Despite turbulent financial markets and the unprecedented spread of COVID-19, Uzbek Industrial and Construction Bank closed a landmark transaction with Eaton Vance Management and its affiliates, evidencing the interest of international investors for good quality credits in Uzbekistan. The 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 structure which funded a loan to Uzbek Industrial and Construction Bank. The loan was denominated in UZS, reducing Uzbek Industrial and Construction Bank's exposure to foreign exchange risk on the transaction. The proceeds will be used by the Bank to support the financing requirements of local SME, 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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