Why is this important
The third bond issue in a year indicates aggressive capital attraction against the backdrop of transformation into a microfinance bank. High returns (27%) attract investors, but reflect increased risks in the sector. The rapid sale of previous issues confirms the demand for high-yield instruments.
What happened
- On October 23, the third bond issue of 40 billion soums was registered;
- Coupon rate — 27% per annum, validity period — 365 days, denomination — 100,000 soums;
- Monthly coupon payments, placement starts on November 7;
- The first issue (March) — 40 billion soums at 29%, the second (July) — 30 billion soums at 28%, sold in three hours;
- On October 10, shareholders decided to transform into a microfinance bank, and the documents were submitted to the Central Bank.
Release history
- March 2025: first issue for 40 billion soums with an annual return of 29%.
- July 2025: a second issue worth 30 billion soums with a return of 28% was fully purchased in three hours.
- October 2025: the third issue for 40 billion soums with a return of 27%.
The total volume of attracted funds for the year is 110 billion soums.
Bank transformation
Earlier, we reported that Agat Credit shareholders decided on October 21 to transform from an MFO into a microfinance bank with a charter capital of 73.7 billion soums. The company will begin operations as a bank after receiving a license from the Central Bank.
Context
Agat Credit is actively attracting funds through bond loans to finance the growth of its loan portfolio and prepare for transformation into a microfinance bank. The minimum authorized capital of the microfinance bank is 50 billion soums, the company approved 73.7 billion soums — 47% higher than the requirements.
The return of 27% per annum is higher compared to bank deposits (18-20%), but reflects increased risks in the microfinance sector. The rapid sale of the second issue within three hours indicates a high investor demand for high-yield instruments under conditions of inflation reduction to 8%.
Attracting 110 billion soums per year after three bond issues is a significant amount for MFOs. This may indicate an aggressive strategy for increasing the loan portfolio before obtaining a bank license.
Transformation into a microfinance bank will expand the company’s capabilities: the right to attract deposits, a wider range of banking services, and access to the interbank market. However, this will also strengthen regulatory requirements and oversight by the Central Bank.
