TOPIC OF THE WEEK: London trip notes

CAUCASUS / CENTRAL ASIA - Report 22 May 2026 by Ivan Tchakarov

I visited clients in London this week to discuss Armenia, Azerbaijan, Georgia, Uzbekistan, Tajikistan and Kyrgyzstan, and I briefly summarize my impressions in this report. Countries can be most usefully arranged in three distinctive groups depending on client interest. Most attention was devoted to Uzbekistan (a robust macro story plus accelerating reform agenda) and Armenia (upcoming Parliamentary elections in Jun). At the other end of the spectrum were Tajikistan and Azerbaijan due to their less eventful developments and constrained investment opportunities. Georgia and Kyrgyzstan occupied the middle ground. Investment-wise, the prevailing view was that hard currency bonds do not currently offer attractive yields, with the possible exception of Kyrgyzstan, albeit naturally at a higher risk. In the local space, Uzbekistan was considered to offer good opportunities given elevated levels of domestic rates and strong currency. I succinctly touch on the specific points for each individual country.

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