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Uzum has moved from a stated plan to sell a debut bond to international investors, through a series of domestic bond placements, to a reported registration of a US$50 million foreign-currency bond issue in mid-September 2026. Registration is not the same as a completed sale. The available reporting also does not establish that the registered issue is the transaction Bloomberg described in 2025, or that it should be called a Eurobond. UzDaily describes Uzum as the country’s largest private corporate issuer, a characterization that comes from that outlet’s reporting rather than from a regulator or exchange ranking.
What has been reported, and when
The sequence below runs from the earliest plan to the most recent report. Each row carries the status the source gives, which is not always the same as the status a reader might assume.
| Date | Event | Status as reported | Source |
|---|---|---|---|
| 29 August 2025 | Bloomberg reports Uzum is considering a US$300 million debut sale on international bond markets as soon as the first half of 2026, citing co-founder Nikolay Seleznev. It also reports possible IPO preparation for 2027 and Hong Kong, Abu Dhabi and Nasdaq as potential venues. | Executive-reported plan. Not a completed bond or IPO. | Bloomberg |
| 27 October 2025 | Uzum announces it is preparing a UZS 400 billion domestic bond issue, its second, with a 24% coupon, two-year maturity and UZS 100 million par value per bond, to be placed on the Republican Stock Exchange “Toshkent.” | Announced by the company. The announcement does not confirm final placement in the same text. | Uzum company announcement |
| 15 September 2026 | The National Agency of Prospective Projects registers Uzum’s first foreign-currency bond issue, worth US$50 million at an 8.5% rate. | Registered, as later reported by UzDaily. Placement not reported. | UzDaily |
| 17 September 2026 | Uzum completes a fifth domestic issue for UZS 600 billion at an 18% coupon, bringing the total across five local placements to UZS 2.1 trillion. | Reported as placed. | UzDaily |
Why the international plan and the registered issue may not be the same deal
The two reports differ in size by a wide margin. The US$50 million registered issue is one-sixth of the US$300 million that Bloomberg reported as the target for the debut sale. The Bloomberg timing also has passed: the first half of 2026 closed before the September 2026 registration report. The coverage available does not say whether the plan slipped, shrank, moved to a different market or venue, or was split into separate transactions. Until the issuer or a formal filing says so, the two should be treated as separate reported items.
The domestic program: five issues and UZS 2.1 trillion
Uzum’s domestic bonds are the best-documented part of the story. By the September 2026 report, the company had completed five local corporate issues totaling UZS 2.1 trillion. Coverage of the second and fifth issues gives the terms; the coverage reviewed does not give the terms of the third and fourth issues.
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Second issue: UZS 400 billion, announced October 2025
In its 27 October 2025 announcement, Uzum said it was preparing a UZS 400 billion bond with a 24% coupon, a two-year maturity and a par value of UZS 100 million per bond, to be placed on the Republican Stock Exchange “Toshkent.” The company also described its monthly reach in Uzbekistan as 20 million users; that figure is the company’s own description from 2025, not an independent audit. CFO Nikita Gulyaev said in the same announcement: “The first bond issuance confirmed the strong interest from investors and the market’s readiness for new financial instruments.” That is the company’s reading of investor demand, not a separately measured finding.
Fifth issue: UZS 600 billion at 18%, reported September 2026
UzDaily reported on 17 September 2026 that Uzum completed a fifth local issue of UZS 600 billion at an 18% coupon. According to the same report, roughly 60% of that new placement was raised from non-residents. That share describes this one placement only; it is not a measure of the investor base across all five issues. The report does not give the maturity or listing venue for this issue.
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The foreign-currency issue: what registration does and does not establish
A registration confirms that the issue has cleared a required administrative step. It does not confirm that bonds were sold, at what price, to whom, or on which market. The table below separates what the report states from what it leaves out.
| Term | Status in the reporting |
|---|---|
| Issue size | US$50 million (UzDaily, September 2026) |
| Coupon | 8.5% (UzDaily, September 2026) |
| Registering body | National Agency of Prospective Projects (UzDaily, September 2026) |
| Maturity | Not stated |
| Detailed currency denomination | Not stated beyond “foreign currency” |
| Listing venue | Not stated |
| Underwriting and intended investor base | Not stated |
| Final allocation and placement status | Not reported as of this article’s date |
Is it a Eurobond?
“Eurobond” is a loose term in financial news. It is generally used for bonds sold to investors outside the issuer’s home market, often through an international syndicate and in a currency other than the local one. The headline phrase “eyes Eurobond” reflects the framing of the 2025 Bloomberg plan, which described a debut sale on international bond markets. Whether the registered US$50 million issue fits that description depends on how and where it is sold and documented, and none of the reporting cited here settles that. Until the offering documents or a placement announcement are available, describe it as a registered foreign-currency bond issue.
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Comparing the financings
The four financings below differ in status, currency and terms, so they cannot be ranked on coupon alone. The table shows each figure with its status and leaves blanks as “not stated” rather than inferring them.
| Financing | Status | Size | Currency | Coupon | Maturity | Venue |
|---|---|---|---|---|---|---|
| Planned international debut (Bloomberg, August 2025) | Reported plan | US$300 million | Not stated | Not stated | Not stated | Hong Kong, Abu Dhabi or Nasdaq named as possible venues; none confirmed |
| Second domestic issue (company, October 2025) | Announced | UZS 400 billion | UZS | 24% | Two years | Republican Stock Exchange “Toshkent” |
| Fifth domestic issue (UzDaily, September 2026) | Reported placed | UZS 600 billion | UZS | 18% | Not stated | Not stated |
| Foreign-currency issue (UzDaily, September 2026) | Registered; placement not reported | US$50 million | Foreign currency, detail not stated | 8.5% | Not stated | Not stated |
The 8.5% and the 18% to 24% domestic coupons are not directly comparable. They are set in different currencies, the tenor is stated for only one of the four financings, and the final terms of the foreign-currency issue are not available. A lower coupon in a different currency does not mean cheaper borrowing for Uzum.
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What remains open
- Whether the US$50 million foreign-currency issue has been placed, and if so at what price, allocation and investor mix.
- Whether it is the transaction Bloomberg described in 2025, and whether the planned international venues changed.
- The maturity, currency denomination and listing venue of the foreign-currency issue.
- The terms of the third and fourth domestic issues, which the coverage reviewed does not describe.
- The intended use of proceeds for any of the issues. None of the reporting states it.
The documents that would settle these points are the final offering terms and any placement notice for the foreign-currency issue. Neither is cited in the coverage available as of October 2026. Until then, the accurate summary is that Uzum has completed five domestic bond placements totaling UZS 2.1 trillion and has registered a US$50 million foreign-currency issue, while the debut international sale reported in 2025 remains unconfirmed.
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