Georgia’s capital market continued its steady expansion in 2025, driven primarily by strong growth in the corporate bond segment, which reached a total outstanding volume of GEL 2.7 billion.
In 2025, the local corporate public bond market was distributed as follows:
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GEL-denominated bonds: GEL 1.145 billion
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USD-denominated bonds: GEL 1.438 billion (equivalent)
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EUR-denominated bonds: GEL 121 million
Interest rates reflected currency-specific risk and demand dynamics. GEL bonds carried an average annual yield of 11–12%, while USD bonds averaged 8–8.5%, underscoring continued investor appetite for local-currency instruments despite higher nominal yields.
Several leading Georgian companies tapped the bond market during the year, including:
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MBC – GEL 60 million
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Nikora Trade – GEL 60 million
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Georgian Healthcare Group – GEL 350 million
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Nikora – GEL 60 million
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Rico Express – GEL 200 million
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Tegeta Motors – GEL 260 million
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Nova – GEL 50 million
The expansion of the corporate bond market highlights the deepening of Georgia’s capital markets. Over the past five years, the size of the local corporate bond market has increased more than fivefold — from GEL 517 million to GEL 2.7 billion — signaling growing reliance on market-based financing and increasing sophistication among both issuers and investors.
