On May 19, 2025, Navoi Mining and Metallurgical Company JSC (NMMC) successfully issued five-year corporate bonds totaling $500 million on the London Stock Exchange, with a fixed annual coupon rate of 6.75%.

The issuance was conducted under international formats Reg S and Rule 144A (mechanisms allowing bond offerings to investors outside the U.S. and, in the case of Rule 144A, to institutional investors within the U.S.), enabling broad access to investors across the U.S., Europe, and Asia. The underwriting syndicate—comprising Citi, JP Morgan, Societe Generale, and MUFG—reported consistently strong demand. Total investor interest exceeded $2.3 billion, more than 4.6 times the issue size.

Key Terms of the Offering:

• Issue size: $500 million
• Tenor: 5 years
• Coupon rate: 6.75%
• Formats: Reg S / Rule 144A
• Joint Bookrunners: Citi, JP Morgan, Societe Generale, MUFG
• Total demand: $2.3 billion

According to NMMC, proceeds from the issuance will be used to optimize and diversify the company’s existing debt portfolio under more favorable terms, aiming to reduce financing costs and enhance financial stability.

The company stated that the successful placement reflects the high level of trust and confidence international investors place in NMMC’s performance and the ongoing economic reforms in Uzbekistan.