The International Finance Corporation (IFC) has issued a new offshore bond denominated in Uzbek soums, raising over UZS 250bn, equivalent to $20mn. The funds are intended to support the expansion of Uzbekistan’s leading beverage producer and distributor.

The bond, maturing in April 2030, is IFC’s longest-dated UZS bond to date. The proceeds will be used for the development of a greenfield bottling plant, renewable energy installations, and green buildings. This bond is listed on the London Stock Exchange, with Bank of America acting as the dealer.

Record, a leader in bespoke currency and asset management solutions, was the key investor in this transaction. Record has over 40 years of experience in currency hedging.

This bond issuance is part of IFC’s strategy to diversify sources of local currency financing, including international capital markets.