EU recovery fund to revitalise green CEEMEA market as Georgian debut highlights deal drought
CEEMEA bond bankers are pinning their hopes on the EU's €750bn recovery fund to spark green issuance once again. The market has been moribund since Covid-19 drew issuers' attentions elsewhere, with a debut deal from Georgia Global Utilities (GGU) — a portfolio company of London-listed Georgia Capital — one of very few recent highlights.
The issuer raised $250m of 7.75% five year RegS/144A $250m green bonds in late July.
GGU, rated B/B+ by S&P and Fitch respectively, is one of the largest privately owned water utility and renewable energy suppliers in Georgia.Georgia’s geography means it has ample sources for hydro-electric power and ...