Uzbekistan completes pilot mortgage bond placement
Five Uzbek banks completed a pilot mortgage bond placement worth 200.88 billion soums through the Toshkent Republican Stock Exchange.
Uzbekistan has successfully concluded a trial initiative for the issuance of mortgage bonds, involving five commercial banks. The project saw the placement of bonds totaling 200.88 billion soums via five private exchange transactions on the Toshkent Republican Stock Exchange.
This pilot program was carried out in line with Presidential Decree No. UP–26, issued on February 21, 2025, titled “On additional measures to further develop the housing and mortgage market.” The decree mandated the issuance of 200 billion soums in mortgage bonds, collateralized by collections of mortgage loans from commercial banks, and their distribution among five banks.
UMRC SPV LLC, operating under the Uzbekistan Mortgage Refinancing Company JSC, was responsible for issuing these mortgage bonds. The placements were executed through the Toshkent Republican Stock Exchange.
The final two transactions of the pilot project took place on August 13 and August 21. On August 13, mortgage bonds valued at 40.15 billion soums were placed with the involvement of Uzpromstroybank JSC. Subsequently, on August 21, Asakabank JSC acquired bonds worth 39.63 billion soums.
With the completion of these transactions, the objective of placing mortgage bonds with the participation of five banks was fully achieved.
Beyond Uzpromstroybank and Asakabank, the project also included UzNatsbank JSC, Halk Bank JSC, and Agrobank JSC.
The aggregate value of mortgage bonds placed through the five private exchange transactions reached 200.88 billion soums.