"Silk Road Group" has successfully issued a USD 400 million Eurobond, marking the largest corporate bond placement in the history of Georgia’s private sector. The five-year bond carries a 7.5% coupon rate, with participation from major U.S. and European investors, including J.P. Morgan and UBS.
Founder Giorgi Ramishvili stated that investor demand for the bond exceeded the offering by three times, reaching over USD 1.3 billion, which he said demonstrates strong confidence in both Silk Road Group and the Georgian economy. The proceeds from the new issue will be used to repay the company’s USD 300 million Eurobond issued in 2022.
Ahead of the transaction, Fitch Ratings updated Silk Road Group’s credit rating to “BB-”, just one notch below Georgia’s sovereign rating. Ramishvili described this as a “very high assessment” and a reflection of the company’s stability and long-term credibility.
“This is a major milestone for us, our third issuance to date, and it shows global investors’ growing trust in our strategy,” Ramishvili said. “USD 400 million bond, with demand exceeding USD 1.3 billion, is proof that the international market values both our company’s performance and Georgia’s economic potential.”
