Uzbekistan’s National Agency of Perspective Projects (NAPP) has registered the country’s first corporate bond issue in foreign currency. Asia Alliance Bank is issuing $20 million in bonds under a special legal regime.
The placement will run on the stock exchange through an open subscription, with a nominal value of $100 per bond. Spot reports the news, citing regulator data. The bank secured the right to issue the bonds in late July after joining the NAPP regulatory sandbox.
The foreign currency bond mechanism is currently being tested on a limited group of financial companies. By mid-August, the sandbox had admitted over 20 participants, including seven commercial banks, investment intermediaries, and microfinance organizations. Earlier, microfinance organization Agat Credit announced plans to issue $10 million in pilot forex bonds.
Under NAPP rules approved in spring 2026, a single company can keep a maximum of $50 million in foreign currency bonds in circulation. Issuing unsecured bonds is permitted only up to the limit of the company’s equity capital. If the issuance volume exceeds this threshold, the company must provide collateral—cash, bank guarantees, insurance policies, or real estate. Real estate cannot make up more than 50% of the collateral.
The regulator set an infrastructure filter for individuals: they can buy these assets exclusively through the banking system.
Against the backdrop of balance sheet de-dollarization and profit growth in Uzbekistan's banking sector, the launch of forex bonds gives local players a legal tool to attract domestic funding and diversify their investor base through retail.
