10 June 2026

A New Stage in the Capital Market: The First Mortgage Bonds Have Been Officially Registered by the State.

On June 9, 2026, an important milestone in the history of Uzbekistan’s capital market was reached. The decision to issue mortgage bonds by a special-purpose entity — “UMRC SPV” LLC, established under the “Uzbekistan Mortgage Refinancing Company” JSC (the Company) by the Agency for the Management of Promising Projects — was officially registered by the state.

On June 9, 2026, an important milestone in the history of Uzbekistan’s capital market was reached. The decision to issue mortgage bonds by a special-purpose entity — “UMRC SPV” LLC, established under the “Uzbekistan Mortgage Refinancing Company” JSC (the Company) by the Agency for the Management of Promising Projects — was officially registered by the state.

These bonds represent the first mortgage bonds in Uzbekistan issued based on the securitization of mortgage loans, marking a new stage in the development of the country’s mortgage and capital markets.

This achievement is primarily the result of consistent reforms carried out under Presidential Decree No. PF-26 dated February 21, 2025, aimed at developing the housing and mortgage market.

Within the framework of this decree, the introduction of a “regulatory sandbox” special legal regime by the Agency has created the necessary conditions for the practical implementation of a new financial instrument in the capital market. Thanks to the Agency’s support and modern approaches, the country has gained the opportunity to pilot a securitization mechanism that had not been previously applied.

The practical implementation of the project is being carried out by the Company: international experience was studied, the necessary institutional and legal frameworks were developed, and a special-purpose entity — “UMRC SPV” LLC — was established for the issuance of mortgage bonds.

Within the pilot project, it is planned to issue mortgage bonds worth a total of 200 billion Uzbek soums based on mortgage loan portfolios from five banks in the country. The first issuance, registered by the state, is being carried out on the basis of a mortgage loan portfolio worth 40.5 billion soums provided by JSC “Xalq Bank”.

Mortgage bonds will allow banks to refinance their mortgage loan portfolios through the capital market, attract additional financial resources, and expand their capacity to issue new mortgage loans. At the same time, they will create a new investment instrument for institutional and private investors, helping to attract long-term funding into the mortgage market.

For the Company, the state registration of this issuance is not merely another project, but an important result of strategic efforts undertaken since its establishment. This success once again confirms the Company’s active role in transforming the country’s mortgage market, introducing modern financial instruments, and deepening the capital market.