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Finance · Capital market

Agat Credit Dollar Bonds: $10 Million Issue — Terms and Status

On 18 September 2026 underwriter Freedom Broker reported that NAPP had registered a $10 million US dollar bond issue by the microfinance organization Agat Credit at 11.5% per annum; the company announced the registration on 21 September 2026. The terms, the change of insurer, the NAPP sandbox rules and the status of the placement as of 25 September 2026.

· 5 min read · Sogdium Editorial
A stack of matte bond certificates tied with a turquoise ribbon, next to a dollar bill and an insurance policy in a folder on a light background

In brief: Agat Credit dollar bonds are an issue by JSC MFO AGAT CREDIT worth 10 million US dollars: 100,000 bonds with a face value of $100, a coupon of 11.5% per annum paid monthly, and a term of 730 days. That the issue had been registered by the National Agency of Perspective Projects (NAPP) was reported by underwriter Freedom Broker on 18 September 2026; the company announced the registration on 21 September 2026. As of 25 September 2026 no reports of the start or results of the placement were found: we checked the news on agatcredit.uz, the Freedom Broker channel (posts up to No. 3076), the openinfo.uz trading summary, Spot, Kursiv and UzDaily.

Status of the issue as of 25 September 2026

  • 16 June 2026 — NAPP decision No. 44: Agat Credit was entered in the register of participants of the capital market sandbox as an issuer, #0011 (NAPP register, captured on 25 September 2026).
  • 19 August 2026 — supervisory board decision on the issue: 11.5% per annum, 730 days (openinfo.uz, in Uzbek; the same decision date appears in the issue card). By the same decision (clause 6), the supervisory board decisions of 17 June 2026, reported on 19–20 June 2026 by Freedom Broker and Spot, were declared invalid.
  • Placement, according to Spot of 20 June 2026, starts on the 15th calendar day after publication of the notice of state registration; the placement start date is 6 October 2026, according to the Freedom Finance bond market review of 21 September 2026. The bond trading summary on openinfo.uz for 25 September 2026 lists three Agat soum issues and no dollar issue.

Terms of the issue

ParameterValueSource
Size$10 million: 100,000 bonds at $100Agat, 21 September 2026
Coupon11.5% per annum, monthlyAgat, 21 September 2026
Placement price$100–103Agat, 21 September 2026
Term730 daysAgat, 21 September 2026
UnderwriterFE LLC Freedom FinanceAgat, 21 September 2026
CollateralApex Insurance JSC policy for $12.3 millionAgat, 21 September 2026

Insurance cover: Kapital Sug‘urta or Apex Insurance

In June the insurer was named as Kapital Sug‘urta, with cover of $12.3 million including face value and interest (Spot, 20 June 2026; Freedom Broker and Kursiv, 19 June 2026). In September, Agat (21 September 2026) and Freedom Broker (18 September 2026) name an Apex Insurance JSC policy for $12.3 million; they do not explain the reason for the change.

Is this the first foreign currency issue in Uzbekistan?

The first issue registered by NAPP was Asia Alliance Bank's $20 million issue, while Agat was "the first to announce" a foreign currency issue (translated from Russian) (Spot and UzDaily, 10 September 2026).

NAPP sandbox rules for foreign currency bonds

The basis is para. 9 of the Regulation on the regulatory sandbox in the capital market (reg. No. 3493 of 29 January 2024, as amended by No. 3493-1 of 3 April 2026, in force since 6 April 2026; text, amendments): "it is permitted to set the value of bonds and to make payment in foreign currency" (translated from Russian). The procedure is set by the Regulation annexed to NAPP Order No. 07 of 25 March 2026 (reg. No. 3826 of 29 April 2026, in force since 30 April 2026; no amendments found on lex.uz as of 25 September 2026; record). Among other things (our translation):

