Uzbekneftegaz’s debut Eurobond is likely to come to market in the latter half of 2020, according to two sources familiar with the company.
Debtwire reported in December last year that the company was considering issuing a debut Eurobond this year. In January, the state-owned oil and gas company signed a mandate with Gazprombank as one of two global coordinators for the debut deal.
In April 2019, sources told Debtwire that Uzbekneftegaz and other Uzbek corporates were expected in 2020, as reported.
Although there were expectations that the deal could come in 1H20, both sources said the deal is unlikely early in the year. The company still has a lot of work to do, one of the sources said. The second source said that he expects an unbundling of the company before any bond issuance.
Meanwhile, Uzpromstroybank is on track to issue Uzbekistan’s first quasi-sovereign Eurobond in 2H19, the second source noted. Debtwire reported that the state-owned bank was likely to launch its deal in 3Q19. The lender's B+ long-term rating was placed on CreditWatch Positive by S&P Global Ratings earlier this week.
Although the deal is on track for 2H19, it is unclear which month the lender will come to the market, the second source noted.
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