Nikora JSC successfully issues 28 million GEL in bonds

Nikora JSC successfully issues 28 million GEL in bonds

22 Oct. 2019

JSC Nikora has issued 28 million GEL bonds through TBC Capital.

JSC Nikora, Nikora Groups holding company, has issued GEL 28 million in bonds that will be listed on the Georgian Stock Exchange. The public emission was made through TBC Capital. Nikora Group has been in partnership with TBC Capital since 2017 and this is the third joint placement of bonds.

JSC Nikora's bonds have been denominated in the local currency, which will allow the company to avoid exchange rate risks. This is the first bond in the country market that can be tied to the city's Interbank Interest Rate (TIBR). This way, parties to these transactions have the opportunity to promote TIBR on the local capital market.

The company has been defined as BB-/Stable by Scope Ratings.

Financial institutions demonstrated a high level of interest in regards to the company’s bonds, hence the placement process took a short time. It is worth noting that like JSC Nikoras other bonds, these bonds can also be pledged at the NBG, that will allow commercial investment banks to seek out additional funds in Georgian lari.