Uzbek AKFA Aluminium Explores First International Bond Issue with London Roadshow

Uzbekistan’s leading private enterprise, AKFA Aluminium Group, is preparing to enter the international debt capital markets by exploring the issuance of its inaugural bonds. The company has engaged major global banks Citigroup and JPMorgan to organize investor presentations in London scheduled to begin on July 13.

Investor Roadshow in London Highlights Western Financial Engagement

The planned two-day roadshow in London marks a significant milestone for AKFA Aluminium as it seeks to attract international investors, particularly from the UK and European Union markets. While the bond issuance is still in the exploratory phase with no immediate launch planned, the engagement with prominent financial institutions underscores the firm's ambition to establish a foothold in Western capital markets.

“The upcoming investor meetings represent a critical step in AKFA Aluminium's journey towards corporate transparency and enhanced governance as it expands its shareholder base,” company sources noted.

AKFA Aluminium’s decision to conduct its initial bond offering discussions in London is strategically significant given the city's role as a global financial hub. The move could bolster the company’s access to sterling-denominated capital and diversify its investor base beyond Central Asia.

Founded in 2000 by entrepreneur and former Tashkent mayor Jahongir Ortiqxo‘jayev, AKFA Aluminium specializes in producing aluminum and plastic products for the construction industry. Its export footprint spans over 30 countries, reflecting a growing international presence. The company holds a B+ credit rating from S&P Global Ratings, affirmed in 2024, which supports its creditworthiness in the eyes of foreign investors.

In early May, AKFA announced the initiation of an initial public offering (IPO), aiming to enhance corporate governance and transparency. The IPO and the potential bond issuance collectively signal AKFA’s efforts to align with international financial standards, appealing to institutional investors in the UK and EU.

Context of Uzbekistan’s Financial Markets and Investor Sentiment

AKFA’s move comes amid broader shifts in Uzbekistan’s capital markets. Recently, the National Investment Fund divested a 31% stake via IPO for nearly $604 million, indicating rising investor appetite for Uzbek assets. However, the fund reported a significant accounting loss of 417.4 billion Uzbek soms in the first quarter of 2026, which market analysts caution against misinterpreting.

Farrukh Khodjaev, head of KAP DEPO, emphasized that the reported loss largely stems from asset revaluations and operational adjustments rather than cash flow problems, urging investors to view these figures as “paper losses” rather than indicators of financial distress.

Such insights are crucial for UK and EU investors assessing emerging market risks and opportunities, especially as companies like AKFA Aluminium seek to leverage international capital to fuel growth.

Implications for Sterling and London Market

The London roadshow is poised to impact sterling liquidity and the UK bond market by introducing a new issuer from Central Asia. If successful, AKFA’s bond issuance could pave the way for more Uzbek companies to access Western capital markets, fostering greater financial integration between Uzbekistan and European economies.

Moreover, UK investors gain novel exposure to a rapidly developing industrial sector in Uzbekistan, diversifying portfolios amid the shifting geopolitical landscape.

AKFA Aluminium’s strategic outreach to London underscores the city’s enduring importance as a gateway for emerging-market companies seeking international capital and a testament to the growing economic links between the UK and Uzbekistan.