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Bank of Georgia issues GEL21m global note

05 December 2016 07:21

BGEO Group's banking subsidiary, JSC Bank of Georgia, has issued a 2-year local currency linked internationally clearable global note in the amount of GEL 21.0 million settled in US dollars.

The note has been issued through a private placement at par, pays an 8.0% coupon annually and matures on 5 December 2018. The group says the issuance of this GEL-linked global note is the first such transaction done in the country and enables the bank to further diversify its sources of funding.

It adds: "Furthermore, it provides overseas investors increased access to local currency notes issued by the private sector. The issuance of this note builds on the Bank's previous local currency linked bond transactions, and serves BOG's purpose to attract increasingly more local currency funds."£

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