A new financial instrument — mortgage bonds — has been introduced to the Uzbek capital market.

For the first time in the country's history, mortgage bonds have been issued by UMRC SPV LLC, a special-purpose vehicle established under Uzbekistan Mortgage Refinancing Company JSC (UzMRC). This marks the first issuance of mortgage-backed securities in Uzbekistan’s capital market.

The issuance is being carried out as part of the implementation of the Presidential Decree of the Republic of Uzbekistan No. PD–26 dated 21 February 2025, “On Additional Measures for the Further Development of the Housing and Mortgage Market.”

Pursuant to the Decree, a pilot issuance of mortgage bonds totaling UZS 200 billion, backed by a pool of mortgage loans originated by commercial banks, is envisaged. The bonds are to be placed and admitted to trading through the Republican Stock Exchange "Toshkent."

As part of the first stage of the project, on 8 July 2026, a transaction involving UZS 40.56 billion worth of mortgage bonds was executed through a private placement with the participation of «Xalq banki» JSCB.

This transaction marks the practical launch of mortgage bond trading on the exchange and represents the beginning of the use of this new financial instrument in Uzbekistan’s capital market.