Uzbekistan Corporate Bonds 2026: Issues, Yields and How to Buy
According to openinfo.uz disclosures, four dollar-denominated issues with coupons of 7–11.5% have been registered; placement starts, according to a Freedom Finance review, from 28 September (Asia Alliance Bank) to 6 October 2026 (Agat Credit), with dates for Universal Bank and Uzum still expected. We checked trading, fees and the coupon tax as of 27 September 2026.
In brief: in 2026, corporate bonds in Uzbekistan are bought through a broker on the Toshkent exchange: soum bonds on the Bond Market, dollar bonds only through an intermediary that participates in the special legal regime of the National Agency of Perspective Projects (NAPP), paying in foreign currency via an agent bank (paras. 2 and 26 of the annex to NAPP Order No. 07 — Regulation No. 3826, available in Uzbek only). According to the openinfo.uz cards, four dollar issues were registered in September 2026: Asia Alliance Bank ($20 million), Universal Bank ($10 million), UB Assets Holding from the Uzum ecosystem ($50 million) and Agat Credit ($10 million). Placement starts, according to the Freedom Finance review of 21 September 2026, on 28 September for AAB and on 6 October 2026 for Agat; the dates for Universal (29 September) and UB Assets (2 October) are expected. Coupons on soum issues traded on 14–18 September 2026 range from 18% to 28% per annum (Freedom review of 21 September 2026). Interest on bonds of business entities is exempt from personal income tax until 31 December 2028 (Article 483 of the Tax Code, PQ-90).
Foreign currency bonds 2026: issues and status as of 27 September
| Issuer | Size, face value | Coupon, term | State registration | Placement |
|---|---|---|---|---|
| JSCB "Asia Alliance Bank" | $20 million, 200,000 bonds of $100 | 7% quarterly, 1,095 days | 10 September 2026, No. P0840-1 | from 28 September 2026 (Freedom); 25 September per UzDaily, 18 September 2026; up to 120 business days (AAB decision) |
| JSCB "Universal bank" | $10 million, 100,000 bonds of $100 | 8.5%, 90-day periods (the last one 10 days), 730 days | 11 September 2026, No. P0482-1 | expected 29 September 2026 (Freedom); 28 September per UzDaily; up to 365 days from state registration (bank's decision) |
| UB ASSETS HOLDING LLC (Uzum) | $50 million, 1,000 bonds of $50,000 | 8.5%; term not stated on openinfo.uz, in the Freedom review or by Spot (retrieved 27 September 2026) | 14 September 2026 per the openinfo card; "15 September" per Uzum (Spot, 16 September 2026) | expected 2 October 2026 (Freedom) |
| JSC MFO "AGAT CREDIT" | $10 million, 100,000 bonds of $100 | 11.5% monthly, 730 days | 18 September 2026, No. P1079-1 | from 6 October 2026 (Freedom) |
| JSC "Poytaxt Bank" | $10 million, 100,000 bonds of $100 | 8.5% monthly, 365 days | not in openinfo.uz disclosures (fact 25, 1 August – 26 September 2026) | supervisory board decision of 8 September 2026 |
A face value of $100 is about 1.18 million soums at the Central Bank of Uzbekistan rate as of 27 September 2026: 11,825.40 soums per dollar (cbu.uz, rate set on 26 September 2026).
Sizes, face values and registration dates are taken from the "Securities Issue" cards on openinfo.uz (AAB, Universal, UB Assets, Agat); the cards (retrieved 26 September 2026) do not state the currency. The dollar denomination, coupons and terms are in the supervisory board decisions: AAB of 10 August 2026, Universal of 18 August 2026, Agat of 19 August 2026, Poytaxt of 8 September 2026 (the last three in Uzbek). The $50,000 face value and underwriter Alkes Research for UB Assets are per the Freedom review; it dates the registration to 16 September (the disclosure date), and the sources do not explain the discrepancy. Uzum, according to Spot of 16 September 2026, plans "to place the currency bonds predominantly among non-residents" (translated from Russian).
NAPP called the Asia Alliance Bank issue the first issue of corporate bonds denominated in foreign currency in Uzbekistan (Spot and UzDaily, 10 September 2026). For a breakdown of the Agat issue, see "Agat Credit: dollar bonds".
Under the Universal Bank decision (translated from Uzbek), early redemption at face value is possible no earlier than 548 days after the start of placement. The AAB, Universal and Poytaxt decisions provide for no collateral; the Agat issue, according to the Freedom review of 21 September 2026, is secured by an Apex Insurance policy for $12.3 million.
