Thanks to its growing reputation as one of the most business-friendly countries in the former USSR, the Republic of Georgia has established a strong investor following with its first ever Eurobond. Lead managers JPMorgan and UBS reported that the $500 million five-year maiden issue in April was more than three times oversubscribed, enabling them to price it at the tight end of the 7.5% to 7.75% range.
“The deal had real scarcity value and a benchmark status debut which provided a strong incentive for investors to participate,” says Stefan Weiler, executive director at JPMorgan in London.
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