With support from Galt & Taggart and investment from the Asian Development Bank (ADB), microfinance organization Crystal has floated a two-year gender bond on the stock exchange.

With the support of Bank of Georgia as a co-investor and Asian Development Bank as the main investor, the total value of the securities is 25 million GEL. The amount of investment made by the Asian Development Bank is 18.75 million GEL, and Bank of Georgia’s share is 6.25 million GEL.

The US Federal Reserve raised its base rate by 25bps to 4.5%-4.75% range, in line with market expectations. A smaller sized rate hike was no surprise for investors. However, Chairman Powell’s post-meeting speech signaled surprising dovishness, leading equities to surge. The Chairman noted that inflation has been moderating substantially in past months and is expected to cool further. Importantly, the US headline inflation now stands at 6.5% y/y after peaking at 9.1% y/y in June 2022. As a result, markets are now pricing in a Fed pivot in late 2023.

Galt & Taggart, with the support of the USAID Economic Governance Program, presented the results of a study on the development of the private capital market in Georgia. Representatives of investment funds, international financial institutions, and the public sector participated in the conference.
Galt & Taggart's research covers global trends in private capital development, analyses of sector development in the region and the Baltic States, and the current situation in Georgia.

Netflix:

Stocks pushed higher Friday as the three major market benchmarks booked their best weekly percentage gains since November, after companies began reporting their fourth quarter earnings results, kicked off by several of the big banks. Bank of America, Citigroup, J.P. Morgan and Wells Fargo all ended higher even as some said they are expecting a mild recession. For the week, the Nasdaq Composite surged 4.8% while the S&P 500 jumped 2.6% and the Dow Jones index added 2%.

News:

2022 has been a tough year for all major financial asset classes. Stock markets have arguably been hit the most, as illustrated by falls in virtually all benchmark indices: in 2022, S&P 500 lost 19%, NASDAQ – 33%, and MSCI World – 18%, only to name a few.

JSC Lisi Development has successfully issued 20 million USD in bonds. The first tranche – 10 million USD in two-year bonds, was successfully placed on the stock exchange with the help of Galt & Taggart. The release of the second tranche is planned in the first half of 2023.

The mentioned transaction is the second successful joint placement for Lisi Development and Galt & Taggart, further contributing to the development of the capital market of Georgia.

The investment bank Galt & Taggart has published a survey on expectations related to stock markets in 2023.

The research is based on the expectations of more than 10 of the world's leading investment banks for the next year. The report reviews four main topics: a summary of 2022, scenarios for the possible development of the global economy by 2023, and expectations for both the international stock and securities markets.

With the support of Galt & Taggart, Micro Business Capital has placed 15 million GEL two-year bonds on the Georgian Stock Exchange. This is the first finance issue carried out by the microfinance organization, which will be fully repaid on December 13, 2024.

Taiwan Semiconductor Manufacturing (TSM):