Georgian market
April 2025 saw significant activity on the local Georgian market. During the month:
• 3 bonds matured – one from GeoSteel and two from Tegeta Motors.
• 4 new placements were made – Tegeta Motors issued two bonds of USD 10mn each at 8.00%, MP Development placed USD 17.7mn at 8.50%, and MBC issued GEL 30mn at TIBR3M + 4.00%.
Notably, those 4 new placements saw c. 15% oversubscription in total, underscoring interest of investors on the local market.
Regional markets
In regional sovereign Eurobond markets yields on Georgia’s and Turkey’s bonds increased. Georgia’s gain was more pronounced with 20.8bps increase, while Turkey’s Eurobond added 8.7bps to its yield. Kazakhstan’s sovereign bond was almost flat, recording decline of 2.7bps m/m.
