Company Uzum fully placed the fifth bond issue for 600 billion som. Including previous emissions, the total volume of registered securities reached 2.1 trillion som.

Issue parameters

  • quantity — 60,000 bonds;
  • par value — 10 million som per bond;
  • rate — 18% per annum, fixed for the entire period;
  • circulation period — 1,080 days (approximately three years);
  • maturity — July 11, 2029;
  • ticker — UZUMS3B2.

Issue registered on July 15, 2026 under number RU302P1110T3. Underwriter and broker: LLC "ALKES RESEARCH".

How the placement proceeded

The first major transaction occurred on July 27 — 18,277 bonds. Followed by tranches of 20,000, 11,726, 5,889 and 4,108 bonds.

By August 14, all 60,000 bonds were placed at par value plus accrued income. The 60% threshold, below which the issue would be considered unsuccessful, was exceeded within the first three weeks.

Secondary market is working

After placement completion, securities trade on the secondary market. On September 14, one transaction involved 10,000 bonds for 102.4 billion som.

This is significant: secondary market activity distinguishes this issue from most corporate securities in the local market, where liquidity after placement is virtually absent. Market participants have repeatedly cited this as the main drawback of the debt segment.

Holder conditions

  • 12 coupon periods of 90 days each;
  • 443,835.62 som per bond in each period;
  • no collateral — issue volume does not exceed issuer's equity.

Current value of one bond — 10,251,506.85 som: par value plus 251,506.85 som accrued income.

Entry threshold

The par value of 10 million som effectively excludes retail investors with small capital. For comparison, recently registered currency bonds from Asia Alliance Bank and Universal Bank have a par value of $100 — aimed at mass buyers.

The difference in approaches reflects different target audiences: Uzum's issue is primarily designed for institutional investors.

Borrowing history

Five issues have been placed:

  • 300 billion som — registered February 7, 2025;
  • 400 billion som;
  • 300 billion som;
  • 500 billion som.

The first three were placed by MAKESENSE, the last two by UZUM SARMOYA. The structures are directly related: UZUM SARMOYA guaranteed MAKESENSE's obligations to "Kapitalbank" for 135.2 billion som.

What investors should consider

The rate of 18% per annum in som exceeds current returns on most bank deposits, however direct comparison of these instruments is not appropriate.

Key differences: bonds are not covered by state guarantee, the issue has no collateral, and in case of issuer problems, bondholders receive payments after depositors.

Returns should be compared adjusting for this difference — checking actual deposit rates makes sense to assess the risk premium offered by bonds.

This material is informational and not an investment recommendation.