Georgia’s local non-governmental bond market has expanded significantly, growing from GEL 106 million in 2014 to GEL 6.4 billion in 2025, according to the National Bank of Georgia’s capital market review.
As of the second quarter of 2026, publicly issued corporate and International Financial Institution (IFI) bonds accounted for 97% of the total non-governmental bond market, representing 43% and 54%, respectively.
The NBG notes that listed corporate bonds offer advantages such as tax benefits, greater transparency and liquidity, making private placements less attractive. As a result, privately issued bonds account for only 3% of the market.
Historically, only three issues initially placed on foreign markets were also dual-listed on Georgia’s market. These issues were carried out in 2019, with a combined value of approximately GEL 1.8 billion.
