The Ministry of Justice has registered changes to the rules for issuing securities

The Ministry of Justice of Uzbekistan has registered the order of the Director of the National Agency for Advanced Projects "On amendments and additions to the Rules for the Issue of Securities and state registration of issues of equity securities "(reg .No. 2000-11 dated March 11, 2025).

One of the key innovations was the introduction of a mechanism for issuing serial bonds under the bond program. This will allow issuers to simplify and speed up the process of attracting financial resources.

What will change for issuers?

Serial bonds will provide an opportunity to issue several issues under one registered program. Main advantages of the new mechanism:

• Flexibility in raising funds - bonds can be placed in stages based on market conditions and capital requirements.
• Cost optimization - bonds of different series can have different maturities and interest rates, which will reduce the cost of borrowing.
• Expanding the circle of investors - variable parameters of bonds make them attractive for different categories of investors.
• Possibility of refinancing - issuers will be able to issue new series of bonds to repay previously placed obligations.

In addition, the amendments provide for the possibility of issuing corporate bonds by mortgage refinancing organizations in an amount exceeding their own capital, and also expand the list of types of security for securities.

International experience and prospects

The serial bond mechanism is actively used in countries with a developed capital market, including Malaysia, Pakistan, Russia and Kazakhstan. The introduction of this tool in Uzbekistan will strengthen the competitiveness of the national market, provide issuers with access to more efficient financing methods and create new opportunities for investors.