The Ministry of Finance of Georgia has announced the successful completion of the debut issuance of treasury securities totalling GEL 400 million, carried out on May 21, 2026, via syndication.

According to the Ministry, the issuance generated strong interest from both international and domestic investors, with total demand reaching approximately 1.8 billion lari, 4.5 times the volume on offer.

“It should be noted that, in the course of the syndication process, the high level of demand made it possible to reduce the yield in two stages, bringing it into practical alignment with the market price of existing securities of equivalent maturity. Throughout the entire process, very strong interest from non-resident investors was sustained, with demand reaching GEL 850 million.

After finalising the allocation of the GEL 400 million treasury bonds with a maturity of 5.9 years, 65 per cent of the total issuance was allocated to non-resident investors, while 35 per cent was distributed to residents. By investor type, the outcome was considerably diversified: 64 per cent was allocated to international asset management companies; 24 per cent to domestic insurance and pension funds; 11 per cent to commercial banks; and 1 per cent to international financial institutions.

Interest from non-resident investors was also highly diversified geographically. Of the total allocation to non-resident investors, 76 per cent came from the United Kingdom, 19 per cent from the United States, and 5 per cent from the European Union.

This issuance was designed to promote the further development of the securities market by introducing a variety of instruments. Additionally, given the strong interest from international investors, it involved a high-volume transaction offer. The issuance also aimed to attract more non-resident investors to the Georgian securities market and to enhance the structural diversification of the investor base. The results of the transaction clearly demonstrate that these objectives were successfully met.

It should further be noted that this syndication was carried out within the framework of the annual net growth in treasury securities issuance provided for under the 2026 state budget (GEL 1.8 billion), and will not result in the attraction of additional resources for the budget or any further increase in domestic debt,” the Ministry of Finance of Georgia stated.