in the amount of $156mn, which expired at the end of November.

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