The first issue of mortgage bonds has been officially registered in Uzbekistan. The registration was carried out by the National Agency of Prospective Projects, and the placement volume amounted to 40.5 billion soums. This is an important stage for the development of the country's financial market and the creation of new mechanisms for attracting long-term capital.

The issuer was UMRC SPV, a specialized structure created under the Mortgage Refinancing Company. The issue is secured by mortgage collateral and a guarantee from the parent organization. A total of 40.5 million bonds with a par value of 100 soums each are planned to be placed, and the proceeds will be used to issue and refinance mortgage loans.

The project is being implemented within the framework of the "regulatory sandbox" regime, which has been in effect since the end of 2025. The authorities expect that the emergence of mortgage bonds will allow mortgage assets to be transformed into liquid market instruments, expand access to long-term financing, and support the development of housing construction. Work on launching such a mechanism in Uzbekistan has been underway since 2021.