Regional sovereign Eurobond market: TURKEY 26 and UZBEK 24 were the best performers of the month with yields tightening 107.4bps and 51.6bps, respectively. GEORGIA 26 was the worst performer of the month, with the yield widening by 47.6bps.
Georgian corporate Eurobond market: Among the Georgian corporate issuers, GEOCAP 24 was the best performer in Mar-23, with yield increasing by just 1.7bps. GRAIL 28 and BOG 23 were the worst performers with yields widening by 69.2bps and 39.4bps, respectively.
FX market: During Mar-23, Georgian lari (GEL) and Armenian dram (AMD) strengthened against US dollar by 2.4% m/m and 0.1% m/m, respectively, while Russian ruble (RUB), Kazakh tenge (KZT) and Turkish lira (TRY) lost 3.6% m/m, 2.4% m/m and 1.6% m/m, respectively.
Georgia money market: In Mar-23, GEL 199.8mn treasury notes and GEL 40mn treasury bills were sold. Interest rates slightly increased on all instruments m/m (except 2-year treasury notes), due to the reduced demand on government securities compared to previous months. Weighted average interest rate on 10-year notes was 8.702%, 5-year notes was 8.669%, on 2-year notes was 8.618%, on 1-year instrument was 9.615%, and it came in at 9.643% for 6-month instruments. Notably, non-residents’ treasury holdings increased by 5.0% m/m to GEL 335.3mn in Mar-23, after reducing by 11.6% m/m in Feb-23 and the share of non-residents in total outstanding holdings stood at 4.9% (flat m/m) in Mar-23.