  • para. 8 of the annex to Order No. 07 (text available only in Uzbek; translated): the issue, together with the issuer's outstanding foreign currency issues, may not exceed the equivalent of 50 million US dollars;
  • para. 10 of the annex to Order No. 07 (text available only in Uzbek; translated): without collateral — within the issuer's equity as of the date of the issue decision; above that — collateral from a third party: real estate, money or equivalent funds, a bank guarantee or an insurance policy (except for banks with an international rating no lower than one notch below Uzbekistan's sovereign rating, or an equivalent on the national scale);
  • para. 26 of the annex to Order No. 07 (text available only in Uzbek; translated): individuals pay in foreign currency in cash or by transfer from their own account to the investment intermediary's account at the agent bank.

What is Agat Credit

JSC MFO AGAT CREDIT, TIN 304463924, Tashkent. Central Bank of Uzbekistan license No. 53 of 15 December 2018 — it appears in the list of microfinance organizations (MFOs) on cbu.uz (file dated 5 August 2026). On 21 October 2025 the shareholders approved conversion into a microfinance bank (Agat, 23 October 2025); on 10 June 2026 the company applied to the Central Bank for preliminary permission to establish JSC AGAT CREDIT MIKROMOLIYA BANKI (Freedom Broker, 19 June 2026). As of 25 September 2026 neither Agat nor the Central Bank had reported the issue of a license (the agatcredit.uz news feed; the cbu.uz list of MFOs dated 5 August 2026).

Previous Agat Credit issues

No.TickerSize, coupon, termStatus
1ACMT1B40 billion soums, 29%, 1 yearredeemed (Agat, 15 April 2026)
2ACMT1B230 billion soums, 28%, 1 yearbeing redeemed from 3 August 2026 (Freedom)
3ACMT1B340 billion soums, 27%, 1 yearuntil November 2026
4ACMT2B440 billion soums, 26%, 2 yearsuntil January 2028
5ACMT2B5100 billion soums, 25%, 730 days"fully placed" (translated from Russian) (Agat, 3 June 2026)

Issues 1–4: Freedom Finance teaser, 11 March 2026.

Risks for investors

  • Currency. Payments are in dollars; the result in soums depends on the exchange rate.
  • Sandbox. The grounds for stripping a participant of its status (para. 22 of Regulation 3493 as amended by 3493-1) include the participant being declared insolvent and a "reasoned judgment of the Agency" (translated from Russian; wording as in the act).
  • Issuer. The "areas of attention" in the Freedom Finance teaser (11 March 2026) include growth in provisions and a CIR (cost-to-income ratio) above 90% in 2025, and equity of 73.8 billion soums for 2025.

Fayz Finance's participation

Fayz Finance (an Islamic finance service based in Urgench; review) told Sogdium that on 19 September 2026 it took part in financing the issue in the amount of $150,000. As of 25 September 2026 Fayz Finance is not mentioned in Agat Credit's disclosure, in Freedom Broker's posts (19 June and 18 September 2026) or in publications by Spot, Kursiv and UzDaily; the company did not specify the form of its participation. According to Spot of 20 June 2026, placement of the bonds begins on the 15th calendar day after publication of the notice of state registration of the issue.

FAQ

What are the terms of Agat Credit's dollar bonds? According to Agat's announcement of 21 September 2026: $10 million, a face value of $100, a coupon of 11.5% per annum paid monthly, and a term of 730 days.

Has the placement of Agat Credit's dollar bonds begun? As of 25 September 2026 no reports of the start or results of the placement were found in the news on agatcredit.uz, the Freedom Broker channel (posts up to No. 3076), the openinfo.uz trading summary, Spot, Kursiv or UzDaily.

Is this the first foreign currency bond issue in Uzbekistan? No. According to Spot of 10 September 2026, the first issue registered by NAPP was Asia Alliance Bank's $20 million issue.

Who insures Agat Credit's dollar bonds? According to Agat of 21 September 2026 — Apex Insurance JSC, $12.3 million.

Sources

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