Regional markets

In regional sovereign Eurobond markets yields fluctuated over the month. Yield on Georgia’s Eurobond increased to 6.22% (+34bps m/m). Meanwhile, Turkey’s yield stayed constant at 5.00%y. Kazakhstan’s sovereign Eurobond matured over July, hence is removed from our list.

Georgian market

In July 2025, local market saw significant activity with 3 new public placements and 3 private bonds maturing.

New placements include 2 bonds from ALMA and 1 from Nikora Trade. Alma’s issues were US$ 30mn (at 8.50% coupon) and EUR 8.5mn (at 7.25% coupon), both with 2 years maturity. Meanwhile, Nikora Trade placed GEL 60mn at TIBR3M + 3.5% coupon with 5 years maturity.