According to Galt & Taggart, IG Development Georgia plans to issue public bonds in two tranches—up to $25 million and €15 million, as part of a broader $82 million bond program. The "Enterprise Georgia's" capital market development program is supporting the transaction.
IG Development Georgia is one of the country’s leading commercial real estate companies, with 15 years of market experience. The company owns two major Tbilisi shopping centers, City Mall Saburtalo and City Mall Gldani, both operating at sustained full occupancy, as well as the City Tower business center, Galt & Taggart notes.
Georgia’s public corporate bond market is on track to reach record volumes in 2025. As of October, the market exceeds 2.7 billion GEL, including 1.4 billion GEL in USD-denominated bonds, nearly 1.2 billion GEL in GEL-denominated bonds, and 121 million GEL in euro-denominated securities.
This year, the average annual interest rate on GEL bonds has ranged between 11–12%, while USD-denominated bonds have averaged 8–8.5%.
