Tashkent, Uzbekistan (UzDaily.com) — Joint-Stock Commercial Bank Agrobank has issued eurobonds amounting to US$400 million and 700 billion soums in total.

The five-year senior unsecured eurobonds worth US$400 million were issued with an interest rate of 9.25%. Additionally, the bank issued two-year senior unsecured eurobonds worth 700 billion soums at an interest rate of 21.75%.

Fitch Ratings assigned these bonds a long-term rating of “BB-,” matching Agrobank’s foreign currency issuer default rating (IDR). The bonds are considered direct and unconditional obligations of the bank, ranking equally with other unsecured obligations of Agrobank.

The “BB-” rating reflects the likelihood of government support for the bank due to its majority state ownership and its important role in Uzbekistan's economic and social policies.