Tashkent, Uzbekistan (UzDaily.com) -- Despite turbulent financial markets and the unprecedented spread of COVID-19, “Sanoat Qurilish Bank” (Joint-Stock Commercial Bank “Uzbek Industrial and Construction Bank”) closed a landmark transaction with the lead participation of Eaton Vance Management and its affiliates, evidencing the appetite of international investors for good quality credits in Uzbekistan. “Sanoat Qurilish Bank’s” reputation, business model, financial performance and stability supported successful execution of this placement.

The transaction was structured as a privately placed loan participation note, with a Dutch finance vehicle which funded a loan to “Sanoat Qurilish Bank”. The loan was denominated in Uzbek Soums, reducing “Sanoat Qurilish Bank’s” exposure to foreign exchange risk on the transaction. The proceeds will be used by “Sanoat Qurilish Bank” to support the financing requirements of local SME businesses, an important driver of economic growth and job creation.

This is the second international debt placement for “Sanoat Qurilish Bank” following its debut USD 300 million Eurobond issue on the London Stock Exchange in late 2019.

Eaton Vance Management and its affiliates (Eaton Vance) provide advanced investment strategies and wealth management solutions to forward-thinking investors around the world. As of April 30, 2020, Eaton Vance had consolidated assets under management of $465.3 billion.

Catara Consulting Europe acted in the structuring of the loan and White & Case LLP and Kinstellar advised on the transaction.

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