The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

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.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree