Tashkent, Uzbekistan (UzDaily.com) — The Ministry of Justice of Uzbekistan has registered an order by the director of the National Agency for Advanced Projects, introducing amendments and additions to the rules for issuing and state registration of securities.

One of the key innovations is the introduction of a serial bond mechanism, which significantly simplifies and accelerates the fundraising process for issuers. Companies will now be able to carry out multiple bond issuances under a single registered program, providing greater flexibility and reducing administrative costs.

The new mechanism allows bonds to be issued in stages, depending on market conditions and capital needs, optimizing costs by adjusting maturity periods and interest rates. It also expands the investor base by offering diverse issuance terms.

Additionally, issuers will be able to refinance previously issued obligations by replacing them with new bond series.

The amendments also enhance corporate bond issuance opportunities, particularly for mortgage refinancing organizations, allowing them to issue bonds exceeding their own capital. Furthermore, the list of eligible collateral types for securities has been expanded, improving their reliability and investment appeal.

This practice is widely used in countries with developed capital markets, including Malaysia, Pakistan, Russia, and Kazakhstan. The introduction of serial bonds in Uzbekistan is expected to enhance the competitiveness of the national capital market, provide issuers with more efficient financing tools, and create new investment opportunities.