International Finance and Accounting


The article clarifies the essence of Eurobonds, defines the key characteristics and features of Eurobonds as an investment instrument. The work analyzes the role of Eurobonds in the current economic reform and the importance of issuing and placing Eurobonds, as well as the advantages and practice of attracting Euro bonds to our country. There is given a brief analysis of the first issue of Eurobonds by the Republic of Uzbekistan. Besides, conclusions, scientific proposals and practical recommendations on the effective use of Eurobonds have been developed.


1. Resolution of the President of the Republic of Uzbekistan dated July 21, 2018 "On additional measures to diversify sources of external financing." 2. Resolution of the President of the Republic of Uzbekistan dated January 31, 2019 "On measures to organize the issuance of international bonds of the Republic of Uzbekistan and maintain a sovereign credit rating." 3. Resolution of the President of the Republic of Uzbekistan dated April 2, 2019 No PP-4258 "On the effective use of funds from the placement of the first sovereign international bonds of the Republic of Uzbekistan." 4. Khmyz, O.V. International securities – Eurobonds // Financial management. - 2003. - No. 2. 5. Chuvakhina L.G. Eurobonds and the Eurocommercial Paper Market. Voprosy sovremennoi nauki i praktiki - Problems of Contemporary Science and Practice, 2011, No. 2, pp. 322–326. 6. Ataniyazov J.X., Alimardonov E.D. Xalqaro moliyaviy munosabatlar. 7. Xavier Vanden Bosch & Stijn Verhelst, «A Briefing on Eurobond», Europian Policy Brief No. 2. 10, June 2012. 8. Aizenman, Hutchison and Jinjarak (2011), What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market pricing of risk, NBER working paper nr. 17407, September 2011. 9. Bernoth, Von Hagen and Schuknecht (2012), Sovereign risk premiums in the Europan government bond market, Journal of International Money and Finance, 31, 975­995. 10. Elmirzayev S., Raxmedova M., Kholiqov H. Redistribution Of Funds From Sovereign Eurobonds And Their Efficiency, Journal of International Finance and accounting, Issue 3, 2020. Pages-5 11. Tursunova N. Korporativ moliyani boshqarishda moliyaviy ta’minotni samarali tashkil etish yo‘llari. Monografiya. – T.: “Iqtisodmoliya”, 2017. – 142 b. 12. Toshmatov Sh.A. O‘zbekiston xalqaro obligatsiyalarining jahon moliyaviy bozorlarida joylashtirilishi: risk va prognozlar. 13. https://repost.uz/bond-eurobond 14. https://review.uz/ru/post/uzbekistan-mojet-do-konca-goda-snova- razmestit-evrobond 15. https://aecsd.org/upload/iblock/fba/GM_24_343.pdf



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