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Georgia: bonds

Georgia is a country in the Caucasus region of Eurasia. Located at the crossroads of Western Asia and Eastern Europe,

Georgia's main economic activities include cultivation of agricultural products such as grapes, citrus fruits, and hazelnuts; mining of manganese, copper, and gold; and producing alcoholic and nonalcoholic beverages, metals, machinery, and chemicals in small-scale industries. The country imports nearly all of its needed supplies of natural gas and oil products. It has sizeable hydropower capacity that now provides most of its energy needs. Georgia has overcome the chronic energy shortages and gas supply interruptions of the past by renovating hydropower plants and by increasingly relying on natural gas imports from Azerbaijan instead of from Russia. Construction of the Baku-T'bilisi-Ceyhan oil pipeline, the South Caucasus gas pipeline, and the Kars-Akhalkalaki Railroad are part of a strategy to capitalize on Georgia's strategic location between Europe and Asia and develop its role as a transit point for gas, oil, and other goods. In mid-2014, Georgia signed an association agreement with the European Union.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
GEL 61 152 645 520 000
USD 1 500 000 000
corporate
USD 12 1 556 265 000
GEL 7 735 000 000
EUR 1 5 000 000
ILS 1 50 000 000

News and comments

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Georgia, 0% 16may2019, GEL (182D) - Domestic bonds GETD19516465 0% 20 000 000  GEL 11/14/2018 05/16/2019
Georgia, 0% 7nov2019, GEL (364D) - Domestic bonds GETD19B07456 0% 40 000 000  GEL 11/07/2018 11/07/2019
National Bank Of Georgia, 0% 31jan2019, GEL (91D) - Domestic bonds GEBD19131117 0% 20 000 000  GEL 10/31/2018 01/31/2019
Georgia, 0% 11apr2019, GEL (182D) - Domestic bonds GETD19411410 0% 20 000 000  GEL 10/10/2018 04/11/2019
Georgia, 0% 3oct2019, GEL (364D) - Domestic bonds GETD19A03408 0% 40 000 000  GEL 10/03/2018 10/03/2019
National Bank Of Georgia, 0% 3jan2019, GEL (91D) - Domestic bonds GEBD19103108 0% 20 000 000  GEL 10/03/2018 01/03/2019
Georgia, 7.375% 27sep2023, GEL - Domestic bonds GETC23927394 7.375% 60 000 000  GEL 09/26/2018 09/27/2023
Georgia, 0% 14mar2019, GEL (182D) - Domestic bonds GETD19314374 0% 20 000 000  GEL 09/13/2018 03/14/2019
Georgia, 0% 6dec2018, GEL (90D) - Domestic bonds GEBD18C06092 0% 20 000 000  GEL 09/06/2018 12/06/2018
Georgia, 0% 5sep2019, GEL (365D) - Domestic bonds GETD19905361 0% 40 000 000  GEL 09/05/2018 09/05/2019

Exchange Bond Indices

Weekly indices

Type: 14.11.2018 07.11.2018 31.10.2018 24.10.2018 17.10.2018 10.10.2018 03.10.2018
Georgian Lari Yield Curve
Georgian Lari Yield Curve 1W  7.38 7.43 7.43 7.43 7.42 7.47 7.47
Georgian Lari Yield Curve 2W  7.36 7.41 7.41 7.41 7.41 7.45 7.45
Georgian Lari Yield Curve 1M  7.33 7.38 7.38 7.38 7.37 7.41 7.41
Georgian Lari Yield Curve 2M  7.27 7.31 7.31 7.31 7.31 7.34 7.34
Georgian Lari Yield Curve 3M  7.22 7.26 7.26 7.26 7.25 7.27 7.27
Georgian Lari Yield Curve 6M  7.10 7.13 7.13 7.13 7.13 7.13 7.13
Georgian Lari Yield Curve 1Y  6.99 7.01 7.01 7.01 7.01 6.99 6.99
Georgian Lari Yield Curve 2Y  7.08 7.08 7.08 7.08 7.09 7.07 7.07
Georgian Lari Yield Curve 5Y  7.87 7.87 7.87 7.87 7.87 7.93 7.93
Georgian Lari Yield Curve 10Y  8.63 8.64 8.64 8.64 8.64 8.78 8.78
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World Bond market statistics

Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
Georgian international bonds, USD bln 2.300 2.300 2.300 2.700 2.400 2.400 2.400
BIS net issues of international-bond market of emerging countries
International-bond net issue of Georgia, USD bln 0.000 0.000 -0.500 0.000     0.400

CIS Bond Market statistics

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Bond market (other CIS)
Gov. bonds outst., USD mil (Georgia) 56 425.30 58 407.74 986.80 1 008.60 1 032.97 1 045.33 1 022.33
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Currencies

Daily indices

Type: 11/16/2018 11/15/2018 11/14/2018 11/13/2018 11/12/2018 11/09/2018 11/08/2018
Exchange rates of Central Banks (CIS)
USD/GEL  2.6550 2.6765 2.6799 2.7052 2.7058 2.6997 2.7198
EUR/GEL  3.03 3.05 3.05 3.06 3.08 3.14 3.18
GEL/RUB  24.88 25.07 24.97 24.92 24.73 24.14 23.84
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Interbank market

