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Corporate credit leads the way

With falling GDP per capita and minuscule foreign direct investment, things could be going better in Uzbekistan. One positive development, though, is the corporate bond market.

Alisher Djumanov, managing director at Carthill Asset Management, admits there isn't much capital market business in Uzbekistan. Indeed, when Euromoney told an official at one multilateral institution it was writing an article on the Uzbek capital markets, he replied: "That's going to be a short article." What little business there is in large part is thanks to Carthill's efforts.

Djumanov says: "We made a conscious effort to be the first western-style investment bank in Uzbekistan, the first to cover investment banking, research, asset management and brokerage - even when volumes are small. So when they grow, we'll get the return on our investment."

Uzbek corporate bonds
  Date Issuer Industry Amount Interest Maturity
        (Som mn) rate  
1 Nov 01 JV Max Khurason Beverages 100 27% 9 months
2 Apr 02 JV N.Com Computer hardware 200 27% 12 months
3 May 02 NCI Projects Software 300 26% 24 months
4 May 02 Asklepiy Pharmaceuticals 270 27% 12 months
5 Sep 02 JV Coscom Wireless telecoms 1,000 29% 24 months
6 Oct 02 JV SovplastItal Plastics 1,000 29% 12 months
7 Dec 02 Almalyk Mining Mining 2,000 29% 24 months
8 Jan 03 JV Max Khurason Beverages 200 29% 12 months
9 Jan 03 Pallada Vostok Comsetics 600 29% 12 months
10 Feb 03 JV Osiyo West Food 500 29% 12 months
Source: Carthill Asset Management

The bank was set up in April 2001 as a subsidiary of UK-based commodity firm Carthill Investment Company.