Starting September 30, 2026, Uzbekistan's sovereign bonds in local currency will be included in the J.P. Morgan GBI-EM index. This could significantly expand the pool of foreign investors and make it easier for the country to attract financing in sums.

This refers to three-year bonds issued by Uzbekistan in 2026 for approximately $1 billion, or 12.2 trillion sums. Their yield was 12.25% per annum — about 14 basis points lower than the average rate in the domestic market. The deal became the largest local currency placement in the Central and Eastern Europe, Middle East, and Africa region in the last 15 years.

The GBI-EM index tracks emerging market government bonds in local currencies. It is used by international investors managing over $300 billion in assets. Currently, 20 countries are represented in the index, with 13 of them having an investment-grade credit rating. After joining, Uzbekistan will become the only CIS country with sovereign bonds in local currency within the GBI-EM.

Inclusion in the index is expected to increase the potential investor base, expand opportunities for attracting funds in sums, and reduce currency risks. Simultaneously, interest rates on government securities in the country are decreasing: from 17.1% in 2022 to 12.6% in the first half of 2026, while the average maturity period has increased from 1.5 to 2.35 years. The share of medium-term bonds has already reached 69% of issuance and 63% of secondary market trading.