{"id":12618,"date":"2025-11-14T09:29:12","date_gmt":"2025-11-14T04:29:12","guid":{"rendered":"https:\/\/frank.uz\/bez-kategorii\/uzbekistan-will-issue-1-trillion-soums-in-mortgage-bonds\/"},"modified":"2025-11-14T09:29:12","modified_gmt":"2025-11-14T04:29:12","slug":"uzbekistan-will-issue-1-trillion-soums-in-mortgage-bonds","status":"publish","type":"post","link":"https:\/\/frank.uz\/en\/news-en\/uzbekistan-will-issue-1-trillion-soums-in-mortgage-bonds\/","title":{"rendered":"Uzbekistan will issue 1 trillion soums in mortgage bonds"},"content":{"rendered":"<h3>Why is this important<\/h3>\n<p>Mortgage bonds are a new tool for refinancing mortgages, reducing interest rates, and increasing housing affordability. Securitization will free up bank capital for issuing new loans. The 1-trillion-soum issuance is a pilot project, and if successful, it will be scaled up. The \u201cregulatory sandbox\u201d allows testing the mechanism without risks for the market.   <\/p>\n<h3>What happened<\/h3>\n<ul>\n<li>The NAPP approved the Regulation on Mortgage Bonds;<\/li>\n<li>UMRC SPV will issue 1 trillion US dollars in bonds under a pool of loans from 5 banks;<\/li>\n<li>\u201cRegulatory Sandbox\u201d \u2014 pilot project;<\/li>\n<li>Regulations: securitization, requirements, issuance, circulation, REPO.<\/li>\n<\/ul>\n<h3>Mortgage bonds<\/h3>\n<ul>\n<li><strong>What is this:<\/strong> securities secured by a pool of mortgage loans. Investors buy bonds, receive income from borrowers&#8217; mortgage payments. <\/li>\n<li><strong>Why: <\/strong>mortgage refinancing \u2014 banks sell mortgage loans to the MRC, receive liquidity, and issue new loans. Lower rates \u2014 more capital and lower funding costs. <\/li>\n<\/ul>\n<h3>Securitization<\/h3>\n<ul>\n<li><strong>Process: <\/strong>banks transfer mortgage loans to the CPI, the CPI forms a pool, the UMRC SPV issues bonds under this pool, investors buy, borrowers pay for the mortgage \u2014 investors receive income.<\/li>\n<li><strong>Credit requirements:<\/strong> the regulation establishes criteria for inclusion in the pool (borrower&#8217;s quality, LTV, term).<\/li>\n<\/ul>\n<h3>Members<\/h3>\n<ul>\n<li><strong>MRC (Mortgage Refinancing Company): <\/strong>buys loans from banks and forms a pool.<\/li>\n<li><strong>UMRC SPV:<\/strong> issues bonds.<\/li>\n<li><strong>Originator banks: <\/strong>5 banks transferring loans to the pool.<\/li>\n<li><strong>Central Depository: <\/strong>Bond Accounting.<\/li>\n<li><strong>NAPP: <\/strong>\u201csandbox\u201d regulator.<\/li>\n<\/ul>\n<h3>Regulating sandbox<\/h3>\n<ul>\n<li><strong>What is this:<\/strong> a special regime for testing new financial instruments without full regulation.<\/li>\n<li><strong>Why: <\/strong>checking the operation of mortgage bonds, identifying risks, refining mechanisms before scaling.<\/li>\n<\/ul>\n<h3>Why mortgage bonds<\/h3>\n<ul>\n<li><strong>Refinancing:<\/strong> banks sell MRC loans, free up capital for new loans \u2014 increase in mortgage volume.<\/li>\n<li><strong>Reduction of rates:<\/strong> more capital, lower cost of funding \u2014 rates from 18-20% to 15%.<\/li>\n<li><strong>Housing affordability:<\/strong> lower rates, more loans \u2014 more families can buy housing.<\/li>\n<\/ul>\n<h3>Context<\/h3>\n<ul>\n<li><strong>Mortgages are growing:<\/strong> the volume of mortgage loans is growing due to subsidies (7% for primary housing), income growth (+19% of wages).<\/li>\n<li><strong>The problem: <\/strong>banks are limited in capital \u2014 they can&#8217;t give more loans. Securitization solves the problem. <\/li>\n<li><strong>Mortgage bonds \u2014 world practice:<\/strong> US (Fannie Mae, Freddie Mac), Europe use them for refinancing mortgages, reducing interest rates.<\/li>\n<li><strong>1 trillion pilot:<\/strong> a test before scaling. If successful, the output will increase to 5-10 trillion. <\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The NAPP approved the regulation on the issuance of mortgage bonds within the \u201cregulatory sandbox\u201d.<\/p>\n","protected":false},"author":4,"featured_media":12610,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_sharing_image":{"poster":"https:\/\/frank.uz\/wp-content\/uploads\/2025\/11\/6916e4339cd78.jpg","width":1200,"height":630,"template":"2bf59057","mode":"auto"},"_sharing_image_fieldset":{"Dv78f24rp1hU":12610,"YlB8HH34jIzY":"Uzbekistan will issue 1 trillion soums in mortgage bonds"},"pin_until":"","footnotes":""},"categories":[2061],"tags":[2698,2079,2830,3637],"class_list":["post-12618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","tag-bonds","tag-finance","tag-mortgage","tag-securitization"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.0 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Uzbekistan will issue 1 trillion soums in mortgage bonds &#8212; 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