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Georgia to place new Eurobonds

Finance Materials 12 April 2021 16:58 (UTC +04:00)
Georgia to place new Eurobonds

BAKU, Azerbaijan, April 12

By Tamilla Mammadova – Trend:

Within 10 days, new Eurobonds will be placed in the amount of $500 million in Georgia, said Deputy Finance Minister Giorgi Kakauridze, Trend reports via Georgian media.

"The deadline for covering the debt has come, and it will be repaid from the budget. Top-tier international investment banks are involved in the process, which is the key to success,” he said.

According to Kakauridze, the debt payment from the budget was considered when discussing the country's main financial document.

Large investment banks such as JP Morgan, Goldman Sachs and ICBC will be involved in purchasing bonds. Eurobonds can be also bought by the domestic market players - the government will cooperate with the Georgian investment banks Galt & Taggart and TBC Capital.

The total cost of the bonds was $500 million; the interest rate will be about 4 percent per annum.

“The budget provides for covering the current debt and taking a new one. The transaction was carried out last week and the debt has already been covered. By the end of the week, investors who will buy the new bonds will be known. Next week, the corresponding transactions will be carried out and the budget will receive the amount from the new bonds,” he added.

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