Soum bonds: yields and new issues
| Issuer (issues) | Coupon, % per annum | Term |
|---|---|---|
| Agat Credit (ACMT1B3, ACMT2B4, ACMT2B5) | 25–27 | 1–2 years |
| Biznes Finans (BFMT3V3, BFMT3B4, BFMT2B5) | 27–28 | 2–3 years |
| Contact Finance (CTFB3B2) | 25 | 3 years |
| Imkon Finance (IFMT4) | 28 | 3 years |
| Delta (DMMT2B, DMMT2B3, DMMT2B4) | 26–28 | 2 years |
| Uzum Sarmoya (UZUMS3B2) | 18 | 3 years |
| Anor Bank (ANBK3B) | 22 | 3 years |
Coupon and term are per the Freedom Finance review "One security set the entire yield range" (translated from Russian) (14–18 September 2026, prepared on 21 September 2026).
- Trades. Over 14–18 September 2026, according to the Freedom review of 21 September 2026, Agat Credit bonds accounted for 313 trades (66.03% of the market) and Biznes Finans for 118 (24.89%). According to the uzse.uz trading results for the BND market over 1–26 September 2026 (retrieved 27 September 2026), there were 1,050 trades, all in soums, the latest on 25 September 2026.
- Yield to maturity over 14–18 September 2026, according to the Freedom review of 21 September 2026: ACMT2B5 — 22.04%, ACMT2B4 — 20.62%, ACMT1B3 — 19.20%, UZUMS3B2 — 18.04% per annum.
- New public issue: Biznes Finans — 40 billion soums, 400,000 bonds of 100,000 soums, registered on 22 September 2026, No. Q0845-6 (openinfo.uz); coupon 24%, placement price 100,000–110,000 soums, underwriter Leader Finance Capital LLC (decision of the sole member of 6 August 2026, disclosed on 17 August 2026, in Uzbek).
How to buy bonds on the Toshkent exchange
- Soum bonds. You need an intermediary from the NAPP register of professional securities market participants: as of 27 September 2026, 47 of 75 rows have a "1" in the "Investment intermediary" column; for the caveats on rows 18 and 23, and on the account and securities account, see "How to buy stocks in Uzbekistan". Trading takes place on the "Bond Market" (uzse.uz fees). During placement, a written order is submitted to the broker (finlit.uz, a Central Bank website).
- Dollar bonds — an intermediary from the special legal regime. Under para. 2 of the annex to NAPP Order No. 07 (Regulation reg. No. 3826 of 29 April 2026, in force since 30 April 2026, no other versions on lex.uz as of 27 September 2026; Uzbek only, card), the issuer, investment intermediary, underwriter and agent bank must be participants in the "Regulatory Sandbox" special legal regime in the capital market (translated from Uzbek). In the NAPP special regime register as of 27 September 2026, 10 rows have a "+" in the "Investment intermediary" column, 8 of them Uzbek: KAPITAL SECURITIES (#0008), FREEDOM FINANCE (#0009), KAPITAL-DEPOZIT (#0010), HBCAPITAL (#0014), Alkes Research (#0016), AVESTA INVESTMENT GROUP (#0018), FINANCE INVEST BROK (#0020), Birinchi Banklararo Depozitariy (#0021).
- Paying in foreign currency. Under para. 26 of the same annex (Uzbek only, translated from Uzbek), individuals deposit foreign currency in cash into the investment intermediary's foreign currency account at the agent bank or transfer it from their own bank account; the intermediary is prohibited from accepting cash at its cash desks or through notaries. The agent bank is Ipak Yuli Bank (Spot, 2 July 2026), listed in the special regime register as "Agent bank," #0012, decision No. 46 of 26 June 2026. Under the AAB decision of 10 August 2026, coupons are paid to individuals "to their personal foreign currency accounts at the Agent Bank" (translated from Russian).
