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Last updated: 10:55 - 1 May.'18
Georgia Issues 10-year USD 500mln Eurobond
Civil Georgia, Tbilisi / 12 Apr.'11 / 17:08

Georgia announced on April 12 about issuing new USD 500 million, 10-year Eurobond offering to yield 7.125%.

In parallel to the new bond issue, the Georgian government redeemed USD 417 million from its USD 500 million five-year Eurobond, which was due in 2013.

The Georgian government announced about its intention to issue new Eurobond to refinance the previous one, released in April 2008, in March.

Fitch Ratings assigned Georgia’s new USD 500 million Eurobond B+ rating. In March Fitch affirmed Georgia's long-term foreign currency Issuer Default Rating at 'B+' and revised Georgia’s outlook from stable to positive.

Fitch Ratings said in a press release on April 12, that lengthening of debt maturity and smoothing of its amortization hump in 2013 was a “favourable development.”

“Prior to the buyback, Georgia's sovereign external amortisation was scheduled to increase sharply from USD126m in 2011 and USD294m in 2012 to USD947m in 2013, before declining to USD320m in 2014 (including the National Bank of Georgia's obligations to the IMF). The amortisation hump coincides with the next political cycle, with parliamentary elections scheduled for 2012 and presidential elections scheduled for 2013,” Fitch Ratings said.

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