Georgia’s public corporate bond market continued to grow in the first half of 2026, reaching GEL 2.74 billion, according to the National Bank of Georgia’s capital market review.
In the first half of the year, five issuers placed eight bonds through public offerings, with a combined value of GEL 385 million - 2.6 times higher than the GEL 150 million recorded in the same period of 2025. About GEL 190 million, or 49% of new issuance, was supported by the Enterprise Georgia program.
By the end of Q2, the outstanding volume had risen from GEL 2.63 billion to GEL 2.74 billion compared with the end of 2025. The number of bonds in circulation increased from 46 to 47, while the number of issuers rose from 22 to 24. Lari-denominated bonds accounted for about GEL 1.37 billion, or 50% of the total outstanding volume.
The market is also becoming more diversified, with bonds issued across 14 economic sectors by the end of Q2, although three sectors - other financial services, automotive and healthcare - accounted for nearly 47% of the outstanding volume. Refinancing bank loans and bonds remains the main use of proceeds, while bonds used solely to finance business expansion and capital expenditure accounted for 28% of new issuance in the first half of 2026.
