Galt&Taggart published a report on Regional Fixed Income Market Watch. According to the document:
Regional sovereign Eurobond market: ARMENIA 25 was the best performer in Sep-23, with yield decreasing 27.4bps. Meanwhile, UZBEK 24 and AZERB 24 were the worst performers of the month, with the yields widening by 112.8bps and 97.4bps, respectively.
Georgian corporate Eurobond market: All Georgian corporate issuers enjoyed stable yields in September 2023, with yields changing within a narrow range of just +9/-6 basis points.
FX market: During Sep-23, all regional currencies weakened against US Dollar. The largest depreciations were recorded for the Kazakh tenge (KZT), Turkish lira (TRY) and Armenian Dram, depreciating by 4.3% m/m, 2.7% m/m and 2.5% m/m, respectively.
Georgia money market: In Sep-23, GEL 226.8mn treasury notes and GEL 40mn treasury bills were sold. Interest rates reduced on all instruments m/m (except for 1-year T-bills and 10-year notes). The weighted average interest rate on 10-year notes was 8.123%, on 5-year notes it was 8.264%, on 2-year notes it was 8.336%, and for 1-year instrument, it stood at 9.925%, while 6-month instrument had an interest rate of 9.463%. Notably, non-residents’ treasury holdings remained unchanged at GEL 355.5mn and the share of non-residents in total outstanding holdings stood at 4.6% (unchanged m/m) in Sep-23.
