Uzbekistan registers $90mn in foreign currency-denominated bond issuances

Uzbekistan has recorded $90mn in foreign currency-denominated bond issuances after a new mechanism for such securities was introduced this year, according to Vyacheslav Pak, First Deputy Director of the National Agency for Prospective Projects (NAPP).

Pak gave the update on September 17 at the 8th Cbonds International Conference, “Capital Market of the Republic of Uzbekistan.” He said Uzbekistan’s capital market has changed significantly over the past three years, with several new mechanisms and financial instruments introduced in 2026. These include digital identification, green bonds, shelf registration and individual investment accounts.

Among the developments Pak highlighted was a new system for distributing dividend and interest payments through the Central Securities Depository and investment intermediaries. In the past, investors whose dividends were not claimed had to approach issuers directly to collect the payments. Pak said the new mechanism has resolved this problem. Mortgage-backed bonds have also been added to Uzbekistan’s capital market. An initial issue of UZS 200bn was completed under the country’s regulatory sandbox framework.

After that issuance, the first repo transactions involving mortgage-backed bonds were carried out on the stock exchange. Another mechanism introduced this year enables companies to issue bonds in foreign currencies. So far, NAPP has registered issuances totaling $90mn.

“Steady progress is being made. I am very hopeful that these figures will increase manifold by the end of the year,” Pak said.

Pak also spoke about the international initial public offering of the National Investment Fund of Uzbekistan (UzNIF). He called it one of the key developments in the country’s capital market this year. According to Pak, the UzNIF offering was among the largest IPOs on the London Stock Exchange over the past five years.

Pak said NAPP is also planning to bring mechanisms currently operating under the regulatory sandbox into Uzbekistan’s legislation. This would create a legal framework for mechanisms that have already been tested and put into practice in the capital market.