Georgia

Economic growth in Central Asia is picking up but experts at the IMF are concerned that leaders are not doing enough to address fiscal deficits

China Securities Regulatory Commission welcomes the prospect of A-share inclusion by MSCI, China’s State Council publishes a new negative list to make foreign investment easier in free trade zones, and the Asian Infrastructure Investment Bank (AIIB) makes its first equity investment.

Not only is the CEEMEA bond market red hot and smashing through issuance records, there were also signs this week of its developing maturity, writes Virginia Furness.

Three European socially responsible investment (SRI) funds have participated in a $22m loan, backed by the EBRD, to build Georgia’s first wind farm.

Georgian holding company BGEO Group bought back some $300m of its outstanding bonds on Wednesday. The buy-back came as part of a combined tender and new issue, which was anchored by the International Finance Corporation.

Bank of Georgia is targeting a seven year bond, with the roadshow for the deal finishing on Wednesday.

With the Republic of Macedonia on the road for the first euro-denominated bond from an emerging market issuer since Brexit and EM credit continuing to rally, bankers are expecting a strong few weeks pre-summer.

Bank of Georgia starts the roadshow for a dollar denominated bond on Wednesday, which it will offer in conjunction with a tender offer for its $400m 7.75% 2017s. Demand is expected to be good for both deals.

TBC Bank, Georgia’s second largest London-listed bank, is to follow its bigger rival Bank of Georgia by swapping its global depositary receipts for a full premium listing on the London Stock Exchange.

State-owned Georgian Oil & Gas Company crunched pricing from guidance on Tuesday to print a $250m five year bond with a 7% yield.

State owned Georgian Oil & Gas Corporation has released initial price thoughts for its dollar bond, which a lead manager estimated offered around a 50bp new issue premium.

Georgian Oil & Gas Corporation has moved a step closer to issuing its first bond since 2012, setting the tenor at five years.