Microfinance organization «Agat Credit» will place debut bonds denominated in US dollars. The placement is scheduled to begin on October 5, 2026.

Issue Parameters

  • volume — $10 million;
  • circulation period — two years;
  • coupon yield — 11.5% annual;
  • nominal value per bond — $100;
  • coupon payment — monthly.

The decision was made by the organization's supervisory board on August 19, and the securities received state registration on September 18.

Difference from Previous Issues

Monthly coupon payments are a rare condition for the local market. Previously registered currency bonds provided for quarterly payments.

For investors, this means a more uniform cash flow, which can be convenient when using securities as a source of regular income.

Key Feature: Insurance Coverage

The issue is secured by a policy from insurance company «Apex Insurance». The document provides insurance against the risk of non-performance of obligations to bondholders.

Coverage amount — $12.3 million, which exceeds the volume of the issue itself.

This is a fundamental difference from other currency bonds that have appeared on the market in recent weeks: Asia Alliance Bank and Universal Bank issues do not include insurance coverage.

What to Understand About Insurance

The presence of a policy reduces risk but does not eliminate it entirely. Significant questions to clarify before purchasing:

  • under what specific conditions does the insurance event occur;
  • what is the procedure and timeline for compensation payment;
  • what is the financial stability of the insurer itself.

The last point is decisive: insurance works only as well as the insurance company is reliable. Essentially, the investor assumes the risk of two organizations instead of one.

What to Compare Yield Against

A rate of 11.5% annual in foreign currency significantly exceeds other available instruments:

  • Universal Bank currency bonds — 8.5%;
  • Alif Uzbekistan sukuk on the Astana exchange — around 10%;
  • foreign currency bank deposits — usually several percent annually.

The premium is explained by the issuer's profile. Microfinance organizations operate with a higher risk level than banks: according to the Central Bank, the share of problematic loans in certain MFOs reaches tens of percent, and sector obligations grow twice as fast as capital.

Main Difference from a Deposit

Bonds are not covered by government guarantee, which applies to bank deposits. The protective mechanism here is the insurance policy — with the caveats described above.

Comparing yield with currency deposits offered by banks makes sense taking into account this difference in protection level.

The issue continues a series of currency placements on the local market, made possible after the presidential decree to improve the investment climate in the capital market.

This material is for information purposes only and is not an investment recommendation.