How to buy corporate bonds in Uzbekistan

A corporate bond is a loan you make to a company. You pay the price today, the company pays you interest (the coupon) during the life of the bond and returns the face value at maturity. In Uzbekistan, corporate bonds are listed and traded on the Republican Stock Exchange «Toshkent» (UZSE), and several issuers, from banks to microfinance organisations, use them to raise money. This guide explains the rules, how to read a real bond's terms and price and how to buy one.

For the basics of coupons, yields and prices, read bond yield, coupon and price first. This post focuses on how the market works in Uzbekistan.

What the law says

The Law on the securities market defines the main terms (lex.uz, articles 3, 4, 6 and 6-1, as of 26 September 2026):

• Bond: a security that gives its holder the right to receive from the issuer, within the set term, the face value of the bond or another property equivalent, a fixed percentage of the face value or other property rights.
• Corporate bonds: bonds issued by joint-stock companies and limited liability companies. They are issued in book-entry form, as records on depo accounts.
• Exchange bonds: debt securities issued by joint-stock companies whose issue is registered by the stock exchange and which are included in the exchange's quotation list. They are issued without state registration, and exchange bonds with a maturity of no more than one year are placed and traded on stock exchanges.

The law also sets conditions for issuing corporate bonds. As a rule, they are issued:

• within the amount of the issuer's equity at the date of the decision, and if the bonds exceed equity, the issuer must provide security for the excess;
• by issuers with positive profitability, solvency, financial stability and liquidity indicators for the last year;
• with an audit report on the financial statements for the year before the issue;
• with commercial banks acting as paying agents for payments to investors.

These conditions reduce risk but do not remove it. A company that meets them at the time of issue can still run into trouble later.

How bonds trade on UZSE

Bonds trade on the exchange's BND market. According to the exchange's schedule, continuous trading runs from 10:00 to 16:00, and negotiated deals from 11:00 to 16:00, with no opening or closing auction (trading schedule, as of 26 September 2026). Limit and market orders are accepted on the main board. Trades settle two business days after the trade date, like shares. When a bond reaches its redemption date, the exchange removes it from the quotation list automatically (regulation on the quotation list, as of 26 September 2026).

Bond prices on UZSE are quoted in soʻm per bond, not as a percentage of face value, so you need the face value to interpret them.

Reading a real bond: ACMT2B5

Take one bond from UZSE's list, issued by the microfinance organisation AGAT CREDIT under the ticker ACMT2B5 (ISIN UZ6058977AE0). According to the bond list UZSE publishes (uzse.uz, as of 26 September 2026) and the exchange's page for the bond (uzse.uz, as of 25 September 2026):

• Face value: 100,000 UZS
• Bonds issued: 1,000,000
• Coupon rate: 25.00% a year, paid monthly in soʻm
• Placement date: 6 May 2026
• Redemption date: 21 May 2028
• Last price on 25 September 2026: 107,510 UZS

What those numbers mean:

• Coupon income. 25% of 100,000 UZS is 25,000 UZS a year per bond. Paid monthly, that is about 2,083 UZS a month.
• Price versus face value. 107,510 UZS is 107.51% of face value. A buyer at that price pays a premium of 7,510 UZS over what the issuer will repay at maturity.
• Current yield. 25,000 ÷ 107,510 is about 23.3% a year. It ignores the premium.
• Rough yield to maturity. The bond had about 1.65 years to run. Spreading the 7,510 UZS premium over that period costs about 4,550 UZS a year, which brings a simple estimate of the annual return down to about 20% (20,450 ÷ the average of the price and face value, 103,755 UZS). This is an approximation for illustration, before commissions and ignoring the timing of coupons.

The issuer is one company. Its ability to pay coupons and repay face value depends on its business. A high coupon usually reflects higher risk, not a free gift. Read the issuer's reports on openinfo.uz before buying, and ask your broker how accrued coupon interest is treated in the price you pay.

Taxes on corporate bond interest

Under the Tax Code, interest received by individuals and legal entities, residents and non-residents, on bonds of business companies is exempt from personal income tax and profit tax for the period from 1 April 2022 to 31 December 2028 (lex.uz, article 483, as of 26 September 2026). Tax rules change, so check the current text before you rely on this.

How to buy a corporate bond, step by step

1. Open a brokerage account with a UZSE member, which comes with a depo account where the bonds will be recorded. See opening a brokerage account.
2. Choose the bond. Check the issuer, face value, coupon rate and frequency, redemption date and recent trades. Finmind lists every bond UZSE publishes on the public UZSE bonds page, each with its own page, such as ACMT2B5.
3. Check liquidity. Many bonds trade only occasionally. Look at recent volumes and at the bid and ask before you decide on a price.
4. Fund your account. Your broker needs 100% of the money for a buy order before it can place it.
5. Place a limit order. With thin trading, a limit order protects you from paying far more than you intended. Limit orders vs market orders explains why.
6. Track coupons and maturity. Finmind's public payout calendar shows upcoming bond coupons and maturities from the exchange, so you know when money is due.

Risks to keep in mind

• Credit risk. The issuer may be late with or fail to make payments.
• Liquidity risk. You may not be able to sell before maturity at a fair price.
• Interest rate risk. If market rates rise, the price of an existing fixed-coupon bond usually falls.
• Concentration. Several bonds from different issuers spread the risk better than one large holding. See diversification and risk.

This article is for education only and is not investment advice. Investing in securities involves risk, including the loss of money you invest.