Regional sovereign Eurobond market: AZERB 24 and TURKEY 26 were the best performers in Aug-23, with yields decreasing 11.2bps and 3.4bps, respectively. Meanwhile, UZBEK 24 was the worst performer of the month, with the yield widening by 81.3bps.
Georgian corporate Eurobond market: Among the Georgian corporate issuers, GEOCAP 24 was the best performer in Aug-23, with yields decreasing by 101.7bps. TBC 24 was the worst performer with yield widening by 34.2bps.
FX market: During Aug-23, Turkish lira (TRY) and Ukrainian hryvnia (UAH) strengthened against US dollar by 0.9% m/m and 0.2% m/m, respectively, while Russian ruble (RUB) and Kazakh tenge (KZT) lost 4.2% m/m and 3.0% m/m, respectively.
Georgia money market: In Aug-23, GEL 223.4mn treasury notes and GEL 40mn treasury bills were sold. Interest rates reduced on all instruments m/m (except 6-month T-bills). Weighted average interest rate on 10-year notes was 8.121%, 5-year notes was 8.083%, on 2-year notes was 8.405%, on 1-year instrument was 9.331%, and it came in at 9.573% for 6-month instruments. Notably, non-residents’ treasury holdings decreased slightly by 0.5% y/y to GEL 355.5mn and the share of non-residents in total outstanding holdings stood at 4.6% (-0.1ppts m/m) in Aug-23.
