17th Mar 2015 07:56
LONDON (Alliance News) - Bank of Georgia Holdings PLC Tuesday said its banking subsidiary's real estate subsidiary m2 Real Estate has issued USD20 million of bonds.
In a statement, Bank of Georgia said the two-year bond placement was issued at par value and carries a coupon rate of 9.5% payable semi-annually.
Galt & Taggart, Bank of Georgia's investment banking subsidiary, was the placement agent for the deal, which is expected to close on Friday.
"I am delighted that corporate bond issuance in Georgia continues to gain ground under the leadership of Galt & Taggart, in line with our strategy to generate fee and commission income from our banking business," Irakli Gilauri, chief executive, said in a statement.
"The transaction was met with considerable interest particularly from our wealth management clients who were attracted to high yields on the back of lower deposit rates in Georgia," Gilauri added.
By Samuel Agini; [email protected]; @samuelagini
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