Belarusian Bond Experience Offers Model for Uzbekistan’s Capital Market
In September, Tashkent hosted the VII International Conference on the Capital Market of Uzbekistan, one of the country’s key financial events. The forum brought together regulators, exchange representatives, issuers and international experts.
Speakers included Vyacheslav Pak, First Deputy Director of the National Agency of Prospective Projects, George Paresishvili, the then Chairman of the Republican Stock Exchange, and Farrukh Karabayev, Chairman of the Supervisory Board of the National Association of Investment Institutions. Also speaking was Anton Andrenko, Director of Belarusian firm «Avangard Leasing» CJSC and founder of «Asset leasing and finance» LLC in Uzbekistan.
«Asset leasing» encouraged the regulator to expand the use of bonds as a means of attracting capital. The proposal draws on Belarus’ experience, where the corporate bond market has grown rapidly in recent years, and where Avangard Leasing has become a leader among private leasing companies.
«We see great potential in Uzbekistan’s market. Belarus shows that transparent and accessible bonds can become a vital source of capital for small and medium-sized businesses, as well as a reliable investment tool,» said Anton Andrenko.
Belarusian Model: Trust and Liquidity
Since 2010, «Avangard Leasing» has carried out 53 bond issues and 20 token issues. At present, 21 bond series and 13 token series remain in circulation, attracting more than 2,000 investors. The company has received multiple awards, including «Best Securities Issuer in 2021» and «Best Deal in Belarus» at the 2022 CIS Cbonds Awards. Between 2023 and 2025, the issuer has maintained an AA reputation rating from BIK Ratings.
In the secondary market alone, last year saw 552 bond trades worth 10.45 mln BYN (approx. USD 3.46 mln), alongside 852 token transactions worth 20.2 mln BYN (approx. USD 6.68 mln). These figures demonstrate steady liquidity and investor trust.
Asset Leasing in Tashkent: First Steps
«Asset leasing and finance» was established in Tashkent in November 2023. It has since joined the Association of Lessor and the Chamber of Commerce and Industry of Uzbekistan, adopting group standards in internal control, risk management and disclosure.
«Our aim is to adapt the Belarusian model to Uzbek conditions and create a transparent, reliable debt financing tool for businesses and investors. We want ‘Asset leasing’ bonds to become a benchmark of trust on the local market,» said Director Ulugbek Mukhitdinov Diyarovich.
Local Bond Roadmap
ASSET LEASING outlined its plans for local bond issuance:
- Nominal value: 5 mln UZS per bond
- Issue size: 5 bn UZS per tranche
- All issues secured
Coupon bonds:
- 26% annual interest
- 12–18 months
- monthly payments
- quarterly offers.
Discount bonds:
- over 33% yield
- 24 months
- repayment on maturity
- quarterly offers.
By 2028, the company aims to expand bonds’ share of its capital structure to 45%, raising 30–60 bn UZS to support leasing for SMEs and individuals.
Market Context
In Belarus, corporate bonds are already well established, with clear rules, regular offers and mature exchange infrastructure. Uzbekistan’s market remains small, at around USD 200 mln (less than 1% of GDP), but has doubled in size over the past year.
The experience of Avangard Leasing and Asset Leasing may set new standards:
- building trust through public issues and secured transactions
- introduction of systematic disclosure and audit
- creation of infrastructure for offers and repo operations
- expansion of the currency range — from the soum to the dollar and euro
Market Impact
- For investors, ASSET LEASING bonds provide fixed income, transparent conditions and security, which reduce risks.
- For small and medium-sized businesses, they are an alternative to expensive bank loans and an opportunity to access long-term financing.
- For institutional players, they are a signal for the creation of issuer ratings, the development of market-making and the launch of new instruments on the exchange.
As participants noted: «Founder Anton Andrenko has set the strategic direction, while the Tashkent team led by Director Ulugbek Mukhitdinov ensures practical implementation. This blend of international experience and local expertise could give Uzbekistan’s bond market the momentum it needs.»
Conclusions
The Belarusian experience of Avangard Leasing and the first steps of Asset Leasing in Tashkent show that corporate bonds can become a systemic instrument for the Uzbek market. For investors this means transparent income with a clear level of risk. For business — access to capital. For the regulator — an opportunity to build a full-fledged infrastructure.
The combination of international practice and local adaptation can give Uzbekistan’s securities market the momentum it has clearly lacked for accelerated development.
