BAKU, Azerbaijan, June 11. Uzbekistan has registered its first-ever mortgage-backed bond issuance, marking a significant step in the development of the country's capital markets and housing finance sector.
This was reflected in a statement by Uzbekistan's National Agency for Perspective Projects (NAPP).
According to the agency, the inaugural issuance, valued at 40.5 billion soms ($3.3 million), was registered under a regulatory framework designed to support the introduction of new financial instruments.
The information indicates that the bonds will be issued by UMRC SPV, a special-purpose subsidiary of the Uzbek Mortgage Refinancing Company (MRC) established in April 2025. The issuance is backed by a pool of mortgage assets and guaranteed by the Mortgage Refinancing Company.
''Under the offering, 40.5 million bonds with a nominal value of 100 soms each will be issued. The proceeds will be used to finance and refinance mortgage loans.
Meanwhile, the prospectus was registered under a temporary framework governing mortgage bond circulation, adopted in November 2025 as part of a regulatory sandbox regime. The framework sets out rules for the issuance and trading of mortgage-backed securities, as well as requirements related to underlying mortgage collateral.
According to NAPP, the development of a mortgage bond market will help transform mortgage assets into tradable financial instruments, create new channels for attracting long-term funding, and support the growth of both the capital market and the housing sector.
The launch follows several years of preparation. Uzbekistan has been exploring the introduction of mortgage-backed securities since 2021, with efforts focused on building a legal framework for mortgage securitization and expanding access to long-term financing for residential construction.
The issuance represents an important milestone in the modernization of Uzbekistan’s financial system, as authorities seek to diversify funding sources and deepen the domestic capital market.
