At the Second International Capital Markets Conference organized by TBC Capital, one of the panel sessions - Georgia in International Capital Markets: A Review of Two Eurobond Transactions - focused on discussing Georgia’s recent successful Eurobond issuances in international markets, based on the experience of the Government of Georgia and Silk Road Group.
The session covered the positioning of Georgian issuers with international investors, their feedback and appetite considering the country risk, as well as key aspects of the bond issuance process, including major challenges and success factors.
Giorgi Ramishvili, Founder of Silk Road Group, spoke about the journey leading to the USD 400 million corporate bond issuance in September 2025 — the largest transaction of its kind in Georgia’s history. According to him, investor confidence and active engagement were driven by both the company’s strong strategic vision and growing international interest in the Georgian market. The proceeds raised through the issuance will be used to finance the company’s new projects and long-term development plans.
Giorgi Ramishvili, Founder of Silk Road Group: "It was a long and interesting journey. We entered the local bond market with Silknet in 2017 and expanded to the international market in 2019, gaining valuable experience and building strong investor trust. Building on this foundation, we successfully accessed the international market at the Holding level in 2025. Throughout this journey, we have consistently delivered on our commitments to investors while maintaining transparent and reliable corporate governance, an essential factor for success in international markets."
Giorgi Ramishvili also spoke about the holding’s future plans: "We are now starting several major projects. Among them is Georgia’s first Tier III-certified commercial data center, with an initial capacity of 2 megawatts in partnership with the French telecoms giant Orange, an important milestone for both Silknet and the country. We have also begun development of Silk Towers in Batumi, a significant real estate project. In parallel, we are expanding our energy business with a large-scale 200-megawatt renewable energy project, in partnership with international and local partners, which we plan to announce in April. Georgia holds substantial potential in renewable energy, providing a strong foundation for the growth of other sectors as well. Georgia is a good place to invest, despite the difficult situation the world is facing now. Now that we have opened this door, we continue to grow our business with strong partners, an excellent team, and a business environment that supports success and long-term prosperity."
The conference was attended by representatives of the Government of Georgia, the National Bank, the business sector, international investment banks, global investors, and capital market institutions, including J.P. Morgan, Citi, Morgan Stanley, ICBC Standard Bank, Oppenheimer, Ashmore, Aberdeen, Vontobel, MetLife Investment Management, EBRD, ADB, IFC, Fitch Ratings, S&P Global, Baker McKenzie, Latham & Watkins, and others.
