As of July 2025, Georgia has placed a total of USD 2.2 billion in Eurobonds on the international financial market, reflecting an increase of USD 175 million compared to the same period in 2024.
The largest single Eurobond issuance over the past year was made by GGU, the parent company of Georgian Water and Power (GWP), which is owned by Spanish utility group Aqualia. This bond placement totaled USD 300 million and has a maturity date of July 2029.
The state sector accounts for USD 1 billion of the total Eurobond volume. This includes:
- A USD 500 million sovereign Eurobond issued by the Georgian government, set to mature in April 2026.
- A USD 500 million Eurobond issued by Georgian Railway, with a maturity date in June 2028.
It remains unclear whether the government will refinance the sovereign Eurobond due next year by issuing new debt securities. Further clarification is expected once the 2026 state budget is submitted.
In the private sector, several major corporate issuers have contributed to Georgia’s presence in the Eurobond market:
- TBC Bank Group – USD 375 million
- Bank of Georgia Group – USD 300 million
- Silknet – USD 300 million
- GGU (GWP) – USD 300 million
These issuances highlight both investor interest in Georgian corporates and the country's continued integration into global capital markets.
