Avesta Investment Group - Uzbekistan
UzNIF: London closes below Tashkent
London has closed below Tashkent in each of the last eight sessions and the gap has widened. The GDR ended 10 September at 35.10 USD, down 2.50%. Converted at the Central Bank rate of 11,797.92 UZS per USD and 64,700 shares per GDR, that is 6.40 UZS per share. Tashkent closed the same day at 6.95 UZS, up 2.51%, thus, the London quote is 7.9% lower than the domestic market price.
London set the lower price on the larger book: by value it traded 22 times Tashkent. It put through 6,353 GDR across 10 trades for 230,078 dollars, equivalent to 2.71 billion soum at the same rate, against 17,864,494 shares for 124,046,203 soum in Tashkent.
#CapitalMarkets
#MarketInsights
Read more >>
🇷🇺
Русский
·
🇺🇿
Oʻzbekcha
Website
·
LinkedIn
·
Telegram bot
Asia Alliance Bank's first foreign-currency bond: 7% for three years
The National Agency for Prospective Projects has carried out the state registration of the first issue of corporate bonds denominated in foreign currency. Asia Alliance Bank is the issuer. The issue is USD 20 million: 200,000 interest-bearing registered bonds of USD 100 each, in book-entry form.
The coupon is 7.0% a year. The bonds stay in circulation for three years, or 1,095 days from the start of circulation. The term is split into 12 interest periods, and the coupon is paid at the end of each. The issue carries no security. Placement is by open subscription among an unlimited number of investors, and the trades pass through organised trading.
Placement opens on the 15th calendar day after the notice of state registration appears on the corporate information portal and on the bank's own site. It runs for up to 120 working days. Bonds are paid for in US dollars through an agent bank. The legal basis is Presidential Decree UP-254 of 18 December 2025, which opened foreign-currency issues to resident issuers within the Regulatory Sandbox.
#CapitalMarkets
#Regulation
Read more >>
🇷🇺
Русский
·
🇺🇿
O‘zbekcha
Website
·
LinkedIn
·
Telegram bot
Fitch affirms TBC Bank Uzbekistan at 'BB-' and keeps the Viability Rating at 'b'
Fitch Ratings affirmed the Long-Term Issuer Default Ratings of Joint Stock Commercial Bank TBC BANK at 'BB-' in both currencies on 8 September 2026, with a Stable Outlook. The Viability Rating was affirmed at 'b' and the Shareholder Support Rating at 'bb-'.
The rating rests on the parent. Fitch sets the Shareholder Support Rating one notch below the 'BB' Long-Term IDR of Georgia's TBC BANK JSC, which controls the Uzbek bank. The Uzbek bank was equal to 8% of TBC's assets at end-2025. It is a digital retail bank with 1.4% of sector assets at end-1H26 and the lead position in unsecured consumer lending.
The bank's own figures moved the other way in 2025. The cost of risk rose to 11.2% of average gross loans from 6%, as the loan book seasoned after growing 44% in 2025 and 112% in 2024. Impaired loans rose to 6% at end-2025 from 2.2%, and Fitch expects them to rise towards 10% in 2026. Reserves covered 129% of them at end-2025. Fitch Core Capital fell to 15.4% from 20.8%. A net interest margin of 23.7% still left a return on average equity of 8%, because impairment charges took 80% of operating profit before them. Fitch raised its operating environment score for Uzbek banks to 'b+' from 'b' in the same action, and the Viability Rating did not move with it.
#Financials
#CapitalMarkets
Read more >>
🇷🇺
Русский
·
🇺🇿
O‘zbekcha
Website
·
LinkedIn
·
Telegram bot
Fitch revises Ipoteka-Bank's Outlook to Positive and upgrades its Viability Rating
Fitch Ratings revised Ipoteka-Bank's Outlook to Positive from Stable on 8 September 2026 and affirmed the Long-Term Issuer Default Ratings at 'BB' in both currencies. The Viability Rating rose to 'b+' from 'b'. The Shareholder Support Rating stayed at 'bb'.
The Outlook follows the sovereign. The Viability Rating upgrade rests on a better operating environment and a cleaner loan book. Fitch raised its operating environment score for Uzbek banks to 'b+' from 'b' and turned the trend to stable from positive. Impaired loans under IFRS 9 Stage 3 fell to 19.7% at end-2025 from a peak of 23% at end-1H24. Stage 2 loans fell to 8.4% at end-2025 from 17.8% at end-2024. Fitch Core Capital rose to 18.5% from 12% over the same period, on operating profit of 5.8% of risk-weighted assets in 2025.
