Tashkent, Moscow, London—Dentons has advised JSC National Bank for Foreign Economic Activity of the Republic of Uzbekistan on its debut US$300 million Regulation S senior unsecured notes due 2025 listed on the London Stock Exchange.

The bank is the largest in Uzbekistan in terms of assets, and is 100 percent owned by the Government of Uzbekistan.  The bond offering is viewed as an important milestone in the development of the Uzbek capital markets.

Partner Shukhrat Yunusov, Head of the Banking and Finance practice in Dentons’ Tashkent office said: "We are honored to be trusted by the largest bank in Uzbekistan to advise on its debut issuance. We are humbled by the praise of the client on ‘seamless and the excellent quality legal advice’ rendered through collaboration of our Moscow, London and Tashkent offices. We shall continue to support our clients on their complex transactions by utilising our extensive global reach and providing integrated advice combining our international experience and in-depth understanding of the Uzbek market."

Citigroup Global Markets Ltd acted as the Sole Global Coordinator and Joint Bookrunner, and Gazprombank (JSC), NATIXIS PARIS, and SMBC Nikko acted as Joint Bookrunners. 

Partners Shukhrat Yunusov (Tashkent) and Tamer Amara (Moscow) led Dentons’ cross-border team on the transaction. The team also included Capital Markets partner Nick Hayday and associate Niharika Khimji in London, junior associate Sanjar Narzullaev in Tashkent, and counsel Filipp Petyukov and associate Amina Al-Akkoumi in Moscow.

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