Tashkent and Oppenheimer discuss municipal bond issue

The meeting was held between Tashkent Mayor Shavkat Umarzakov and Max Lami, the CEO of Oppenheimer & Co.'s investment banking division for the EMEA region (Europe, Middle East, and Africa). According to the city administration, the discussion focused on the city's entry into international capital markets and the placement of bonds, the proceeds of which could be used for infrastructure and urban development projects. The parties also touched upon public-private partnerships, foreign experience in managing city finances, and training local specialists.

The volume, terms, and conditions of the issue, as well as the list of projects, were not specified by the city administration; the role of Oppenheimer & Co. in the placement was also not disclosed, Gazeta.uz notes. The publication also points out that the Budget Code of Uzbekistan limits the right of local authorities to issue debt obligations.

On April 16, at a meeting with the President on the development of the capital's economy, a proposal was made to issue Tashkent's eurobonds and attract an additional $500 million through them within a year. In November 2020, then-Mayor of Tashkent Jahongir Artikhodjaev also announced plans to place eurobonds worth $500 million.

Oppenheimer is also negotiating with the regions. On October 21, the press service of the Andijan Regional Administration reported that a regional delegation had discussed with the bank the attraction of $300 million on international markets through eurobonds of Andijon Invest Kompaniyasi; the terms and conditions of the issue were not specified. On the same day, InfinBANK announced the signing of an agreement with Oppenheimer & Co. to place eurobonds worth $300 million.