Georgia aims to raise $500 mln with Eurobonds in spring 2026 to refinance

TBILISI. July 22 (Interfax) - The government of Georgia is setting up a commission to organize the issue of Eurobonds totaling $500 million in the spring of 2026 to refinance bonds issued in the spring of 2021, a resolution posted on the Cabinet's website said.

The commission includes Finance Minister Lasha Khutsishvili, National Bank President Natia Turnava, Deputy Finance Minister Georgy Kakauridze and deputy economy ministers and National Bank vice presidents.

The commission will hold negotiations with JPMorgan, Citibank, Barclays, Goldman Sachs, HSBC and other international financial institutions on participation in the bond issue. Negotiations will also be held with Georgian investment banks Galt&Taggart and TBC Capital.

Georgia raised $500 million with the placement of Eurobonds on the London Stock Exchange in April 2021 that it used to refinance the same amount of bonds issued in 2011. The interest rate on the bonds was 2.75%, down from 6.875% on the 2011 bonds, which were issued to refinance debt the government assumed in 2008.

The 2021 bond issue was organized by JP Morgan, Goldman Sachs and ICBC Standard, TBC Capital and Galt&Taggart.