Daily indices

Type: 11/16/2018 11/15/2018 11/14/2018 11/13/2018 11/12/2018 11/09/2018 11/08/2018
CIS Interbank rates
TIBR1, %    6.99 7.00 6.98 6.98 7.05 7.05
TIBR7, %        10 000 000 000.00 10 000 000 000.00 10 000 000 000.00 9 330 000 000.00
Depo Rates GEL
Depo Rates GEL O/N 8.80 8.80 8.80 8.80 8.80 8.80 8.80
Depo Rates GEL 1W 9.00 9.00 9.00 9.00 9.00 9.00 9.00
Depo Rates GEL 2W 9.00 9.00 9.00 9.00 9.00 9.00 9.00
Depo Rates GEL 1M 9.50 9.50 9.50 9.50 9.50 9.50 9.50
Depo Rates GEL 3M 11.00 11.00 11.00 11.00 11.00 11.00 11.00
Depo Rates GEL 6M 12.50 12.50 12.50 12.50 12.50 12.50 12.50
Depo Rates GEL 12M 13.00 13.00 13.00 13.00 13.00 13.00 13.00
Depo Rates USD
Depo Rates USD O/N 2.00 2.00 2.00 2.00 2.00 2.00 2.00
Depo Rates USD 1W 2.50 2.50 2.50 2.50 2.50 2.50 2.50
Depo Rates USD 2W 3.00 3.00 3.00 3.00 3.00 3.00 3.00
Depo Rates USD 1M 3.50 3.50 3.50 3.50 3.50 3.50 3.50
Depo Rates USD 3M 4.00 4.00 4.00 4.00 4.00 4.00 4.00
Depo Rates USD 6M 5.00 5.00 5.00 5.00 5.00 5.00 5.00
Depo Rates USD 12M 7.00 7.00 7.00 7.00 7.00 7.00 7.00
Depo Rates EUR
Depo Rates EUR O/N 1.50 1.50 1.50 1.50 1.50 1.50 1.50
Depo Rates EUR 1W 2.00 2.00 2.00 2.00 2.00 2.00 2.00
Depo Rates EUR 2W 2.50 2.50 2.50 2.50 2.50 2.50 2.50
Depo Rates EUR 1M 3.00 3.00 3.00 3.00 3.00 3.00 3.00
Depo Rates EUR 3M 3.50 3.50 3.50 3.50 3.50 3.50 3.50
Depo Rates EUR 6M 4.50 4.50 4.50 4.50 4.50 4.50 4.50
Depo Rates EUR 12M 6.50 6.50 6.50 6.50 6.50 6.50 6.50
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Money market

Periodic indices

Type: Current value Change Last update
CIS Central Banks Rates
Refinancing Rate (Georgia), %  7.00 0 24.10.2018

Macroeconomic Indicators (CIS)

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Indicators of inflation (CIS)
Monthly Inflation, % (Georgia) 0.32 0.28 0.50 -0.28 -0.64 -0.03 -0.21
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Macroeconomic Indicators (World economy)

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Georgia) 2.30 2.70 3.10 2.80 2.20 2.50 2.50
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Yearly indices

Type 2017 2016 2015
Government Debt to GDP (World), %
Government Debt to GDP(Georgia) 44.90 43.90 41.40

Stock market (CIS)

Daily indices

Type: 05/24/2017 05/23/2017 05/22/2017 05/19/2017 05/18/2017 05/17/2017 05/16/2017
Stock market (CIS)
GSE (Georgia)  114.40 114.40 114.40 114.41 114.44 114.24 113.94
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TBC Bank

Daily indices

Type: 05/02/2017 05/01/2017 04/28/2017 04/27/2017 04/26/2017 04/25/2017 04/24/2017
TBC Bank Forward Rates EUR/GEL
TBC Bank FR 12M Ask 2.8054 2.7992 2.8127 2.8148 2.8482 2.8180 2.7700
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Georgia, 6.875% 12apr2021, USD   USD 04/12/2021 11/15/2018 ***.** *.** 11/15/2018 ***.* *.**
Bank of Georgia, 0.5% 2mar2020, EUR   EUR 03/02/2020 11/15/2018 **.**** *.* 11/15/2018 **.**** *.*
Bank of Georgia, 1% 2mar2020, USD   USD 03/02/2020 11/15/2018 ***.**** -*.** 11/15/2018 ***.**** -*.**
Bank of Georgia, 11% 1jun2020, GEL   GEL 06/01/2020 11/15/2018 **.**** **.* 11/15/2018 ***.**** **
Bank of Georgia, 5.5% 19aug2019, ILS   ILS 08/19/2019 11/15/2018 ***.**** *.* 11/15/2018 ***.**** *.*
Bank of Georgia, 5.5% 19aug2019, USD   USD 08/19/2019 11/15/2018 ***.**** *.** 11/15/2018 ***.*** *.**
Bank of Georgia, 6% 26jul2023, USD   USD 07/26/2023 11/15/2018 **.** *.** 11/15/2018 **.* *.*
Georgia Capital, 6.125% 9mar2024, USD   USD 03/09/2024 11/15/2018 **.** *.* 11/15/2018 **.** *.**
Georgian Oil and Gas Corporation, 6.75% 26apr2021, USD   USD 04/26/2021 11/15/2018 ***.** *.** 11/15/2018 ***.** *.**
Georgian Railway, 7.75% 11jul2022, USD   USD 07/11/2022 11/15/2018 ***.*** *.* 11/15/2018 ***.** *.**
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