Georgia

With the Republic of Macedonia on the road for the first euro-denominated bond from an emerging market issuer since Brexit and EM credit continuing to rally, bankers are expecting a strong few weeks pre-summer.

Bank of Georgia starts the roadshow for a dollar denominated bond on Wednesday, which it will offer in conjunction with a tender offer for its $400m 7.75% 2017s. Demand is expected to be good for both deals.

TBC Bank, Georgia’s second largest London-listed bank, is to follow its bigger rival Bank of Georgia by swapping its global depositary receipts for a full premium listing on the London Stock Exchange.

State-owned Georgian Oil & Gas Company crunched pricing from guidance on Tuesday to print a $250m five year bond with a 7% yield.

State owned Georgian Oil & Gas Corporation has released initial price thoughts for its dollar bond, which a lead manager estimated offered around a 50bp new issue premium.

Georgian Oil & Gas Corporation has moved a step closer to issuing its first bond since 2012, setting the tenor at five years.

A couple of debut issuers from the Middle East and two live debt exchanges are keeping bankers in CEEMEA busy this week and with several roadshows, albeit non-deal ones, in progress, the pipeline looks healthy.

Georgian Oil & Gas Corporation (GOGC) is preparing ground to issue the first Eurobond from Georgia since 2013 and is simultaneously offering to buy back for cash its existing July 2017s.

Bank of Georgia completed the IPO of its healthcare subsidiary on Monday, as it successfully priced the deal, although at a price much below what it had hoped for.

Bank of Georgia completed the initial public offering of its healthcare subsidiary on Monday, as it successfully priced the deal, although at a price much below what it had hoped for.

Georgia Healthcare Group launched on Monday its initial public offering on London’s main market, as it aims to follow in the footsteps of its sole owner, Bank of Georgia, which is already listed there.

In this round-up, Hong Kong and Taiwan RMB deposits shrink slightly while RMB cross-border trade settlement surges to new records in both Hong Kong and China, the RQFII programme reaches Rmb410bn ($80bn), Georgia and Kyrgyzstan work on establishing RMB swap lines with China, and Nanning authorities plan a new China-ASEAN currency index.