Fees for buying bonds
| Who charges | Rate | Source, retrieved 27 September 2026 |
|---|---|---|
| Exchange, Bond Market (Main Board) | total tariff 0.0555% from each side: 0.05% to the exchange, 0.001% to the Information and Resource Center of Stock Market, 0.0045% to the Central Depository | uzse.uz, fees |
| Exchange, FCT Market (foreign currency transactions) | 0.3% up to $5 million, 0.2% above | same; the page does not state the market for dollar issues (uzse.uz, 27 September 2026); the AAB, Universal, Poytaxt and Agat decisions provide for listing on the "Bond Market" |
| Freedom Finance | soum bonds — 0.6%; dollar bonds — 0.30% up to $10,000, 0.25% up to $100,000, 0.20% above; excluding exchange costs | fee schedule of 16 September 2026 |
| JETT (broker in the fee schedule: Finance Invest Brok) | "Investor" — 0.3545%, "Trader" and "Pro" — 0.4%; plus exchange 0.05% and depository 0.0055% | jett.uz |
| State budget, on a sale | 0.01% in exchange trading (per the Freedom fee schedule of 16 September 2026 and JETT; also finlit.uz); these sources do not name the legal act | Freedom and JETT fee schedules; finlit.uz |
Tax on coupons and on selling bonds
Legal details per lex.uz as of 27 September 2026: the Tax Code of 30 December 2019 (in force since 1 January 2020, as amended on 6 August 2026); PQ-90 of 17 January 2022 (in force since 17 January 2022, as amended on 27 April 2024; para. 1, subpara. 1 as amended by PQ-291 of 2 September 2023, in force since 4 September 2023, as amended on 17 April 2026).
| Income | Rule | Result for 2026 |
|---|---|---|
| Coupon, resident | Article 381, part 2 of the Tax Code: "Income in the form of dividends and interest is taxed at a tax rate of 5 percent" (translated from Russian) | interest on bonds of business entities is exempt: Article 483, part 27, subpara. 4 of the Tax Code (subpara. 1 as amended by Law No. ZRU-891 of 28 December 2023, in force since 1 January 2024) and PQ-90, para. 1, subpara. 4 — from 1 April 2022 to 31 December 2028 |
| Coupon, non-resident | Article 382, para. 1 of the Tax Code (as amended by Law No. ZRU-785 of 26 July 2022) — 10% | exempt for the same period under the same rules |
| Sale on the exchange, resident | Article 378, para. 7 of the Tax Code exempts income from the sale of property other than securities, "except for issue-grade securities sold on a stock exchange" (translated from Russian) | not taxed: a bond is an "issue-grade security" (translated from Russian) (Article 3 of the Law "On the Securities Market", new version Law No. ZRU-387 of 3 June 2015, in force since 4 June 2015, as amended on 25 July 2026) |
| Sale, non-resident | the section's exemptions do not apply (Article 366, para. 2 of the Tax Code) | Article 382 of the Tax Code has no separate line, other income is taxed at 12% (para. 3); an international treaty takes precedence (Article 2) |
Risks
- Liquidity. Over 14–18 September 2026, the UZUMS3B2 issue accounted for 102.41 billion of the 105.82 billion soums of corporate bond market turnover, or 96.78%; at the same time, according to the same Freedom review of 21 September 2026, "even excluding this large trade, trading volume amounted to 3.40 billion soums, exceeding the previous week's level by 0.99 billion soums" (translated from Russian).
- Currency. Coupons and redemption on dollar issues are paid in dollars; in soum terms, the result depends on the exchange rate.
- Placement. Under para. 17, subpara. 2 of the annex to NAPP Order No. 07 (Regulation No. 3826, Uzbek only), an issue placed by open subscription is deemed completed if at least 50% has been placed (translated from Uzbek).
FAQ
Which corporate bonds can be bought in Uzbekistan in 2026? Soum bonds on the Toshkent exchange, including Agat Credit, Biznes Finans and Uzum Sarmoya (Freedom Finance review of 21 September 2026). Dollar issues start, according to the same review: Asia Alliance Bank — 28 September, Universal Bank — 29 September (expected date), UB Assets Holding (Uzum) — 2 October (expected), Agat Credit — 6 October 2026.
Can an individual buy dollar bonds? Yes, under paras. 2 and 26 of the annex to NAPP Order No. 07 (Regulation No. 3826, Uzbek only): through an intermediary participating in the NAPP special legal regime, by depositing foreign currency in cash into its foreign currency account at the agent bank or by transfer from one's own account.
What is the yield on corporate bonds in Uzbekistan? Coupons on soum issues traded on 14–18 September 2026 range from 18% (Uzum Sarmoya) to 28% (Biznes Finans, Delta, Imkon) per annum, according to the Freedom Finance review of 21 September 2026. Coupons on dollar issues under the issuers' decisions on openinfo.uz range from 7% (Asia Alliance Bank, 10 August 2026) to 11.5% (Agat Credit, 19 August 2026).
Do I have to pay tax on bond coupons? No, until 31 December 2028: Article 483, part 27 of the Tax Code and para. 1 of PQ-90 of 17 January 2022 exempt interest on bonds of business entities for residents and non-residents. Without the exemption, the rate is 5% for residents (Article 381) and 10% for non-residents (Article 382).
