Bank of Georgia issues 21m lari two-year global note

The Bank of Georgia has issued a two-year local currency linked global note worth 21m Georgian lari to be settled in US dollars, which has been issued through a private placement.

The bank, which is a subsidiary of London-listed BGEO Group, said the note pays an 8% yearly coupon and will mature by 5 December 2018.

This is the first Georgian lari-linked global note issued in the country and will enable the bank to diversify its funding and provide overseas investors access to local currency notes issued by the private sector.

The bank said this builds on its “previous local currency linked bond transactions” and will “attract increasingly more local currency funds”.