JSC Galt & Taggart acted as the sole placement agent for a Georgian Lari denominated bond issued by the European Bank for Reconstruction and Development (EBRD) on February 13, 2015. The two-year bond totaling GEL 25 million has a floating rate 20 basis points above the National Bank of Georgia 91-day Certificate of Deposit rate, with quarterly coupon payments. EBRD was the first issuer of floating rate notes on the domestic market in March 2014.
“This is the second time that EBRD has issued a local bond in Georgia, which reflects the appetite and strong demand in the market. The Bank places a very high priority on importance of developing a domestic capital market in local currency. The EBRD employs the Lari it raises from such bond issues to lend local currency to its clients, whose projects produce a Lari income stream, thereby sheltering them from potential fluctuations in the currency markets when there is a significant devaluation in the local currency. Therefore, this is a very timely step for EBRD’s drive to boost competitiveness of economies,” commented Bruno Balvanera, EBRD Director for Caucasus, Moldova & Belarus.
“I am pleased to note Galt & Taggart’s role in the successful issuance of EBRD bonds, as we strive to be at the forefront of capital markets development in Georgia. The Galt & Taggart team, with its expertise and professionalism, has become the placement and underwriting services provider of choice for international financial institutions as well as public and private companies,” commented Archil Gachechiladze, Chairman of Galt & Taggart.
For inquiries please contact Galt & Taggart via email at gt@gt.ge.