Five closed exchange trades completed the pilot placement of mortgage bonds issued by UMRC SPV, with NBU, Asakabank, Uzpromstroybank, Xalq Bank and Agrobank participating.
Uzbekistan has completed the pilot placement of mortgage bonds envisaged by Presidential Decree No. UP-26 of 21 February 2025. According to the Republican Stock Exchange Toshkent, five closed exchange trades brought the aggregate volume placed to UZS 200.88 billion.
The programme was structured around pools of mortgage loans originated by commercial banks. The bonds were issued by UMRC SPV LLC under the Mortgage Refinancing Company of Uzbekistan JSC. The final two placements comprised UZS 40.15 billion on 13 August with Uzpromstroybank and UZS 39.63 billion on 21 August with Asakabank.
The completed pilot involved five banks: NBU, Asakabank, Uzpromstroybank, Xalq Bank and Agrobank. Execution through a series of closed exchange trades connected the mortgage-refinancing structure with institutional bank demand and established a documented exchange-based placement process.
From a debt-capital-markets perspective, the pilot demonstrates an operating chain from mortgage-loan pools and an SPV issuer to exchange execution across multiple institutional participants. The official announcement confirms completion of the pilot; it does not announce a follow-on issuance or a public retail offering.
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