Tashkent, Uzbekistan (UzDaily.uz) — The Tashkent Stock Exchange has hosted its first transaction involving mortgage bonds, marking the start of trading for a new financial instrument in the capital market of Uzbekistan, according to the exchange's press service.
The securities were issued by UMRC SPV, a subsidiary of the Uzbekistan Mortgage Refinancing Company (UzMRC). The bonds are backed by securitized mortgage loans issued by commercial banks.
The placement of mortgage bonds worth 40.56 billion soums through a private subscription took place on 8 July 2026. People's Bank participated as the transaction partner.
According to exchange officials, the operation practically launched the circulation of mortgage bonds and opened a new phase in the development of the country's capital market.
In June 2026, the National Agency for Perspective Projects registered the mortgage bond issuance worth 40.5 billion soums. According to the regulator, UzMRC plans to direct the attracted funds toward financing and refinancing mortgage loans.
The issuance prospectus was registered in accordance with the Temporary Regulation on the Circulation of Mortgage Bonds, which operates under a "regulatory sandbox" regime. The document, adopted in November 2025, establishes the procedure for the circulation of such bonds and the requirements for mortgage loans used as collateral.
Additionally, UzMRC has placed nine corporate bond issuances on the Tashkent Stock Exchange since 2024, totaling 2.19 trillion soums. The yield on the two most recent placements, which took place in March 2026 and June 2026, stood at 16.5%, marking the lowest rate for the issuer to date.
