Uzbekistan: foreign brokers must have local offices or partners to issue Eurobonds of Uzbek issuers

Uzbekistan: foreign brokers must have local offices or partners to issue Eurobonds of Uzbek issuers

Uzbekistan’s capital markets regulator plans to make it mandatory for foreign brokers to have local offices or partners to issue Eurobonds of Uzbek issuers, a spokesman told Reuters on Monday.

Foreign investment banks “will have to open a representative office in Uzbekistan or find a licensed local partner” and create a consortium with it, according to new rules that could be approved as early as this month, Bahadir Abibullayev said.

Uzbekistan plans to issue Eurobonds worth at least $500 million in 2020. At the beginning of this year, Uzbekistan placed debut Eurobonds worth $1 billion.

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