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Georgia sold its first sovereign bond worth 500 million euros,
Georgia sold its first sovereign bond worth 500 million euros, a subsidiary of the Bank of Georgia said on Friday.

Galt&Taggart SeƱurities said the five-year fixed rate Eurobond issue was more than three times oversubscribed, with a 7.5% coupon rate.

According to deal managers - JPMorgan Chase & Co. and UBS AG - demand was generated by Georgia's successful economic reforms, impressive credit history, diversification appeal, the overall lack of sovereign supply and the fact that the bond will be included in the JPMorgan EMBI indices, giving it more credibility.

At the same time analysts point out political risks exist, including unresolved conflicts with two separatist regions of South Ossetia and Abkhazia.

It is the first sovereign bond to be issued by Georgia since it gained independence in 1991 and only the second international bond placed by the country. The Bank of Georgia issued a $200 million Eurobond in February 2007.


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