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TASHKENT - Joint Stock Company "National Bank for Foreign Economic Activity of the Republic of Uzbekistan" (NBU) announced Tuesday the start of a pre-stabilisation period for its upcoming bond offerings, according to a press release.
The bank plans to issue USD 300 million in 5-year fixed-rate senior unsecured notes and a separate offering of 3-year fixed-rate senior unsecured notes denominated in Uzbek Soum (UZS). Both securities will be listed on the Vienna Stock Exchange MTF.
J.P. Morgan Securities plc will serve as the stabilisation coordinator for both offerings, with multiple financial institutions acting as stabilisation managers. The USD notes will have a minimum denomination of USD 200,000 with increments of USD 1,000, while the UZS notes will have a minimum denomination of UZS 2,500 million with increments of UZS 10 million.
The stabilisation period is expected to begin July 8, 2025, and end no later than August 8, 2025. During this time, stabilisation managers may over-allot securities by up to 5% of the aggregate nominal amount to support market prices.
For the USD notes, stabilisation managers include Abu Dhabi Commercial Bank, Citi, Commerzbank (ETR:CBKG), J.P. Morgan Securities plc, Mashreq, Natixis, Oman Investment Bank, Societe Generale (OTC:SCGLY), and Standard Chartered (LON:STAN) Bank. The UZS notes will have the same stabilisation managers except for Commerzbank.
The offering prices for both note series have not yet been determined, according to the announcement.
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