Securities of microfinance organization «AGAT CREDIT» have been included in the listing of the Republican Stock Exchange «Tashkent». The decision was made on October 2, with registration completed on October 5.

What Happened Next

Listing was the penultimate stage of securities market entry. Already on October 6, trading in the company's currency bonds began on the exchange.

Issue parameters:

  • volume — $10 million, 100,000 bonds;
  • par value — $100;
  • coupon — 11.5% per annum, paid monthly;
  • circulation period — two years.

Why Listing Is Needed

Inclusion in the quotation list means the security is admitted to organized trading. This fundamentally changes its properties for the investor.

Before listing, a bond exists as a registered issue: it can be purchased from the issuer, but selling before maturity is difficult — there is no trading platform or market price.

After listing, the following appear:

  • exchange quotation reflecting current security valuation;
  • ability to sell before maturity;
  • issuer verification by the exchange upon admission.

The Path from Decision to Trading

The chronology shows how the procedure works:

  • June — company registered as a regulatory sandbox participant in the capital market;
  • shortly after announced a $10 million issue;
  • October 2 — decision on listing inclusion;
  • October 5 — registration;
  • October 6 — start of trading.

The issue is backed by an insurance policy covering the obligations amount.

What Investors Should Consider

A rate of 11.5% significantly exceeds the yield of currency bonds from banks trading on the same platform — from 7% to 8.5%.

The difference reflects the issuer's credit profile: microfinance organizations work with higher-risk borrowers, affecting the valuation of their own obligations.

Insurance coverage reduces risk but does not eliminate it: it is important to understand what exactly the policy covers and under what conditions.

Yields should be compared with currency deposits offered by banks — they are covered by state guarantee within a limit, which bonds do not have.

This material is informational in nature and is not an investment recommendation.