Posted: 1 year ago

JSC MFO Swiss Capital Successfully Issued GEL 10 million Unsubordinated Unsecured Corporate Bonds

JSC Swiss Capital, rated B- by Fitch Ratings, successfully completed an inaugural GEL 10 million offering of notes due September 2021.

The annual coupon rate has been set at 6.25% over the National Bank of Georgia’s monetary policy (refinancing) rate.

Senior unsecured Notes were issued and sold at an issue price of 100.00%. Galt & Taggart acted as the lead manager for the issuance.

Swiss Capital is one of the first non-banking financial institutions in Georgia and the region, which acquired a credit rating score from Fitch Ratings, the world’s leading rating and research organization. Swiss Capital was assigned a credit rating ‘B-’/Stable outlook in July 2018. Fitch Ratings outlined that the company has ensured a tendency of intensive growth since 2014.

Fitch Ratings highlighted Swiss capital’s high capitalization level as guarantee of its financial stability and a significant contributor to future development. This transaction enables Swiss Capital to attract an alternative source of GEL funding.

The funds raised will allow the Company to further enhance its position on the Georgian market through portfolio growth. “JSC Swiss Capital is pleased to announce its first issue of the corporate bonds. The fact that Swiss Capital is in a position to issue corporate bonds, is a positive contribution to development of Georgian financial market.

I would like to express my gratitude to the whole team of Swiss Capital, transaction manager – Galt&Taggart and the National Bank of Georgia for their support to achieve this.” Giorgi Kereselidze, Chief Executive Officer of Swiss Capital said.

I am pleased to highlight the role of Galt & Taggart in the successful issuance of JSC Swiss Capital’s bonds. The placement was very well received by our investor community. I would like to congratulate Swiss Capital on this transaction. I believe this transaction further strengthens the Company’s ability to attract funding in local currency. I would also like to congratulate the Galt & Taggart team on another successful transaction. Galt & Taggart has become the leading provider of investment banking services in the country to private and public companies, as well as international financial institutions,” Otari Sharikadze, Managing Director of Galt & Taggart commented .