How much does it cost to buy bonds on the Toshkent exchange? The exchange's total tariff on the Bond Market is 0.0555% from each side (exchange 0.05% + IRC 0.001% + CD 0.0045%; uzse.uz, 27 September 2026). Brokers checked on 27 September 2026: Freedom — 0.6% on soum bonds and 0.20–0.30% on dollar bonds, JETT — 0.3545–0.4%; on a sale, a 0.01% fee to the budget per the Freedom fee schedule of 16 September 2026 and JETT, which do not name the legal act.
When does the placement of Asia Alliance Bank bonds start? From 28 September 2026, according to the review by underwriter Freedom Finance of 21 September 2026; UzDaily on 18 September 2026 named 25 September. As of 27 September 2026, there are no trades in dollar bonds in the uzse.uz trading results (BND, 1–26 September 2026) and no announcements of the start in the uzse.uz news.
Sources
All retrieved 26–27 September 2026 unless a publication date is given.
- openinfo.uz, issues (disclosed): AAB, 10 September 2026 — https://openinfo.uz/ru/facts/25/1788 ; Universal bank, 14 September 2026 — https://openinfo.uz/ru/facts/25/1790 ; UB Assets Holding, 16 September 2026 — https://openinfo.uz/ru/facts/25/1791 ; Agat Credit, 18 September 2026 — https://openinfo.uz/ru/facts/25/1793 ; Biznes Finans, 23 September 2026 — https://openinfo.uz/ru/facts/25/1796
- openinfo.uz, supervisory board decisions (disclosed): AAB, 10 August 2026 — https://openinfo.uz/ru/facts/6/14575 ; Universal bank, 20 August 2026 — https://openinfo.uz/ru/facts/6/14609 ; Agat Credit, 19 August 2026 — https://openinfo.uz/ru/facts/6/14607 ; Poytaxt Bank, 10 September 2026 — https://openinfo.uz/ru/facts/6/14701
- openinfo.uz, decision of the Biznes Finans member (disclosed 17 August 2026): https://openinfo.uz/ru/facts/6/14599 ; disclosure feed: https://openinfo.uz/api/v2/disclosure/facts/?page_size=100&pub_date__gte=2026-08-01
- Freedom Finance, bond market review, 21 September 2026: https://www.ffin.uz/file/2026/09/21/_6_fixed_income_18_09_26_pdf.pdf ; fee schedule, 16 September 2026: https://ffin.uz/file/2026/09/16/tarify_fiz_lits__2__docx.docx
- JETT, fees: https://jett.uz/ru/plans
- uzse.uz: fees — https://uzse.uz/exchange/rates ; BND trading results — https://uzse.uz/trade_results?mkt_id=BND&begin=01.09.2026&end=26.09.2026&locale=ru ; news — https://uzse.uz/boards/news/list
- NAPP: register of professional participants — https://napp.uz/ru/pages/qimmatli-qog-ozlar-bozori-professional-ishtirokchilarining-reestri ; special regime register — https://napp.uz/ru/pages/kapital-bozori-sohasidagi-maxsus-rejim-ishtirokchilari-reyestri
- cbu.uz, USD rate: https://cbu.uz/ru/arkhiv-kursov-valyut/json/USD/2026-09-27/
- Spot: 10 September 2026 — https://www.spot.uz/ru/2026/09/10/aab-forex-bonds ; 16 September 2026 — https://www.spot.uz/ru/2026/09/16/uzum-bonds ; 2 July 2026 — https://www.spot.uz/ru/2026/07/02/currency-bonds
- UzDaily: 10 September 2026 — https://www.uzdaily.uz/ru/v-uzbekistane-zaregistrirovali-pervyi-vypusk-valiutnykh-obligatsii/ ; 18 September 2026 — https://www.uzdaily.uz/ru/universalbank-razmestit-valiutnye-obligatsii-na-10-mln/
- finlit.uz (Central Bank): https://finlit.uz/ru/articles/financial-market/buy-corporate-bonds-in-Uzbekistan/
- lex.uz: Tax Code — https://lex.uz/ru/docs/4674893 ; PQ-90 — https://lex.uz/ru/docs/5825751 ; PQ-291 — https://lex.uz/ru/docs/6590029 ; Law "On the Securities Market" — https://lex.uz/ru/docs/2662541 ; Regulation No. 3826 — https://lex.uz/ru/docs/8181616 , https://lex.uz/uz/docs/8171165
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