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Three months ago Georgia, acting through the Ministry of Finance of Georgia, has successfully completed its first international sovereign bond offering and has become the only CIS country to date to have its Eurobonds listed on the London Stock Exchange.

The offering of the US Dollar-denominated Eurobonds in the principal amount of US$500 million and with a five year maturity was three times oversubscribed. The Eurobonds were issued at 100% and offer a yield of 7.5%. The offering was made to institutional investors outside of the United States.

Commenting on the success of the debut Eurobond offering, Lado Gurgenidze, Prime Minister of Georgia, said: “We are immensely pleased that the offering of Georgia’s sovereign bonds received such a significant level of interest from a broad range of investors across Europe. This demonstration of confidence in and support of the fiscal, monetary and economic reforms implemented in Georgia over the past several years is extremely rewarding”.

The joint lead managers for the deal were JPMorgan and UBS Investment Bank.