The National Bank of Georgia published remarks by Governor Natia Turnava at the International Capital Markets Conference, where she pointed to rapid growth in Georgia’s capital market and a shift toward more GEL-denominated corporate bond financing. She reported that public corporate bonds outstanding reached GEL 2.7 billion by end-2025, alongside record issuance volumes. Outstanding public corporate bonds increased 33.3% year on year by end-2025, while new public corporate bond issuance totalled GEL 1.58 billion. Turnava noted that around 66% of new issuance in 2025 was denominated in GEL and that GEL-denominated bonds accounted for 54% of outstanding public corporate bonds by year-end. She also said 79% of new corporate issuance in 2025 came from issuers with credit ratings, and highlighted investor engagement around Georgian government bonds, including an issuance where Eurobond demand exceeded the offered amount by 5.5 times.
National Bank of Georgia 2026-03-24
National Bank of Georgia highlights 33.3% rise in public corporate bonds outstanding to GEL 2.7 billion in 2025
Governor Natia Turnava of the National Bank of Georgia highlighted significant growth in Georgia's capital market, with public corporate bonds outstanding reaching GEL 2.7 billion by end-2025. New public corporate bond issuance totalled GEL 1.58 billion, with 66% denominated in GEL, and 79% of new issuance from rated issuers. Turnava also noted strong investor interest in Georgian government bonds, with Eurobond demand exceeding supply by 5.5 times.