Denominated in Uzbek sum and settled in USD, the synthetic three-year bond holds a 22% Uzbek sum coupon and is set to be issued in several tranches, with the first one providing an initial USD 140 million in funding. The remaining USD 60 million will be tapped over the coming 12 to 18 months. These notes, listed on the Vienna Multilateral Trading Facility (MTF), showcase significant demand, underlining ongoing investor confidence in TBC Bank Group’s strategy and scaling interest in Uzbekistan.
The proceeds from this debt issuance are set to utilise TBC Uzbekistan’s growth momentum and further scale the organisation's product suite, as the digital bank continues to diversify its offering and enter additional segments, including SME banking and lending. Also, the new investment will allow the group to accelerate its development in Uzbekistan, where its digital banking ecosystem continues to present substantial growth. At the same time, as the core business continues its advancement, TBC Uzbekistan has been investing in business development, infrastructure and talent acquisition, with these initiatives being further accelerated by the new capital injection.
Furthermore, TBC Uzbekistan includes three fintech businesses, such as the digital bank TBC UZ, Payme, a digital payments app for individuals and small businesses, and Payme Nasiya (Payment Instalments), an instalment credit business.
Commenting on the news, representatives from TBC Bank Group underlined that the demand for the notes emphasises synergies within the publicly listed Group, which support the progress and momentum in Uzbekistan. Additionally, TBC Uzbekistan plans to continue to expand and contribute to the Group’s performance.
The announcement comes just two months after TBC Uzbekistan announced the rollout of a new lending product for SMEs and individual enterprises. The product was set to be part of TBC Business and sought to provide fully digital banking services to small businesses across the region. The expanded suite facilitated digital access to short-term business loans, available up to approximately USD 23,000 and for a duration of up to three years.
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