Georgia’s Pension Fund invested $20 million in a $500 million government Eurobond issued in January 2026, according to the fund’s recently published financial report.
The new Eurobond carries a 5.12% coupon rate and a maturity of five years. The Pension Fund previously held the government’s earlier Eurobond, issued in 2021, with a holding of $9.9 million, effectively doubling its investment in state-issued Eurobonds.
The 2021 Eurobond carried a 2.75% coupon, while at that time, the cost of U.S. dollar resources was 0.4%. As of January 2026, the 5-year U.S. Treasury yield stands at 3.82%, meaning the spread - or risk premium investors assign to Georgian sovereign debt - has narrowed. In 2021, the spread over U.S. Treasuries was 2.35%, compared to 1.3% in 2026.
The government completed the refinancing of the 2021 Eurobond on January 23, 2026, as part of its debt management strategy.
