BAKU, Azerbaijan, April 14
Tamilla Mammadova – Trend:
Ministry of Finance of Georgia is preparing to place Eurobonds worth $500 million in the near future on the London Stock Exchange, Trend reports via the ministry.
The Ministry of Finance of Georgia, together with several international and local investment banks (JP Morgan, Goldman Sachs, ICBC Standard, TBC Capital and Galt & Taggart), legal advisors (Backer & McKenzie and BLC) and international fiscal agent (Citi), has completed the preparatory stage for placement the Eurobond on the London Stock Exchange", reads the press-release published by the ministry.
The transaction was officially announced on the Bloomberg trading platform
As reported, given the current situation in the international financial markets, it is expected that the Eurobonds will have a significantly lower interest rate compared to the Eurobonds issued in 2011, which is to 6.875 percent.
"This process will be completed in the coming days by the Ministry of Finance of Georgia, on behalf of Georgia, by placing Eurobonds worth $500 million on the London Stock Exchange", says the ministry.
The external debt of the Georgian government in 2020 amounted to about $7.2 billion, which is 30.4 percent more than in 2019, and the external debt of the National Bank increased by almost 50 percent and amounted to more than $373 million.
Georgia's debt to international organizations in 2020 increased by 27.6 percent and amounted to more than $5 billion. The country's largest creditor is the World Bank. At the end of 2020, Georgia owes an international organization about $2.1 billion - a 9.5 percent increase compared to 2019.
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