29th January 2026, London
Georgia has successfully completed a USD 500 million Eurobond issuance on the London Stock Exchange, with a 5 year maturity and a coupon rate of 5.125% — the lowest achieved by a non-investment-grade issuer in the past four years.
This landmark transaction attracted exceptionally strong demand, with the order book oversubscribed by 5.5 times and participation from more than 100 international investors. Such broad interest is a clear vote of confidence in Georgia’s economic resilience, responsible fiscal management, and long-term development strategy.
The bond was priced at a spread of 152 basis points over U.S. Treasury yields, more than 50 bps lower than previous issuance. This reduction reflects the progress made in strengthening macroeconomic stability and enhancing standing in global financial markets.
The international investors who participated in this transaction and lead managers of the issuance, included J.P. Morgan, Citi, ICBC, Société Générale, TBC Capital, and Galt & Taggart. This successful placement highlights growing investor confidence in Georgia’s reform agenda and economic outlook.
The Government of Georgia is firmly committed to transparency, fiscal discipline, and policies that promote sustainable and inclusive growth. Georgia’s successful return to the Eurobond market highlights sustained investor confidence in the country’s robust economic performance, prudent fiscal policy, and declining government debt levels.
Cygnum Capital acts as Credit Ratings Advisor to the Ministry of Finance of Georgia.
