ALMATY: Uzbekistan launched a dual-tranche Eurobond on Thursday worth about $750 million which included a tranche denominated in its national currency, the Uzbek sum, the first for the Central Asian nation.

The Tashkent government launched the three-year, 2 trillion sum ($195 million) tranche with a yield of 14.5% and the 10-year, $555 million tranche with a yield of 3.7%, Thomson Reuters service IFR reported.

The yields were tightened from the initial price thoughts of 15.25% and 4.25% respectively.

Uzbekistan, rated BB- by S&P and Fitch, mandated Citi, Gazprombank, J.P. Morgan, Societe Generale and VTB Capital as joint lead managers and bookrunners for its second sovereign borrowing.

It first tapped the market with a $1 billion bond in early 2019, paving way for a series of corporate deals, mostly by state-owned banks and companies.—Reuters