Georgian Finance Minister Lasha Khutsishvili announced that Georgia has issued USD 500 million of Eurobonds with a five-year maturity on the London Stock Exchange, three days after repaying its ten-year obligations of 2011 in the same amount.
At a coupon rate of 2.75%, in 2021-2026 years the securities are set to save the Georgian budget some GEL 350 million in interest payments compared to the 2011 Eurobonds that yielded 6.875%, the Finance Minister said at an April 16 press briefing.
The significantly lower interest rate was determined due to unprecedented demand, Minister Khutsishvili stated, dubbing it a demonstration of foreign investors’ confidence in the Georgian economy.
Alongside the Georgian Finance Ministry, international investment banks JP Morgan, Goldman Sachs, and ICBC Standard, also local TBC Capital, and Galt & Taggart worked on the deal.
