Galt&Tggart published Weekly Market Watch. According to the document, in Dec-22, exports growth accelerated, up by 32.5% y/y to a record high US$ 555.8mn, after a 14.1% y/y growth in previous month. Imports growth also accelerated, up by 31.2% y/y and reached a record high US$ 1.4bn in December, after growing by 22.2% y/y in November. As a result, the trade deficit, increased by 30.3% y/y to US$ 822.7mn, after a 27.9% y/y growth in November. Overall, in 2022, trade deficit was up by 34.1% y/y to US$ 7.9bn, as exports increased by 31.8% y/y to US$ 5.6bn, while imports were up by 33.2% y/y to US$ 13.5bn. The wider goods trade deficit was largely offset by tourism revenues and remittances, improving the current account balance in 2022.

Ministry of Finance T-Bills:
2-year GEL 40.0mn (US$ 14.8mn) Benchmark bonds were sold at the auction held at NBG on January 10, 2023. Total demand was c.1.8x higher and the weighted average yield was fixed at 8.834%, down by 0.174ppts from previous auction held in Dec-22. 6-month GEL 20.0mn (US$ 7.4mn) T-Bills were sold at the auction held at NBG on January 10, 2023. Total demand was 2.3x higher and the weighted average yield was fixed at 9.590%, down by 0.251ppts from previous auction held in Dec-22. The nearest treasury security auction is scheduled for January 17, 2023, where GEL 20.0mn nominal value 1-year T-Bills will be sold.

Fixed income

Corporate Eurobonds: Georgia Capital Eurobonds (GEOCAP) were trading at 95.46 (+0.28% w/w), yielding 10.43%. Georgian Railway Eurobonds (GRAIL) traded at 88.16 (+0.57% w/w), yielding 6.64%. Georgian Sovereign Eurobonds (GEORG) closed at 91.41 (+0.30% w/w) at 5.67% yield to maturity.

Equities

Bank of Georgia Group (BGEO LN) shares closed at GBP 26.60/share (- 2.21% w/w and +2.31% m/m). More than 271k shares traded in the range of GBP 25.95 - 27.35/share. Average daily traded volume was 61k in the last 4 weeks. The volume of BGEO shares traded was at 0.55% of its capitalization.

TBC Bank Group (TBCG LN) closed the week at GBP 22.00/share (-0.23% w/w and +0.46% m/m). More than 163k shares changed hands in the range of GBP 21.50 - 22.30/share. Average daily traded volume was 41k in the last 4 weeks. The volume of TBCG shares traded was at 0.30% of its capitalization.

Georgia Capital (CGEO LN) shares closed at GBP 7.35/share (+2.08% w/w and -2.00% m/m). More than 214k shares traded in the range of GBP 7.09 - 7.40/share. Average daily traded volume was 31k in the last 4 weeks. The volume of CGEO shares traded was at 0.46% of its capitalization.