Georgia’s local Treasury securities market has grown significantly in recent years, according to the National Bank of Georgia’s capital market review. The outstanding volume of lari-denominated Treasury bonds increased from GEL 11.4 billion at the end of 2025 to GEL 12.4 billion by the end of Q2 2026.
Commercial banks, the National Bank and the Pension Fund remain the largest holders, accounting for 89% of the market at the end of Q2. These institutional investors generally hold bonds until maturity, resulting in relatively low secondary-market trading activity.
The NBG said limited secondary-market activity can hinder Treasury bonds from effectively serving as a benchmark for pricing corporate bonds. At the same time, the share of non-resident investors has increased significantly over the past year.
Non-residents held around 1% of Treasury bonds at the end of Q2 2025, rising to about 3% by the end of 2025 and 8% by Q2 2026. The increase was partly supported by the Finance Ministry’s GEL 400 million syndicated bond issuance in May, although the upward trend had begun earlier, with non-residents’ share reaching 5% in April.
