UZSE · Debt market

Bonds: Uzbekistan

trading as of 27.10.2026 All issues
Government bonds 1 year 12.04% one-year government bond yield
Government bonds 3 years 12.48% three-year government bond yield
Curve slope 1–3 years +44 bp the term premium is small
USD, UzRCE trading? 11 862.0 UZS 27.10.2026
Premium over government bonds by issuer? yield and premium over government bonds of the same term Corporate bonds
Biznes Finans uzA+ 15.89%+340 bp over gov. bonds Delta AA(uz) 17.78%+574 bp over gov. bonds Contact Finance uzA 18.32%+580 bp over gov. bonds Agat Credit uzA+ 19.31%+693 bp over gov. bonds
An issuer's yield is the government bond yield at the same term plus a credit risk premium: the higher the premium, the less the market trusts the issuer. A negative premium means the bond trades richer than government bonds, usually due to a high coupon and a price well above par.
Market segments
Government bonds 60 median 12.64% · with a yield: 4 Corporate 35 median 17.67% · with a yield: 9 FX-denominated 4 no yield
What the market is saying
Government bond curveThree-year government bonds yield 44 bp more than one-year ones: a moderate term premium.
Price above parFor 12 of 13 issues with a yield, it is below the coupon rate: these bonds trade above par, and part of the coupon income goes to pay that premium.
Infrequent trades67 of 99 issues have not traded for 14 days or longer, so we do not show their yield: an old trade price is not a market price.
FX-denominated bonds4 issues in dollars: the yield is in the face-value currency and cannot be compared with sum rates.
Government bond curve government bond yields by term
12.04 6m 12.04 1y 12.35 1.5y 12.65 2y 12.96 2.5y 12.48 3y
Ministry of Economy and Finance government bonds: the latest auction rate of each issue over the past six months, converted to effective annual yield; the same curve bond premiums are measured against.
Government bond curve over time change in yield, bp
TermCurrentlyweekmonthyear
6 mo 12.04% — +20 −203
1 year 12.04% 0 +9 −209
2 years 12.65% −23 −17 −252
3 years 12.48% 0 — −346
A dash means auctions did not cover that term on that date.
Curve slope 1–3 years now +44 bp
Slope is the difference between 3-year and 1-year government bond yields; below the dashed line means inversion. Since October 2024 the low was −5 bp on 4 February 2026; the high was 182 bp on 5 November 2025. More in the glossary
What is happening on the market across all outstanding bonds
Corporate bond premium +574 bp Median G-spread of sum-denominated corporate bonds: how much more they yield than government bonds of the same term. This is the pay for issuers' credit risk. 7 issues · one-year government bonds 12.04%
If the rate is cut by 1 point ≈ +1.8% Estimated price change of the longest government bond with a yield if yields fall by 1 pp. This is a sensitivity estimate, not a forecast; if rates rise, the sign flips. on the issue 28041UMFS; duration 2.0 y - the number of years in which the investment comes back through coupons and redemption
Monthly coupon 14 Bonds paying a coupon every month. The exchange does not publish payment frequency; we derive it from issuers' payment disclosures. out of 99 issues outstanding
Maturities in the next three months 5 These bonds return their face value within the next three months. This close to maturity we do not show a yield: a small price move turns into tens of percent a year. issues maturing by 26.01.2027
Upcoming events bond maturities and government bond auctions
Maturities upcoming face value repayments
gov. 201003UMFS · Ministry of Economy and Finance of Uzbekistan 29.10.2026 matures ACMT1B3 · Agat Credit 11.11.2026 gov. 26048UMFS · Ministry of Economy and Finance of Uzbekistan 12.12.2026 matures TBC2B2 · TBC Bank 24.12.2026 gov. 24131UMFS · Ministry of Economy and Finance of Uzbekistan 07.01.2027 gov. 201004UMFS · Ministry of Economy and Finance of Uzbekistan 28.01.2027 gov. 24132UMFS · Ministry of Economy and Finance of Uzbekistan 04.02.2027 gov. 24133UMFS · Ministry of Economy and Finance of Uzbekistan 04.02.2027
Government bond auctions recent placements
12.11% matures 07.10.2029 · placed 204.8 bn 17.10.2026
11.99% matures 07.10.2027 · placed 89.5 bn 15.10.2026
12.18% matures 07.10.2029 · placed 306.8 bn 15.10.2026
12.20% matures 07.10.2029 · placed 351.8 bn 08.10.2026
12.05% matures 07.10.2027 · placed 89.3 bn 08.10.2026
12.15% matures 02.09.2029 · placed 206.1 bn 01.10.2026
Volume in billions of UZS; the rate is the weighted average of accepted bids, as published by Central Bank of Uzbekistan.
Most liquid bonds liquidity 0–100 over 30 days: turnover, trade frequency and price impact, as for MOEX; one bond per issuer, only bonds with a yield Full list
ACMT2B5 UZ6058977AE0 uzA+
monthly coupon
20.65% yield
Duration1.3 y Coupon25.00% Price108.60%
CTFB3B2 UZ6059057AB6 uzA
monthly coupon
15.83% yield
Duration1.1 y Coupon25.00% Price112.50%
BFMT3B4 UZ6057687AD8 uzA+
monthly coupon
16.51% yield
Duration1.6 y Coupon28.00% Price122.00%
IFMT4 UZ6056967AD5
monthly coupon
11.01% yield
Duration0.4 y Coupon28.00% Price109.00%
28040UMFS UZA000005449 Government bond
13.37% yield
Duration2.0 y Coupon14.85% Price106.86%
DMMT2B UZ6058027AB0 AA(uz)
monthly coupon
17.78% yield
Duration0.4 y Coupon28.00% Price105.00%
IQMK9B10 UZ6056887AJ2
17.67% yield
Duration5.0 y Coupon16.60% Price101.35%
Where to start an issue for your goal All issues
Yields are calculated from the last trade price and move opposite to the price: when the price falls, the yield rises. The exchange does not publish yields, so we calculate them: the trade price includes accrued interest, and coupon frequency is derived from issuers' payment disclosures. The full yield is earned when buying at this price, holding to maturity and the issuer meeting its obligations. The premium over government bonds is the pay for credit risk. Not individual investment advice.
Tools

Bond screener

All bonds in one table: filters by type, term, yield and liquidity, sorting and CSV export.

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Government bonds

Ministry of Economy and Finance bonds by maturity: coupon, secondary trade price and yield where trades are recent.

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Stocks: Uzbekistan

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Trading data: Republican Stock Exchange “Toshkent” - www.uzse.uz. Exchange rates: Central Bank of Uzbekistan - cbu.uz. Coupon payments: Corporate information portal - openinfo.uz. Ministry of Economy and Finance government bonds: auctions (Central Bank of Uzbekistan) and secondary trading on UzRCE - uzrvb.uz. Trading results are updated once a day after the exchange closes; data is not real-time.

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