The Georgian corporate bond market is expected to see a record year, with public issuance projected to exceed GEL 1 billion in 2025, according to investment bank Galt & Taggart.
Ketevan Toidze, Deputy Director of the bank, told BMG that while the first half of the year started slowly, activity in the second half has accelerated significantly, with several major issuances planned before year’s end in both lari and foreign currencies.
“2025 started a little slow for the capital markets. In general, if there is some uncertainty in the market, the capital markets are the first to be informed by the expectations of investors and issuers. However, despite the slow start, I think this year will be much larger and more extensive in terms of market activity than 2024,” Toidze said.
She highlighted that some of the upcoming deals will be sustainable and green bonds, reflecting a growing trend in responsible finance. Among the transactions already in progress is a GEL 350 million issuance, with another transaction worth nearly GEL 300 million expected later this year.
According to Toidze, a key positive development is the balance between local and foreign currency bonds, which helps diversify the market and reduce risks.
As of the first eight months of 2025, the Georgian corporate public bond market exceeded GEL 2.5 billion in total. Of this, nearly GEL 1.6 billion is denominated in USD, GEL 740 million in EUR, and about GEL 180 million in lari.
