IG Development Georgia, the owner of City Mall, is planning to issue another corporate bond this July. The company’s Chief Financial Officer, Lasha Kakhishvili, told BMG that the upcoming issuance will total up to $40 million, with a continued focus on sustainable and green financing.
According to Kakhishvili, one of the key challenges for issuers in the Georgian market is securing longer-term funding. He noted that most local investors prefer shorter maturities, with Georgian bonds typically ranging from two to three years.
“IG Development Georgia has been actively positioned on the capital market since 2021. Our most recent issuance in December, an approved $82 million green bond, became the largest green placement in Georgia to date. We have already placed $45 million, and another issuance of up to $40 million is planned for July,” Kakhishvili said.
To attract longer-term investors, the company has invested in ESG certifications for its buildings, which he says are particularly appealing to foreign and institutional investors. Currently, around 60% of IG Development’s bonds are held by retail investors and 40% by institutional investors. Kakhishvili added that international investors also participated in the December placement, enabling the company to issue three-year bonds.