The constraints stay in place. The rating is capped by Uzbekistan's 'BB' Country Ceiling and cannot rise until the ceiling does. Loans stood at 229% of deposits at end-2025, and Fitch expects them to remain above 200% in 2026 even after a decline. State-related funding was 39% of liabilities at end-1H26. Impaired loans were 0.8x reserved, and the new underwriting standards have yet to face a full cycle.
#Financials
#CapitalMarkets
Read more >>
🇷🇺
Русский
·
🇺🇿
O‘zbekcha
Website
·
LinkedIn
·
Telegram bot
Decree UP‑177 puts UZS 100 trillion of state assets up for sale
Presidential decree UP‑177 of 28 August 2026 puts up for auction new state stakes in 84 companies, 1,242 properties and about 8,000 hectares of land for business and urban development. The assets on offer are valued at UZS 100 trillion, and proceeds of at least UZS 14 trillion are expected by the end of the year, the State Assets Management Agency said on 8 September — 14% of the value on offer.
The advance payment is to be set at 15%, against 35% before, and the balance may be paid in stages free of interest, where a surcharge averaging 14% applied before. A buyer who pays the price in full within six months receives a discount of 25%, whereas the previous rules gave 14% for payment within one month.
The instalment period follows the first payment: up to five years for a buyer who pays 35% of the value of the asset within three months, up to seven years for one who pays 50% within six months. If an asset is not sold within three months, stepwise price reduction applies, and a hybrid auction may combine a fall in price with a later rise during bidding. The decree also provides for the liquidation and reorganisation of 85 enterprises with state participation, while 84 objects that were not sold earlier return to auction at a starting price of UZS 1 million.
The new mechanisms and reliefs may also be applied to assets held on the balance sheets of commercial banks with state participation. Land is to be sold as a ready package, with technical conditions for connection to utility networks and the required permits prepared in advance. Large state universities and specialised medical centres are to be commercialised gradually, with the possibility of attracting private investors.
#Privatisation
#EconomicReforms
Read more >>
🇷🇺
Русский
·
🇺🇿
O‘zbekcha
Website
·
LinkedIn
·
Telegram bot
AVESTA among the TOP 5 on the TSE by number of transactions in August
According to data from the Republican Stock Exchange Toshkent, Avesta Investment Group took a place among the TOP 5 brokers by the number of transactions in August 2026, and among the TOP 10 over the last 12 months.
Our clients completed about 12,210 transactions over the month against about 7,000 in July, an increase of 74%. Shares of UzNIF accounted for 10,095 of them, or 83% of the month's transactions.
Beyond UzNIF, clients traded: Uzbektelecom (UZTL) with 390 transactions;
Hamkorbank (HMKB), Ipoteka Bank (IPTB) and Uzsanoatqurilishbank (SQBN) with about 200 each;
UZEX (URTS), Prestige Insurance (OHMS), Garantbank (GRBK) and Chilanzar Trade Center (CBSK) with about 100 each.
Fewer than 100 transactions went through in each of the remaining 30 issuers.
Clients also traded bonds of the microfinance organisations Agat Credit, Business Finance, Contact Finance and Imkon.
We thank our clients and partners for their trust. AVESTA will keep developing its services and holding its standard of quality in the capital market of Uzbekistan. For account opening and management, write to
@avestainvestbot
or broker@avestagroup.com.
#CapitalMarkets
#InvestmentBanking
🇷🇺
Русский
·
🇺🇿
O‘zbekcha
Website
·
LinkedIn
·
Telegram bot
International reserves reached 72.1 billion dollars, and gold is 90% of them
Official reserve assets stood at 72.1 billion dollars on 1 September 2026 against 64.3 billion a month earlier and 50.1 billion a year earlier. That is a rise of 12.1% over the month and 44.0% over the year.
Gold accounts for 90.0% of the total, at 64.9 billion dollars, and the currency part for 9.2%, at 6.6 billion. The two moved in opposite directions over the month: gold added 15.7% while the currency part fell 13.3%.
Holdings rose from 13.850 to 14.109 million troy ounces, an addition of 0.259 million ounces. The valuation implied by the release is 4,602 dollars per ounce, so the monthly gain came from both the metal added and the price at which it is carried.
The concentration is the fact to hold on to: with 90.0% of reserves in one asset, the dollar value of the country's buffer now moves with the gold price rather than with the currency mix.
#Macroeconomics
#MonetaryPolicy
Read more >>
🇷🇺
Русский
·
🇺🇿
O‘zbekcha
Website
·
LinkedIn
·
Telegram bot