Regional sovereign Eurobond market: TURKEY 26 and UZBEK 24 were the best performers in Jun-23, with yields decreasing 66.0bps and 38bps, respectively. Meanwhile, AZERB 24 was the worst performer of the month, with the yield widening by 27.4bps.
Georgian corporate Eurobond market: Among the Georgian corporate issuers, GEOCAP 24 and TBC 24 were the best performers in Jun-23, with yields decreasing by 84.1bps and 35.5bps, respectively. BOG perp was the worst performer with yield declining only by 1.0bps.
FX market: During Jun-23, regional currencies weakened vs USD as Turkish lira (TRY), Russian ruble (RUB), and Kazakh tenge (KZT) lost 25.3% m/m, 9.9% m/m and 0.9% m/m, respectively.
Georgia money market: In Jun-23, GEL 195.8mn treasury notes and GEL 40mn treasury bills were sold. Interest rates reduced on all instruments m/m (except 1-year T-bills and 2-year benchmark bonds). Weighted average interest rate on 10-year notes was 8.189%, 5-year notes was 8.459%, on 2-year notes was 8.661%, on 1-year instrument was 9.655%, and it came in at 9.488% for 6-month instruments. Notably, non-residents’ treasury holdings increased by 0.5% m/m to GEL 357.3mn and the share of non-residents in total outstanding holdings stood at 4.8% (-0.1ppts m/m) in Jun-23.
