Uzbekistan’s Corporate Bond Market Reaches 4.93 Trillion Soums, Top 10 Issuers Account for 87%

Tashkent, Uzbekistan (UzDaily.com) — As of 1 February 2026, the total volume of corporate bond issuance in Uzbekistan reached 4.93 trillion soums.

Data from the Central Depository shows that more than 86% of this amount — 4.27 trillion soums — is concentrated among the ten largest issuers.

The market leader remains the JSC “Uzbekistan Mortgage Refinancing Company” with an outstanding bond portfolio of 1.19 trillion soums. The top three is completed by JSC “Asaka Bank” with 1 trillion soums and LLC “MAKESENSE” with 700 billion soums.

There are 33 active issuers in the market: 24 (73%) are limited liability companies, and 9 (27%) are joint-stock companies. A total of 3,276 investors hold bonds, including 3,078 individuals and 198 legal entities.

Notably, foreign investors hold a significant share, owning bonds worth 796.8 billion soums, reflecting growing international interest in Uzbekistan’s corporate debt market.